Originally written by Louise Hebborn on Small Business
The impact of coronavirus has wreaked havoc on business and economies around the world. In the UK, we are now in the deepest recession since records began and the World Bank expects a global economic contraction of 5.2 per cent in 2020.
As many longstanding businesses fold and high street names fall into administration, it can be a daunting time to consider starting a new venture.
5 reasons why setting up a business in a recession is a good idea
However, a recession can also provide a fledgling business with great opportunities.
#1 – Finding gaps in the market
Often during periods of uncertainty, we find there are problems and issues which need addressing now. We saw how many companies responded to the need for protective equipment, including masks and hand sanitiser over recent months and used this compelling consumer demand to grow their businesses.
As we continue to navigate our way around this “new normal”, gaps in the market will start to come to the surface. If you can identify those gaps and act to fill them, it may give you a strong head start.
>See also: 5 best ideas to start a small business post coronavirus
#2 – An