Numerous startups experienced exponential growth during the 2020 crisis, by focusing on delivering important solutions to challenges that people were facing worldwide! LinkedIn curated a list of all such startups and released ‘The Top Startups of 2020’. There are many companies featured, along with some well-known companies such as better.com and DoorDash.
Trends from the past year will undoubtedly begin to accelerate as we head into 2021. As the vaccine is now being administered to people worldwide, there will be considerable demand for consumers who want to travel, shop, and get their lives back to normal. Simultaneously, some of these other trends, like remote work and leaner workforces, will also continue to accelerate. So finding ways to capitalize on both remote working and finding solutions to the pain points for customers will be crucial for entrepreneurs.
Here are the top 3 reasons why you should start your business this year:
- Increase in online content
The pandemic has accelerated digitalization in the world by leaps and bounds. It has become more comfortable, accessible and cheaper for people worldwide to start businesses such as e-commerce, virtual assistant work or coaching with 0$ in their bank accounts and scale it up to a million-dollar company.
E-Commerce recorded a spike of nearly 40 per cent in 2020, which is promising if you are looking to start an online business. According to the Harvard Gazette, more than 300 talent platforms have emerged as digital transformation speeds up.
People staying at home and working remotely are now consuming online content more than ever before. This translates to reaching more potential customers online and growing your business at a faster rate.
According to Statista, in 2017, 46.8 percent of the global population accessed the internet. This figure is projected to grow to 53.7 per cent in 2021.
- Customers are waiting to get back to their pre-covid routine
Many entrepreneurs may be hesitant to start a new business this year because they feel the customer base will be low. It’s correct that the world is currently facing a pandemic that has significantly reduced the purchasing power of customers. However, individuals, especially in lockdowns in the European countries, are looking forward to going out and spending their money once the lockdown in their respective countries is lifted. However, in starting any business, it will be difficult at the start, but only by enduring the storm will you get to see the rainbow in the end.
According to PwC Global, the World Economy is projected to grow at record speed. The global economy is expected to expand by around 5% in market exchange rates, which is the fastest rate recorded in the 21st century. Their projection is conditional on the successful deployment and spread of effective COVID-19 vaccines and continued accommodative fiscal, financial and monetary conditions.
- Lack Of Time Is No Longer An Excuse
This is the perfect time to work on ourselves and our goals. Remote working becoming the norm also means that we have more personal time to execute that business idea. Many side hustles have turned into big companies that are flourishing today. It is time to take the leap of faith, put in the work and launch the business. Now is as a good time as it can ever be to embark on this beautiful venture.
As Vince Lombardi, American Football Coach rightly said, “The quality of a person’s life is in direct proportion to their commitment to excellence, regardless of their chosen field of endeavour.”
In conclusion, as we enter this new year, there is bound to be uncertainty, but that should not dampen the entrepreneurial spirit. Let’s start searching for solutions to the problems that we face today, and we can monetize the solution while helping others and transforming the world along with it.