Starting a business in the midst of a pandemic
2020 was a year in history – from the Netflix’s Tiger king craze, the royal family break up and not forgetting the deadly virus that has taken the whole world by storm. With the global recession looking more and more likely, was this the best time to pack in our 9-5’s and start Edge in the midst of a pandemic?
Are we worried? – a little. Are we determined to make it work? – without a doubt.
Here are some interesting facts that keep us motivated:
Three of the biggest brands that started in a recession:
Burger King
In the 1950s, after the Korean War laid the US economy low.
FedEx
FedEx began as a university project for Fred Smith during the 1969-71 depression
Microsoft
In a period of high unemployment, rising inflation and stagnant GDP in America, Microsoft started in 1975.
Three ways a recession benefits business:
Necessity drives innovation
Startup businesses are innovative and agile – exactly what the world needs right now.
Borrowing is accessible
Economic uncertainty creates a great environment to seek funding. Interest rates are lower, means loans are more affordable.
Top talent is available
Freelancers are a great source of flexible resource during a recession
The pandemic created a great opportunity, a booming mask industry saw businesses find a gap in the mark and step up to the task with great speed. This also meant a lot of companies were pushed to move their business online or be left behind – what a time to be a designer. Starting a new business in any industry certainly has its risks, especially during a pandemic. In 2019, the failure rate of start-ups was around 90%, statistics show that between 500,000 – 7,00,00 new start-ups are launched in the UK every year – this means there is tough competition and also a great chance to stand out among the competition.
So, the question is: Is it a good idea to start a business in the midst of a pandemic?
Answer: We will find out and get back to you – we found our edge and can help you find yours.