By Fernando Berrocal

The pandemic started by the Covid-19 virus has altered our daily life and had a huge economic impact on the US and the whole world. There is still (even after all this time) a sense of ambiguity, and businesses have had to change to stay afloat while we acclimate to this denominated "new normal" world. Many industries have been forced to downsize or even shut down entirely for the effects. Some startups have soared since the outbreak of the pandemic because they already offered a product or service whose demand surged as a result of this pandemic, such as those related specifically to the health services or those that facilitate remote work. Other businesses were able to survive by pivoting and focusing on not such complex products as hand sanitizers, alcohol, or masks. On the other hand, other businesses (and it seems that mostly) faced the epidemic head-on and took the risky step of launching their startup in the face of adversity. Here are some main reasons why that isn't such a crazy idea, as well as some accounts from people who have done it and survived to tell the tale.

The Advantages of Starting a Business during the Covid Epidemic:

Learn to Go Lean Right Away: When you establish your business amid a recession or, in this example, a pandemic, you're creating a resilience muscle that will serve you well in future crises of any type. You'll learn how to budget and make decisions about which product or service to launch based on which is the simplest and most likely to generate cash flow as soon as possible. You'll also learn how to deal with a smaller team or be content with working with freelancers first to get the thing up and running and then hire more permanent and specialized staff later.

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You'd be a Fool if you didn't:  Is your startup concept anything that will help people in the event of a pandemic? Is it anything linked to the health sector, such as a home fitness app, a homeschooling app, a wine delivery service, or something else? Since most IT startups are virtual and do not rely on a physical store or product to launch, they will enjoy a pretty stable entry during the Covid pandemic.

Enjoy a Larger Talent Pool: Many workers have been laid off or suspended from their former jobs. That implies that if you're looking for individuals to join your business as of right now, you're likely to find a lot more brilliant people than normal looking for a chance to work on something new. Specialized employees who used to work full-time may now be searching for part-time remote employment as soon as possible.

If You're Planning to Launch right now, here's Some Advice:

Use free tools: Whether it's social media marketing tools (FB ads, LinkedIn ads, etc.), project flow platforms, or budgeting, and other applications, make use of low-cost or free resources to help you launch effectively. Though it's never a good idea to spend much money when starting a business, it's crucial today.

Start from your House: Why rent an office that you won't be able to use to its full potential? If you're starting a business from home, you'll save money. Put that cash to good use by improving your overall product and marketing campaign.

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Make a Strategy that is Longer-Term than Normal: Just because you're brave and want to establish a business in the middle of a pandemic doesn't imply banks and investors are as well. Impress them by having a strong two-year strategy in place and being ready to explain why your product benefits a specific consumer and why they'll want it now.

Conclusion:

During the Covid crisis, it is feasible to create a successful startup. Though most startup founders are brave, you'll develop an extra layer of toughness if you survive a financial crisis and learn how to live in a turbulent environment. Unless, of course, your business concept is something the world needs right now, in which case you're under a lot of pressure to get it up and running as quickly as possible. Good luck with your endeavors!

Ready to bring your startup to the next level? Apply to MassLight’s next batch. MassLight supplies capital and a dedicated tech team. We take equity in return. Have questions? Refer to our FAQ page.

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