Originally published on small-bizsense.com
Amid the coronavirus pandemic, some might think it is the worst time to start a business. However, a confluence of conditions is opening the door to one of the most significant opportunities in generations for eager entrepreneurs.
Adam Ferrari, a mineral acquisition entrepreneur, states that companies could benefit from this downturn if they continue developing their business model despite limited budgets and economic volatility. In this article, Adam Ferrari, CEO and Founder of Ferrari Energy, describes why now is the time to take hold of this rare window of opportunity and what it will take to do so.
Beneficial for Limited Budgets
As many have witnessed, the coronavirus outbreak has created panic surrounding public safety. The result of the unpredictable pandemic has also included drastic market declines, and layoffs, with staggering unemployment numbers. For startups with limited budgets, now is the best time to take advantage of the market. Aside from more advantageous interest rates, many companies have been forced to reduce their prices to stay afloat. This means that new or existing businesses can get the same services at a lower cost.
Finding Solutions Now for Greater Advantages Later
Many successful entrepreneurs are sticking to their guns when they say that the world will not be the same post-pandemic. With that being said, newer and smaller businesses can find creative solutions to adapt to the changes. Having less corporate infrastructure may allow for smoother transitions into new business models – larger companies with longstanding practices and protocols will have a harder time implementing changes to their entire workforce. Now is the time to think differently and get ahead of the curve! It will benefit you and your business later.
Opportunity for Better Talent
History shows that it is easier to hire talented employees during recessions due to job cuts and unemployment. Searching for talent can be difficult for new or small businesses when big corporations have better benefits and substantial pay. However, when such a large number of people are out of a job and looking for something new, there is a higher chance for startups to find top talent at a lower cost.
Smaller Pool of Competition
When existing businesses are too busy focusing on how to transition to a remote work environment or adjust their budgets, the opportunity arises for more nimble companies to come out on top. Other companies’ distractions are a leg up for any startup. It is easier to get your foot in the door with new clients while the leading players are scrambling to adjust to remote work or enforcing budget cuts.
Strong Companies Flourish During Hard Times
It has been shown time and time again through multiple recessions that the strongest, most flexible, and innovative companies withstand economic downturns. If a startup can learn how to kick-off and succeed during coronavirus pandemic, they are on the right path to take on any crisis that might come their way.
About Adam Ferrari
Adam Ferrari is an accomplished petroleum engineer and founder of his very own mineral acquisition company, Ferrari Energy. With an educational background as a chemical engineer, Adam Ferrari was driven to learn more about mineral acquisition and the inner workings of petroleum engineering. After working in oil and gas and finance, he decided to start his own private Denver-based company, Ferrari Energy. When Ferrari is not working, he is giving back to his community and donates to various non-profits in Denver and Chicago.