• Jenna Eustace

4 Pros to Launching a Business during the Covid-19 Pandemic

For most, starting a business at any time is a bit of a gamble. So why would anyone want to launch a business now, during a global pandemic?

Believe it or not, in general, start-ups launched during an economic downturn tend to be more durable than those launched in better economic circumstances. Yes, recession is on the horizon, but amidst all the chaos lies opportunity. Let’s explore some of these opportunities and some of the draw backs that Covid 19 presents to start-ups.

4 Pros to Launching a Business during the Covid-19 Pandemic

1. The most precious commodity of them all; TIME!

Finally, the world has slowed down. With people spending a significant amount more time at home, it’s the perfect opportunity to put your great business idea into action. More hours can be spent drafting your business plan, doing comprehensive research, or designing your website. Take the time to get a concept right. Do the necessary due diligence. And, most important, stay focused and just do it. The likelihood is we won’t ever have this kind of down-time again so don’t let it pass you by without squeezing all you can from it.

2. This economy will test your business’s durability

There is no truer test of whether your company will succeed or not. There’s a reason why businesses that are started during hard economic conditions are more durable. Once you can support your business with your minimal overheads, it’ll be hard for the economy to chew you up. Yes, Your business will have to be lean and creative to grow at this time but if you can grow a business when consumer confidence is down and businesses are tightening their belts, your business will be bullet-proof when things improve. A start-up built while things are tough is designed from the ground up to be resilient.

3. Prices are down

Whether you need capital to fund your business or you need supplies to make products, costs are going down. The central banks generally start to drop interest rates to keep consumer spending high. For you this could mean obtaining a business loan with lower interest. If supplies are what you need, vendors are likely to discount stock to move it quicker. One bittersweet advantage of setting up your business during this pandemic is unfortunately those who could not survive, will be selling their business equipment at a second-hand rate. Auctions are a great place to find office equipment or used restaurant and bar supplies at great prices.

4. Investors still want and need to invest

If you set up a promising business, there are plenty of investors out there who want to move their money out of the stock market into new business opportunities. If you have a solid business plan that delivers real numbers, your chances of raising the capital you need increase exponentially.

There are plenty more benefits to starting a business during this tough time, many highly skilled people are out of work right now so you can hire the best of the best, you’ll start your business off with good habits, you’ll have less competitors and the list goes on. But with the good, comes some reservations. There are a few things to keep in consideration when launching during the pandemic, here are two to note:

Financial resources may be limited: I mentioned earlier that interest rates are going down, with that being said, you will need to present an impressive business plan to in order to get financial assistance.

It may be impossible for you to trade (fully) right now: As you know in Ireland currently only essential services are permitted to operate until further notice. If you wish to open a bar or similar offering, this may not be possible right now but you can do the groundwork! Design your menus, source your furniture, establish your website, create your social media pages, source your suppliers, plan your marketing strategy – do ANYTHING that gets you one step closer! When you can finally open your doors, be ready to hit the ground running.

There are more pros than there are cons to starting a business right now. If you have the motivation, a downturn will present you with the best business experience, creativity and problem solving skills which you will carry with you throughout your career.

Do you agree? Let me know at

Other Planet Marketing can help you launch your business, see a list of our services right here.

Get in touch now and we’ll establish a launch and marketing strategy for your start-up.

43 views0 comments