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Commencing The Entrepreneurship Journey: Is This The Right Time To Start A Business?

From social media to search engine you can leverage digital marketing to reach out to users of these platforms at very nominal budget which is not even 10 percent of what conventional marketing costs.

As the saying goes, the best time for starting a business was 10 years back, the next best time is now. In a few weeks we will be entering 2022. This obviously might feel like overwhelming but this is the best time of the decade where you can have access to any information whatsoever, by just scrolling through your smart phone. Now the question is, how does it create a favourable condition to start a business?

1. E-retail stores for business

Gone are those days when you had to rent a physical storefront and pay a hefty amount in advance, just for showcasing your products for purchase. In addition to that a physical storefront can only justify a limited amount of customer footfalls whereas an e-retail storefront can reach out to audiences beyond your imagination.

Internet storefronts now account for the majority of online purchases. Most online transactions now take place in the form of digital marketplaces, according to a recent study. Retailer websites and apps had a market share of 26%, placing them in second place. More than half of the world’s online retail orders were placed on marketplaces like Amazon and eBay. Amazon will have more than 5.2 billion unique visitors in June 2020, making it the most popular e-commerce website in the world.

2. Marketing and Sales

Be it a product or a service, marketing is one of the key aspects of every business. Ever thought about the cost overlay of conventional marketing approach? What does it cost to do a display banner at a billboard located around crossings? How much money should you spend in order to do a sponsored advertisement displaying over televisions? Well, we all know that such conventional marketing approach takes millions of cash. So what do we do? By now you might have guessed the solution. It is Digital Marketing.

From social media to search engine you can leverage digital marketing to reach out to users of these platforms at very nominal budget which is not even 10 percent of what conventional marketing costs. And best part is, with the help of digital marketing you can precisely target your addressable audience based on their age, interests, demography and geography. Not only that, you can also trace the conversions of your ads based on the data these platforms provide and optimize accordingly. Now this conversion optimization is never possible in conventional marketing approach.

3. Access to angel investments

You might have started small but you want to make it big. What do you do then? And where would you go? The answer is short and crisp. Angel investors. In early days, a business owner had to show a lot of girt and character in his business in order to convince venture capitalists and investment firms to invest in their venture. But in 2022, the tides have turned.

With a high influx of angel investors stepping in, the opportunity to acquire an investment from them has become a lot easier than earlier. In addition to that, post-pandemic most of the start-up accelerators and angel investors are shifting from offline to online. Now, a business operating at India can connect of investors sitting at their US headquarters which was never seen before.

In the early stages of the pandemic, a number of investors paused or withdrew their investments from businesses. People who kept their money safe throughout the most of 2020-21 are now ready to invest and reap rewards. In addition, there will be less competition for funds from angel investors in 2022 since there will be fewer entrepreneurs ready to take the risk. It may not be as difficult as you think to secure financing for your business if you have a good plan in place.

4. Less Competition

The pandemic has forced the closure of several businesses that had a promising start in 2020-21. Reorganization efforts are only getting underway for those companies that have survived. Start-ups will have plenty of room to fill this enormous void in the market. No one would consider 2022 a good year to start a business because of the recent pandemic that has affected most countries adversely, making it unlikely that any entrepreneur will establish a new company in this year. And this is where the risk takers will have one less thing to worry about and that is having a smaller number of business rivals.

CONCLUSION

Considering the events of 2020 and 2021, start-ups may develop a greater fear of uncertainty as the year 2022 draws closer. A common myth is that establishing a new business at the start of a new year is a terrible idea because of the lingering effects of the previous year’s events. However, this is not necessarily true. Actually, not even close to the exact truth. Even if the post-pandemic effects continue around the world, you may have all of the resources you need to launch a successful business in 2022.

Source: Business World

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