05 Nov Why 2020 may actually be the best time to finally create your start-up
There’s no sugar-coating it, this year hasn’t been easy for anyone. With a second wave of COVID-19 now sweeping Europe and lockdowns being implemented all over again, the economic disruption is palpable.
However, we’re here to tell you not to give up.
Entrepreneurs, it could be your time
You may recognise these names: Airbnb, Disney, Microsoft. These conglomerates, alongside many others, were created in the midst of a recession.
Although the COVID-19 pandemic may spark a lot of anxiety and uncertainty, it also provides an opportunity. It gives you more time to finally explore your untouched potential and initiate your creativity.
All of these conglomerate organisations began as start-ups without major expectations. Indicating that you never know where you’ll end up.
Despite the financial uncertainty right now, a strong business model and new government backed grants can help. However, start-ups must consider their feasibility in the new climate and continuously think of their long-term strategy.
Whilst the pandemic has rocked the boat for many industries, it also reflects an array of new opportunities as an entrepreneur.
Opportunities for businesses
If the pandemic has taught us anything, it’s the necessity of modern technology. Whether it’s working from home or binge-watching Netflix all day, technology has played a crucial role in 2020.
This year has also reflected the need for change in a lot of industries. The events industry, for example, is still barely existent here in the UK. Although socially distanced events have been trialed, it doesn’t appear sustainable or, understandably, to the population’s satisfaction.
Thus, online events have taken off. Event organisers have taken innovative approaches to showcase their events, with online event platforms seeing huge growth.
This can also be reflected in business formats, with platforms such as Zoom and Microsoft Teams, suddenly a necessity in daily lives. This is unlikely to change as companies are beginning to provide more flexibility with work-from-home initiatives and realising that expensive offices in major cities aren’t always required.
So, if you’re thinking of creating a start-up, it is worth keeping in mind the necessity of technology and its integration whilst also recognising what works both now and in a post-COVID world.
Making the most of a bad situation
Haven’t convinced you to begin your start-up yet? Well, we’re all stuck in the same unfortunate situation, so why not make the most of it?
Whilst creating a start-up and seizing opportunity is one thing, it is important to factor in other elements which can help get your business going too.
With a shrunken job market in the UK, many top talented individuals find themselves unemployed, which gives you access! Whether you’re after freelancers or full-time employees, it is definitely worth taking advantage of this and networking with creatives on useful platforms such as LinkedIn.
Alongside this, investing in your marketing efforts can be seen as more crucial now than ever. As consumers behaviour has dramatically changed throughout this year, it is important to ensure you and your marketing team understand new behaviours and trends.
Therefore, it may be worth considering the use of a marketing agency who have the knowledge and skills to adapt to these changes in any given market. Tailoring your marketing appropriately ensures you are capitalising on new opportunities as the market becomes more competitive.
It is also worth recognising the increased amount of time people are spending online and the amount of digital marketing initiatives they are exposed to each day without even realising it. Social media marketing is a cheap and easy way to promote your start-up. Dependent on your target audience, consumers regularly take to Instagram to discover new products, brands etc. and most importantly – discover who’s talking about them.
Creating a discussion around your start-up using electronic word of mouth (eWOM), is one of the cheapest yet most effective ways to grow your audience. However, it can also be risky, as a large portion of consumers often use eWOM to comment negatively rather than positively.
As a result, customisation for the specific target market is key. Again, this is where a marketing agency could be a useful consideration to implement the appropriate measures and ensure consistency.
How start-ups will help the current climate
Yes, that’s right. By creating a start-up, you are contributing to economic recovery.
Start-ups provide greater choice to consumers, challenge conglomerate organisations and also increase employment!
Here at Sidekick Studios, we believe that if you take a chance and begin your venture during, what most people will remember, as the hardest year of their life…
You’re a hero.
If you need any help or advice in regard to your new start-up, don’t hesitate to reach out.