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Have you been thinking about starting a new business because you now want to leave the corporate world but are too scared to step out of your comfort zone and do it?

Well I’ve got some news for you. It is possible AND it can happen even during a pandemic.

Prefer to read? Here’s the transcript below

Hi, I’m Vatsala Shukla, Chief Encouragement Officer of Karmic Ally Coaching and today, I’m going to be showing you how you can take advantage of the pandemic for launching a successful new business.

But first, let’s get rid of this myth or a truth bomb.

If you think that a recession is the worst possible time to start a business, then think again.

Because some very profitable businesses were launched during times of recession and they took advantage of some key factors. And the same is true for pandemic times.

And you know why I’m going to say this? Because I’ve got case studies to prove it. And here, I’m going to be telling you about 3 of them.

The first one that I want to outline is that of QuickHire, which is actually an online hiring platform which was started by 2 sisters, Angela Muhwezi-Hall and Deborah Gladney just as American businesses were shutting down during the coronavirus pandemic in 2020.

This was an idea they had for a long time to help service industry and skilled trade workers obtain jobs.

When it came to capital? Guess What? They pooled together about $50,000 from their savings and 401(k) plans in September of that year and have since secured a $350,000 investment from one angel investor.

More importantly, they are making a difference and thriving during the pandemic helping the job market and skilled workers.

The next one I want to tell you about is Life First Sanitisation which was actually started in India by filmmaker Aditya Gupta when the nation went into lockdown and his industry found itself totally unprepared for the pandemic fallout.

And since starting Life First Sanitisation, he has actually worked with Netflix, Amazon Prime Video, Disney+ Hotstar and leading Bollywood production houses. And his company carries out Covid-19 tests for the cast and crew, it sanitises their spaces and equipment with Ultraviolet-C light, and it enforces social distancing.

And this business only came about because while he was binge-watching Netflix movies and looking at Shark Tank, a new entrepreneurial spirit of his came to be.

The third example that I have, or case study is that of Anthyesti Funeral Services.

This one is slightly different because the startup had already happened in 2016.

And it was started by a former software engineer Shruthi Reddy Sethi, who wanted to clean up India’s unregulated funeral industry but it really took off after they adapted to the new COVID situation. And right now, this company is providing “end-to-end” COVID funerals in four cities.

So you see, it’s not just launching a new business but you can even pivot and actually tap into a market during recession and pandemic times.

And in my opinion, what’s really required is a fire in the belly and a desire to succeed.

So, what does it take for an entrepreneur to launch during a pandemic?

Well, I’ve got some more stats for you if you need more evidence.

There was this survey done by Salesforce in April 2021 to find out what it was like being an entrepreneur during a pandemic and there were 6 facts that emerged that need to be considered seriously.

And these 6 facts are outlined in this slide but let me tell you a little more.

Creativity is critical

Creativity was number one by a landslide and 57% of those who were surveyed said that, you know, they started thinking outside of the box and that is how new businesses were born.

Like housebound parents suddenly baking away in their kitchens and their products. Others you know started using skills and talents that perhaps they hadn’t used in the corporate world but which turned out to be profitable businesses. There were online classes, online therapy.

Creativity and being able to imagine a new business idea was what counted.

The Ultimate Inspiration? Being your own Boss

Now not surprisingly 57% of those who were surveyed said that becoming their own boss was the ultimate inspiration.

And of course passion for your product or service, and capitalizing on market needs is a normal reason for going into business but saying you want to be your own boss, live life on your own terms, that was a very big factor.

Pandemic preponed entrepreneurial plans

25% of those surveyed said the pandemic actually accelerated their plans. Many professionals suddenly found themselves being laid-off or furloughed and they needed an income to keep their kitchen’s burning, and they just decided to go into business instead.

In fact many of them had been planning on starting their own business or becoming self-employed and the pandemic simply brought their plans forward.

The rise of the B2C businesses

Now, 80% of these businesses sell directly to their consumers. In fact, interestingly, the pandemic saw many new businesses in what is known as the B2C space or business-to-consumer space instead of the normal business to business model.

And which means you don’t really need a big office or lots of staff to take on consumers. You can deal with them yourself.

Also, you don’t need a ton of cash to start a side hustle.

In fact, 52% of businesses launched had less than $10,000 seed capital and nearly half of that group had less than $5,000 on hand on the starting day. 80% of these people drew from their own bank accounts and roughly one-third received friends and family investments.

So you see, you don’t need millions and you don’t need an angel investor to start with. You can do it. You need to have a good idea and you need to have some money to fund your fledgling business until the business starts bringing money in.

