Entrepreneurship + the global pandemic: why now is the perfect time to start your own business
Author: Justin M. Hays
POST DATE: 7.19.21
The Coronavirus pandemic has caused many to dramatically change their lifestyles - including the way they work. Many Americans have shifted to remote work and some are choosing to start their own businesses.
In fact, despite the pandemic, 1 in 4 Americans say they have thought about starting a business in the past year. LendingTree researchers surveyed more than two thousand consumers to learn more about what factors are driving many Americans to consider starting a business and what segments of the American population are having these considerations.
Key findings from the LendingTree research indicate that:
- The majority of Americans say they want to work for themselves. Notably, 27% of Millennials desire to ‘be their own boss.’
- A desire for more purpose and passion sparks entrepreneurial dreams. More than 30% of those surveyed indicated “purpose” and ‘passion’ as their primary motivation for starting a business, followed by “building wealth” (27%) and “not wanting a boss”(26%).
- Most prospective business owners are willing to take on personal debt and pay cuts to start a business. In all, 81% of these prospective business owners are comfortable going into debt for a business. Separately, 82% would take a pay cut for a year while they worked on their business.
Are you among this group of budding entrepreneurs? If so, you may be equally as interested in learning more about several Post-Pandemic Businesses You Can Start Now, via the U.S. Chamber of Commerce.
Handmade products
The pandemic showed us both the resilience of businesses selling online and the demand of community members looking to support local and small businesses, including local and small businesses selling handmade products. Online stores are a great avenue for aspiring retailers, like crafters and artisans, and even more so for those retailers who are active on social media platforms like TikTok and Instagram. Online retail stores, like Etsy, can provide a platform for creative business owners seeking to sell their handmade products.
Pet products and services
A positive from the COVID-19 lockdowns was the significant spike in pet adoptions, as many welcomed family members of the dog, cat and bird variety into their hearts and homes. The significant spike in pet adoption has produced a substantial need for pet products and services. According to the U.S. Chamber of Commerce, pet products, like homemade treats and toys, are in high demand right now, as are online pet training classes. If you find yourself wanting to go into business, and have a heart for animals, consider starting a pet-focused business that improves the lives of consumers and their pets.
Delivery and errand services
On-demand delivery services have become an essential aspect of American life due to pandemic-produced lockdowns. Online food delivery services alone expected to see revenue grow by more than $104 billion by 2023. Your opportunity to join this fast-growing industry could include becoming an Uber Eats driver or an Instacart shopper. You might also consider creating your own independent courier service, where you deliver groceries or run errands for customers.
Contact CCHA with your Business Services needs.
Have an inkling to get into business? Simmering on a post-pandemic business idea of your own? Contact the CCHA Business Services Practice Group with questions regarding any of these issues or if you desire assistance with starting your own business. For over 100 years, our firm has developed long-standing relationships with businesses that want to have a lawyer on their side, without having the expense of in-house counsel. Hire us if you want a law firm that can help you deal with any business legal issues
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