Now is the best time to launch business amidst everything happening in the world. Though I believe there’s never really a ‘wrong’ time to start a business. Either way, you’re going to face challenges. Either way, you’re going to have to deal with some level of competition.
So instead of waiting for the perfect time, you might as well dive right in. But more concretely, the economy right now is fertile ground for entrepreneurs and business owners. Interest rates are as low as they’re ever going to get. Millions of people are looking for jobs, which means labour markets are abundant.
The rise of ‘working from home’ has opened a larger pool of talent to choose from when hiring. And most importantly, major industries are showing their vulnerabilities-which means opportunity for entrepreneurs savvy enough to invert new, compelling solutions.
3 Reasons for Business Boom in 2023
Business Boom -The Rise of At-Home Health Products and Remote Wellness
The Rise of Health and wellness products are certainly going through a major push right now. Over the past year, I have talked to dozens of entrepreneurs in a wide range of industries: supplements, at-home genetic illness analysis, testing, home fitness, you name it.
All of these businesses have quintupled in revenue in the last six months. And while I do believe this growth will most likely deflate a little bit initially after there’s a COVID-19 vaccine, I also foresee this trend roaring back with even more sophisticated products not long after.
Business Boom – The Diversification of Supply Chains
Many businesses outsource manufacturing to other countries. There has also been tremendous innovation and investment around manufacturing automation. And so, depending on the product, product, price point, and consumer base you’re targeting, it could begin to make sense to manufacture here in the United State as opposed to outsourcing those efforts to another country.
You can also control all parts of your process a lot more easily than if you were to do so overseas. The trend that is emerging is that more and more entrepreneurs are beginning to realize how risky it is to have their entire business reliant on one supply chain, or one manufacturing partner, if something happens politically, or even just with their partner in the business, all of a sudden, they’d be in tough situation
Business Boom – The Acceleration of E-Commerce
E-commerce is quickly establishing itself to be the best and easiest way to launch a product and/or business. From a testing point of view, it’s much more effective to engage and gather feedback from customer online than if you were to try to do something similar as a brick-and-mortar type of business Facebook and Google remain the easiest ways to market to broad customers and also end up leading to the highest margins-because you end up owing the relationships you have with your customers directly.
The reality is, the coronavirus has severely impacted both retail and mom-and-pop style businesses. Many have either pivoted to ecommerce, or gone out of business. I am still a believer in retail, and I think long term the category will come back and thrive in new, exciting ways.
