Is it the Right Time to Launch a New Business?

Despite the uncertainty, business closures and economic decline caused by the COVID-19 pandemic, those who have exciting business ideas should not be deterred. Given the uptake in digital, now is the best time to launch an online business in South Africa, and it’s never been easier too. We’ve had a look at some of the tips to help your current business survive the COVID pandemic, but what about a guide to starting a new business during this time?

A recession is coming – it’s a sad reality that the economic impact of COVID-19 hasn’t even really been felt yet. There’s no doubt that South Africa has some tough times ahead, so taking your financial wellbeing into your own hands is a worthwhile consideration.

Mobile is booming – Mobile usage across South Africa (and the world) is drastically on the rise, so why not capitalise in that market? Apps and mobile services will become more and more commonplace; and now is a better time than ever to turn your business concept or app idea into a reality.

Talent pool is growing – Looking at the current scenario with a glass-half-full approach, there are a lot of willing and available individuals who are eager for new horizons and work opportunities (whether they were forced into the position or not). If you have the means and funding, you could look to recruit some ambitious and talented individuals during an economic downturn who would’ve otherwise been snapped up in a booming economy.

There’s no perfect time – Thousands of would-be entrepreneurs fall into this trap, as waiting for the right time to launch a business often never comes. Waiting for the macroeconomic conditions to be perfect for your new venture could be a very long wait, so take the opportunity now while you have the personal and professional capacity at hand.

If you’re a company that’s looking to establish or expand its digital footprint get in touch with the team over at My Online Presence, whether you’re looking to start out with a website to increase your exposure, build a custom software platform for your business, or enhance your current operations, they’ll be able to facilitate your digital transformation!