Thinking of starting a new business? You’re not alone

Have you been thinking of opening a new business? You're not the only one. Despite the uncertainty surrounding the current state of the world, many people are deciding to follow their hearts and open a new business. The COVID-19 pandemic closed many businesses across the country, which many would see as a deterrent to opening a new business. However, there are many who have gone forth and pursued new ventures.

New business applications on the rise

According to the US Census Bureau, 2020 is currently seeing the fastest rise in new business applications since 2007. With quite a large and impressive statistic, there are bound to be some raised eyebrows. Now, of all times? During a global pandemic? Well, you'd be surprised. The Wall Street Journal sums it up by citing necessity and opportunity as the two main reasons for this spike in new businesses.

It's essential

One of the most important things to remember is the aspect of necessity. It's no secret that many people are struggling during this pandemic — physically, emotionally and financially. A successful business could end up being beneficial in many aspects, and most times, there aren't many other options. With hiring freezes in multiple markets, layoffs across many industries and unemployment rates through the roof, starting a new business is often the best and only answer. This allows you to create your own hours, personalize your work setting, work in any industry you want and more. Freedom and flexibility are appealing — so a little bit of risk is no worry when paired with the necessity.

Opportunities arise

On the other hand, opportunity is ironically another factor. One would naturally assume that opportunities are low during such an unprecedented time. However, a lack of opportunity leaves room for creating your own. With few other job prospects, many people are looking to open their own business as others around them close. This leaves more of an opening in the market, giving this new business a better chance to survive. For example — maybe you've been looking to open a specific type of food restaurant in your small town. If the other restaurants of this type have closed, and you have the means to open yours amidst the pandemic, you're more likely to be successful due to the opportunity of being the sole restaurant in town offering this type of food.

Despite the unusual and often unsettling times, there are still many opportunities for your small business to start-up, grow and thrive. 

If you need any type of assistance with your small business legal matters, The Law Offices of Donald W. Hudspeth, P.C. is here to help. Please call 866-696-2033 or contact the firm online to make an appointment.

Categorised in: Starting a Business in Arizona

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