Have you had to put the brakes on your plans to start a business because of the current economic crisis? You may be wondering if that’s an absolutely crazy idea right now. You wouldn’t be wrong, there is cause for concern, but there are definitely opportunities among us even in the midst of any crisis. You just need to look for them and get creative. We’re all aware of the cons but there are certainly some pros to keep in mind now too.
A clean slate
Certain industries are booming right now such as food, online communications, gaming and so many others. You’re actually in a great position to start a new business being fully cognizant of what you’re up against and what the market is craving.
Unlike someone who already has an established business, you have a chance to start with a blank slate and create a business that works within this new reality.
The financial crisis of 2008 brought many innovations as a direct result of the economic collapse. We saw shared economy services like Uber and Airbnb spring up in response to a population that had fewer savings and income. Sharing rides and homes became the norm and was born out of a need to share assets as a way to make up for the deficit.
So don’t be afraid to innovate for something you see a need for in the marketplace at this time. The world is still looking for great ideas to come to life.
Reinvent your business
Do you already have a business that has been hit hard with this new crisis? Now is a perfect time to consider how you can innovate, pivot and restructure it to not only stay afloat but to thrive.
Businesses that innovate quickly are the ones that do well long term, and now is no exception. There are many options available to you, and if you need a quick infusion of cash to change the trajectory of your business, using ROBS to do so is certainly a legitimate, viable way to do that. About one quarter of my clients use their retirement funds to invest in an existing business or franchise.
Create your own job security
We have certainly seen a lot of friends and neighbors lose their jobs in the last month or so and the sad truth is that for many people there simply won’t be any job to go back to after the dust settles.
If you’re someone who is in this situation, you may consider starting your own business. Competition in the marketplace amongst job-seekers is going to be fierce and rather than compete with the few openings available, you could be creating an opportunity for yourself by transferring your skills and knowledge to a new business by crafting something you see a need for.
Whether you need to fine-tune your current business or want to start something new, there is always opportunity within every crisis. So don’t give up on your business dream just yet. It’s time to see this disruption as an opportunity to get creative so you can succeed!
Whether you need funding to recover or still want to start that new business, I’m here to discuss your plans and give you my expert advice to see if ROBS would be a good fit for you.
Ciao for now,
PS. There’s no time like the present to see if I can help you with launching your new business or re-invigorating the one you already have. Consultations are totally free and I promise to answer every question you have.