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Could COVID-19 Be The Business Opportunity You’ve Been Waiting For?

Hi, I’m Lydia!

Your work matters in the world, and my job is to help you get it out there.

Guest post by Nelson Jordan.

2020 has been a confusing mess of a year. So much has happened and I’m not sure whether I’m coming or going.

But I do know one thing:

COVID-19 is a catalyst – an accelerant that’s poured rocketfuel on emerging trends like freelance working and small business ownership and set them ablaze.

This was the subject of my recent podcast interview with Screw The Cubicle Founder, Lydia Lee.

Though the pandemic sadly shuttered hundreds of thousands of businesses across the US alone, many people are choosing to strike out on their own.

3.2 million people have applied for the employer identification numbers needed to start a business in the US this year – that’s 500,000 more than 2019.

Figures from a pre-Coronavirus study from Statista, estimated that by 2027, 50.9% of the US workforce will be freelance. Since COVID-19 has taken hold, the number of freelancers has increased, so that figure may be even higher than expected.

But Why?

One obvious reason is necessity.

Many contractors and gig-economy workers have been let go as a result of the pandemic, either as a direct result of the lockdown or due to their company missing out on much-needed revenue.

And with some industries unlikely to start hiring again for the foreseeable future, those who can’t find employment have little choice but to start their own venture to cover their expenses.

But another, less obvious reason, is opportunity.

With many people furloughed, unable to work and with more time on their hands, many are taking the opportunity to reexamine their dreams of small business ownership.

Life places so many demands on us – it can feel incredibly chaotic as we’re pulled in so many different directions.

But for the first time in years, many of us aren’t allowed to commute to work, or go out to restaurants and bars, or visit friends.
Instead, we find ourselves in the rare situation where we actually have time to sit back and take stock of what we want.

We can pause and ask ourselves ‘are we really fulfilled? Are we living for a purpose or just a paycheck?’

Sadly for many of us, the answer is ‘no, my work doesn’t fulfil me’.

Could COVID Be A Hidden Opportunity?

Work is a huge part of our lives and many of us find our meaning through it.

So what do we typically do when confronted with the unpleasant realisation that work isn’t giving us what we need? We shake off that uncomfortable feeling, push it to the back of the closet and fire off the next email to a boss we can’t stand. 

But COVID has brought many of us the opportunity to reconsider what we really want.

If you use this time well, COVID can be the fire-break that gives you the chance to step-back, reassess and make a plan for the future. 

For many of us, that involves stepping out of the (relative) safety of being an employee, striking out on our own and finally starting that business we’ve always talked about.

Isn’t Working For Yourself Risky?

We’ve all heard the stats about the number of new businesses that fail each year (about 20% in the first year, according to the Bureau of Labor Statistics.)

One thing that stops many of us from pursuing our dream of owning our own business is the long-held assumption that it’s safer to be an employee than work for yourself.

But, I think the last few months shows us that it’s not necessarily the case.

Established businesses in so-called ‘reliable’ industries are shutting down left, right and centre, and the work-force are paying the price.

We no longer have the ‘job-for-life’ or career path our parents did. We’re not guaranteed a job for as long as we want it and a healthy pension when we retire.

Owning your own business is really the only way you’re able to take your destiny into your own hands.

But What About The Coronavirus?

The Coronavirus has caused a global financial slowdown and many think we’re on the precipice of a recession…shouldn’t you wait until things look a little rosier to start your own business?

Guess what? Burger King, FedEx and Microsoft all started during a recession and they’ve done OK for themselves.

But that doesn’t mean that only those looking to build a huge company should start their own business. In my own network, I know many people that have used the last few months to start lifestyle businesses that support their families and a few employees.

I myself have moved from digital marketing to copywriting for SaaS companies.

Wouldn’t it be amazing if you could take something as bleak and negative as COVID and use it to your advantage?

I keep hearing, ‘I can’t wait ‘til this is over to get back to normal’.

And yes, I can’t wait to see my friends and family again to catch up over a good meal and a few drinks…but ask yourself, when it comes to work, do you want to get back to normal?

So Where Should I Start?

Deciding to start your own business comes with a mountain of questions:

  • What type of business should I start?
  • What am I good at?
  • What do I really want?
  • What should my first step be?

There are a lot of potential potholes you can fall in when starting your own business.

The best way I know to avoid wasting a huge amount of time and money on things that don’t work is to listen to someone who has trodden the same path before you.

That’s why I’d recommend you take Screw The Cubicle Founder, Lydia Lee’s free training on ‘COVID-19 and The Future of Work’.

Whether you’re a corporate professional looking to transition into owning your own business or a small business owner who’d benefit from an expert’s opinion, you NEED to take this free training.

Lydia will show you how to:

  • Create a business that can flourish in today’s new business reality
  • Pivot personally and professionally into a lifestyle business that suits you
  • Refine your business systems so you can spend your time on what matters
  • Reposition your offers to be more relevant to today’s remote-first marketplace

Register for this free, limited-time training here. If you dream of leaving the corporate world behind for small business ownership and empowering yourself to make the changes you so desperately need, consider this your next step.

 

Nelson Jordan is a freelance SaaS copywriter and content strategist who creates long-form blog content and conversion-optimised web copy for clients looking to grow their organic traffic and revenue.

He interviewed Lydia Lee, Founder of Screw The Cubicle about the Future of Work on his podcast, Working From Home. You can listen to Lydia’s episode here.

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