Is 2022 a good year to start a business or to take a business from good to great?
Written by Ms. Vimi, Business Analyst, ATBC
Many of us must be wondering if it’s the right time to begin a new business after two years of pandemic uncertainty. The great news is – it is never a better time than now to start afresh or scale to greater heights.
Many small businesses have struggled and even shut down due to the pandemic. The last two years have been challenging with lockdown and almost doors shut for business. Labor shortages and supply chain disruptions have been a roller coaster ride for small businesses. It has been severe hardship for some, while for others, it has been mild. At the same time, these years have been a time to introspect, revisit old ways of working and find out innovative ways of working and reimagining what our future work trends are going to be. People started reprioritizing lives and finding harmony between work and life. Once economies began to open, 52% of small businesses saw a positive impact on the business. This year has opened the door to a host of opportunities. The times of adversity were times to retrospect and plan for future course of action.
“The great resignation” from many Giants across industries is a clear indicator that people contemplate quitting their jobs and looking for something new. Events in the past two years have altered the emotions and sentiments of employees worldwide. People have realized that happiness is the key to success in life and work. According to a survey conducted, 63% of Indian participants said they would rather be unemployed than be unhappy in a job. Most have started channeling thoughts of starting their own business. Being one’s boss gives flexibility to working hours, makes decisions, and follows one’s dreams. The times of adversity were an eye-opener to many that served as an opportunity to streamline their thoughts.
Pandemic has created new avenues for business. Any situation can be used as an opportunity or threat. People started utilizing the time of the pandemic to analyze where they wanted to head. After sailing through the pandemic, there is both readiness and openness to new ideas and arenas, and people are willing to take calculated risks. Having gone through the ups and downs, people are open to following their hearts, be it on a small scale or a large scale.
Insights from BizBuySell’s Q4 2021 report said the median sale price of small businesses grew 16% over the past year. These statistics show that businesses performing well still have customers, especially pandemic resistant businesses such as eCommerce, fuel stations, auto shops, etc.
With many owners choosing to wait, there is an imbalance in the market, where demand exceeds the supply. It is more of a seller market that draws opportunities for many businesses. In such a scenario, there’s a need for many businesses to flourish to make it a balanced economy.
Eventually, the global crisis and threat period has opened a hoard of avenues to newer opportunities for buzzing people in business. With both first-time entrepreneurs and serial entrepreneurs, the number of businesses will be on the rise, which will tremendously contribute to the growth of our economy. This is great news as business plays a major role in contributing to a shift in the economy.
Of course, starting a new business venture isn’t easy. But this help is readily available from consultants who can guide and support throughout the journey of being an entrepreneur. Let 2022 have great Entrepreneurs, and let’s head back to a booming economy.
