Right now the market is seeing a huge decrease in value with many businesses already going under due to COVID-19. There are many businesses who have concerns as to whether they can keep their staff through no fault of their own, and therefore many employees will have concerns for their jobs, perhaps just hoping it will all blow over and we will get back to where we were before lockdown.
So is now a good time to start a business?
Times are tough for everyone right now without the added pressure of not being able to do our usual daily activities, but this is when entrepreneurs flourish. Having a problem to solve, finding opportunities that might have obstacles right now in front of them, or create opportunities when they are none.
We have seen and supported incredible entrepreneurs that have had to pivot and adapt to the current climate, we’ve also watched people who have been furloughed explore hobbies and turned them into a business.
We saw a young woman who was furloughed by an airline company very early on into lockdown, and with uncertainty if her job would remain, so she began doing something to fill her time. She began baking, she used to do it in her spare time off if she had time off work, she found it a good way to stay busy and also give gifts to loved ones. Once she started sharing photos people wanted to buy them, and just like that she had customers.
This has been common for a lot of young people who have been furloughed and we have been absolutely blown away by their talent. We also saw another young woman who was furloughed by an estate agent and then found a love for making beautiful candles and she has now successfully started her own candle making business.
One of the best things about starting a business in Kent is there is support for you, and we love nothing more than seeing young people’s business thrive and grow. Having a mentor could be one of the most valuable assets in your business. The Kent Foundations Volunteer Business Mentoring Service is something we very proud to of.
This leads us on to tell you how the following businesses that started in the recession between 2008-2010 have gone on to have multi billion pound companies.
Uber – Founded in 2009 Revenue (2018) $11.27 Billion
Garrett Camp wanted to find a way to have a personal chauffeur without the high cost, therefore the idea of sharing the cost with others formed Uber. He didn’t require any overheads and worked primarily on the tech side before he launched properly in 2011. Uber now has 22 types of hire service across the world including Helicopter.
Airbnb – Founded in 2008 Revenue (2017) $2.6 Billion
Shortly after moving to San Francisco in October 2007, roommates and former schoolmates Brian Chesky and Joe Gebbia came up with the idea of putting an air mattress in their living room and turning it into a bed and breakfast. They now offer three services within Airbnb with some properties even offering wedding venues.
Groupon – Founded in 2008 Revenue (2017) $2.84 Billion
Founder Andrew Mason wanted a way to connect business and customers on a large scale to offer products and services in a difficult time, it started off as a way of mass marketing for these businesses, and is now a hugely successful company.
Pinterest – Founded in 2010 Revenue (2019) $1 Billion.
Entrepreneurs Ben Silbermann, Evan Sharp and Paul Sciarra came together in 2010 to create Pinterest, a website and app that resembles a digital scrapbook.
More than 300 million people use the platform every month, according to Pinterest’s About page.
Now whilst these businesses are household names and all billion dollar companies they all have one thing in common, starting a business in a time others wouldn’t. They pushed the fear away and used their skills to adapt and create opportunity. So whilst right now it seems scary to think about starting a business, but if you get it right there is always an opportunity for success.
If you have a bit more time than before? this could be a great time to start planning and putting the groundwork in for a future in business.
If you would like to talk through a business idea or support with something you have just started get in touch using our enquiry page HERE
*all figures are taken from wikipedia pages