“52.5% of aspiring business owners are more likely to start a business now than they were three months ago”.
What is incredible about this statistic is that it comes from a survey conducted in May 2020. At the height of a global pandemic, which is predicted to have a deep and lasting impact on Britain’s economy, there is a significant proportion of the population who are now even more motivated to start their own business. What I’ve been thinking about, is why now?
Well, we all know the reasons that people DON’T start their own businesses:
- Can’t afford it
- Don’t have the time alongside a full-time job
- Currently in a good job and don’t want to risk that job security
- There is ‘no space in the market right now’
- They don’t think they’ll find the right team to join them
But, for the first time there are potentially thousands of bright, creative, entrepreneurial people sitting at home either on furlough or having lost their job, who now have the time and the freedom to start mapping out their path to business ownership. For the first time, perhaps the barriers in the above list don’t apply.
Still, what does this mean for current business owners? If your industry is struggling, you may be expecting some of your competitors to fold, thus releasing a chunk of market share for you to mop up in the coming months. I ask you though, how often does market share just fall into your lap?
There may be opportunity here, but only for those who have a plan. Not only will the business world look and feel different post-COVID, but it’s looking likely that there may be a number of shiny new start-ups joining your industry too. Surely you aren’t planning to match this new blood with your same old marketing plan, same old customer experience methods and same old offers..right?
Here at ActionCOACH Bury St Edmunds we can’t wait to see the green shoots of new business emerging across East Anglia. But we also want to see established businesses flourish and thrive over the coming months. As we all face the next chapter of East Anglia’s economy together, we want to remind you that we are here to offer support, advice and encouragement to business owners ready to kick-start or kick it up a gear. Get in touch to see how a free coaching session could be your first step to maximising your market share.
Contact us to claim your FREE 60 minute Coaching Session.