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Photo: Tim Mossholder

How will Coronavirus affect the Economy and Local Businesses?

This is a great time to start a business. Here is why:

The ongoing pandemic has delivered a huge blow to the global economy. Businesses — large and small — have seen much of their markets wiped out overnight.

Opportunity knocks

Any other time, the problem with entering these markets is simply market saturation — there is too much competition, which makes it super tough and expensive to enter.

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  1. Enter an existing niche and challenge the leaders there;

Incumbents are hurting

Now, due to Coronavirus, a lot of the incumbents are hurting. Many of them will not make it out of this crisis. This is just the hard reality.

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The Formula is also Changing

But surely, you will say. There are changes happening at the level of these needs. People’s needs and expectations are changing so this market may be simply gone.

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Full stack impact entrepreneur. 🚀

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