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Monday, October 19, 2020

Could It Be Time to Run Your Own Business?

The coronavirus and Covid-19 pandemic have changed many of our lives in many ways. One major change that many of us have found is that we aren’t content in our work right now. Whether you’ve lost your job and are unemployed due to the virus and its consequences, or whether you’ve been unable to work for a while and have had time to think about your career direction and concluded you’d like to make a change, you’re really not alone. Right now, countless people are reconsidering what they do for a living and are following new career paths that they wouldn’t have even considered at the start of this year. Many of us have had fleeting thoughts of starting our own company, but may have been put off by daunting feelings. Sure, news reports are showing a lot of businesses collapsing right now. But there’s still a market for many products out there and you could start the company that provides people with them! Here are a few considerations for if you’re contemplating starting your own business.

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Weighing Up the Pros and Cons

First, you need to weigh up the pros and cons of running your own business. There are plenty of each, so you need to determine whether the positive will outweigh the negative for you. Here are just a few.

Pros
  • You become your own boss
  • You decide what industry you will operate in
  • You gain control over your working hours
  • You gain control over your time off
  • You could earn more money, as you don’t work to build someone else’s fortune
  • The market isn’t as saturated right now
Cons 
  • You take on more responsibility
  • Now is a difficult time to start out with the pandemic
  • You will have to invest a lot of time, effort and money into your venture

Choosing a Business Concept

If you decide that you do want to start a business, it’s time to come up with a business concept. Your business could sell anything, from clothes to tech to oil water separators, which you can learn more about here. What’s important is that you choose something that you’re genuinely interested in, that has demand and potential for profit and that doesn’t have too many competitors right now. Make sure to do plenty of research into any area you’re considering getting involved in.

Conducting Market Research

Right now, market research is essential. You need to know your market - and the market has changed a lot this year. You need to know how much people have disposable, how much they would be willing to spend on a product like yours and how regularly they’d be likely to shop with you. This can help you to anticipate demand and ensure that your products are priced correctly.

These are just a few steps you’re likely to come into contact with if you do go ahead with starting your own business. So, if you find yourself going full speed ahead, hopefully, some of the above information will help you out!

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