2020 has been a year that many people would rather forget about. Of course, the major talking point this year has been COVID-19, and the impact that it has had on the global economy. The pandemic has forced businesses to reevaluate their business processes and to think about alternative ways to conduct their business going forward. On the other hand, there are many businesses that, unfortunately, will close their doors for good post-pandemic due to the unprecedented impact of the Coronavirus Crisis.
However, it’s not all doom and gloom as many entrepreneurs have identified new opportunities and creative ways to drive their businesses forward. New businesses have started in the middle of the pandemic that has gone from strength to strength, further highlighting that there is an opportunity for businesses to succeed despite the pandemic. One of the most interesting developments over the last number of months has been the rise of the single-person business, and this is a trend that is expected to continue in popularity going forward for a number of reasons.
Let’s explore just a few reasons that the single-person business is proving to be more popular than ever.
Easy Access To The Right Tools
In the modern-day business climate, there is a range of cloud-based software and tools that you can use to improve your business processes. Helpful financial tools like MYOB invoicing software, automated social media marketing tools, business management platforms and a range of other tools make running your business as an individual easier than ever before. Implementing the right tools allows you to be more productive than ever without hiring a single person to help.
More Free Time
There have been varying degrees of lockdown enforced throughout the country at different stages throughout the Coronavirus pandemic. While being restricted to the confines of our homes is something most people did not enjoy, it did give a lot of people an opportunity to work on those ideas they had been putting off for years. With more time to spend on extra projects, 2020 allowed many budding entrepreneurs to finally bring their business visions to life.
Thinking Outside The Box
As the way we conduct business has changed significantly over the last number of months, both businesses and individuals have had to think a little differently. This has created an opportunity for savvy entrepreneurs to identify new opportunities in the marketplace that did not exist in the same way as before COVID-19. Being forced to think outside the box and be creative has led to more small businesses being started by individuals as they aim to meet the new needs of customers across the country.
The unfortunate reality of the Coronavirus pandemic is that many people lost their jobs, leaving them unemployed. As companies struggled to stay afloat, a lot of organisations chose to downsize their teams, letting key employees go in the process. While more people becoming unemployed is never a good thing, this situation has forced some of those who were made redundant to start their own small business in an effort to maintain their income in some way. Because of COVID-19, entrepreneurs looking for a fresh start had no choice but to go it alone, as working with a team and dealing with all the recent government guidelines would be too much for most new businesses just getting started.
Preparing For The Uncertain Future Ahead
Business owners, entrepreneurs and single-person businesses all face an uncertain future ahead as we wait to see how the Coronavirus pandemic will play out. Working independently from home is a smart tactic right now as we just don’t know what might be coming down the line. The more that you can stay in control of your business, the better chance you will have of surviving the months ahead. A single-person business won’t have the same worries as a larger corporation with premises, employees, supply chain issues and so much more to manage. Now is the time to prepare for the future and get your single-person business up and running.