And the last one was the new businesses are digital first.

In fact, 59% of these new businesses had five or less employees. And what helped them was that thanks to the lockdown and the pandemic, they didn’t need physical space or equipment beyond say a computer or a phone. And 70% of businesses were born out of technology or were tech-focused from day one.

In other words you didn’t need to put out or get any office space. You could use technology. Many meetings are conducted over Skype or Zoom and other platforms and there was simply no reason not to go ahead.

I mean, sort of, our costs are much lower and you could do it. But the best part and the one that made me very happy when I saw the survey was that nearly three in four of the new business owners surveyed already had customers.

So now that we’re all on a positive note, let me ask you, what’s your business plan like right now?

Now with some smart and creative thinking, you can have your business launched in no time. And if you have a clear plan, you can make this happen regardless of the state of the economy.

And for that, I want to give you some more encouragement and I’m going to be sharing some tips that can help you take advantage of the recession or the pandemic to get your business off to a great start:

So my first point is that your Startup costs can be lower.

And that I’ve already shown you how that survey revealed about the seed capital that these new entrepreneurs had and also how they kept their costs down because they were mostly technology based businesses that didn’t more than a laptop, an internet connection or a phone and all. So if they could do it, you can also do it.

The next one is that you must provide excellent customer service.

In other words, make sure you treat your customers the way you would want to be treated.

And a bonus tip here is that when a pandemic or recession happens, many talented professionals lose their jobs.

So if you’re planning to actually have employees on board, you could actually hire some very awesome candidates and if that isn’t possible for you right now, then you could even hire a VA or virtual assistant who can help you with the technology.

In other words, there is no excuse for you no starting your own business.

Now this is actually a very super-duper tip. You see the way Amazon and Flipkart and other online companies keep making great offers?

And of course even though you don’t want or need something, you think oh my God this is a great price, it’s a good deal. Let me take it especially if it is something you have your eyes on?

You might also have seen a lot of online companies which offer services to businesses making absolutely awesome discounted deals and all during the New Year Christmas period.

Similarly, I suggest you offer bonuses.

Now I don’t say, you know, discount yourself completely so that you cannot break even, but you can make offers which have bonuses which complement the services or the product you’re planning to sell and in that way prove that you are actually providing greater value than your other competitors and actually start bringing in the customers to start building up your business.

Ah, you have to be frugal.

In other words, abstain from going after shiny objects thinking that oh this is going to help me or that will help me. Instead, count, make sure you stick to your budget.

Make sure that you actually work out what all layouts you need to start your business.

And if there is something that is required, research all options before you go for it. Don’t just splurge with oh, I have a business, I need, you know, all sorts of crazy things.

The bells and whistles can come later. In the very beginning, make sure that you have your basics and fundamentals correct.

And the other reason, or rather the best reason that I can think of was actually getting started and launching a new business is that it’s going to give you a head start.

You know it takes a lot of courage to actually say ‘I’m going to start a business and I’m going to use it to sustain my lifestyle and provide for my family or for myself’.

But you know, those people who are brave enough to actually take courage in hand and go for their goals, they get a head start because you might just find that many people who are going to be entering the industry in which you have skills and when they join in, the market will get saturated and competition will become tougher.

But when you start earlier you already know the mistakes, you know how to adapt to changing requirements and you also understand what is required in the market and you’re able to keep a respectable if not a very good market share.

So, if I have managed to inspire you a bit to start considering launching your own successful business during COVID-19 times, then here is a very special offer, which I hope you will not resist.

And that is, I have got a workbook which details the 5 things you need to work on before jumping into business and those are the 5 areas that I have found need to be addressed both when I started business and when others who I know have started their businesses and it is in a very simplified form.

But it is going to help you to get your ideas down and actually work out where you could run into hiccups and sort it out before you make some drastic mistakes.

And because I always like to over deliver, I’m going to give you some extra help with resources which actually tie up with the main theme of this workbook and that is, you’re going to be getting the Entrepreneur Mindset Worksheet, you’re going to be getting the Ideal Business Worksheet, my Goal Setting Business Report and an Essential Business Information Guide.

The last one will also help you when you start working on your Business Plan. The link to this resource is included in the comment and I suggest you actually check it out and see if this is something that will help you.

I feel that it can but it’s your call.

So, my final words on the subject.

If you can launch and operate a successful business during a pandemic or during a recession, just think of what you can accomplish once the economy booms again!

And instead of waiting for the “right” time, take action today.

That’s all from me, Vatsala Shukla from Karmic Ally Coaching signing off. See you soon. Bye for now.