E-commerce Is On Fire
The pandemic has changed the way we do business. After months of not being able to shop in person, even the most reluctant have joined the online shopping bandwagon, with statistics showing a spike of nearly 40% growth in e-commerce since the start of the pandemic. Chances are there are tons of people online right now searching and shopping for what you want to sell. If you are contemplating an e-commerce business, 2022 is the ideal year to do it.
The Market Is Ripe for Innovation
The pandemic has given way to brand new industries, and also entirely redesigned many traditional industries. In essence, there is an open invitation for disruptive ideas and novel products right now, especially as they relate to the changes in work and lifestyle caused by the pandemic. If you have a new idea or an innovative product you want to launch, now is the time to go for it!
You’ll Face Less Competition
The COVID-19 pandemic has taken a huge toll on businesses, small and large. Research suggests that there are now 37.5% fewer small businesses open compared to January 2020 (two months before the pandemic struck the US). Since official closure statistics have a lag, how many of these businesses have closed permanently and how many are facing temporary shutdowns is unclear. Regardless, the chances are good that you will have significantly less competition if you start a business in 2022.
You Have Funding Options
Whether it’s a grant, a loan, or another funding source, help is available to those who want to start a business in 2022. There are so many options, in fact, that the US Chamber of Commerce just posted a huge list of 49 Grants, Loans, and Programs to Benefit Your Small Business to help you sort through it all. The article has links and details for all the funding options from federal, state, and local government as well as the private sector.
You’ll Be Set Up for Long-Term Success
Recent news suggests that we are entering a recession, so if you start a business in 2022, you’ll be focused on creating a lean company from the start. This means prioritizing essentials, limiting your spending, and keeping a close watch on your numbers. In other words, you’ll be doing everything RIGHT from the start! The thoughtful way you start and run your business in 2022 will set you up for success as you develop good habits and create a robust long-term plan.