Now Might Be The Perfect Time To Start Your Pennsylvania Small Business

It may seem counterintuitive, but now might be the perfect time to start your Pennsylvania small business. In the last few months, we have experienced massive events that will have a lasting impact on our country. It is important to acknowledge that these changes have resulted in tragedy for many. However, I am an optimist. Therefore, in this post I want to focus on a potential silver-lining.

The fact is, change also reveals opportunity. Our current situation is no exception. Those who are able to adjust, recognize opportunity, and seize it are the ones who will realize their dreams. In spite of (or maybe because of) our current circumstances, now is the perfect time to start the right small business. Below are a handful of reasons why.

New Small Business Opportunities

As mentioned above, change brings new opportunity. The COVID-19 pandemic has changed the way we interact with one another. The killing of George Floyd and the unrest that followed have forced the country to respond to concerns over systemic racism. The changes we have experienced as a result of these events has created new needs for consumers. Those with ideas on how to meet these needs are perfectly positioned to take advantage.

Two examples of businesses capitalizing on these changes are Zoom and Black and Mobile. We are all familiar with Zoom. By making it possible to keep in touch while remaining socially distanced, they have capitalized on our need to stay connected. Black and Mobile is a Black-owned food delivery service that partners with Black-owned restaurants. Over the past few weeks, many consumers have started looking for ways to support Black-owned businesses. Black and Mobile is a business perfectly positioned to meet that demand.

Less Competition and More Resources

New business owners are also likely to face less competition as we emerge from the pandemic. As mentioned above, recent changes have met disaster for some. That is not something to celebrate. However, it does represent less competition for those interested in starting a small business in Pennsylvania. With a less crowded field of competitors, now is a great time to establish the right small business.

New business owners will also find that the post-pandemic marketplace is full of resources. Many programs have been created to help businesses through the pandemic. Last week, Governor Tom Wolf announced a $225 million grant program geared toward businesses impacted by COVID-19. Programs have also been created to help people establish and grow new businesses. For example, PayPal recently announced a $530 million commitment to support black owned businesses.

In addition, interest rates are as low as they have been in decades. As a result, new businesses will be able to borrow for less. Those interested in starting a business can make use of these additional resources that would not otherwise be available.

Embracing Change

Adjusting to change is difficult. However, success flows to those who adapt to change instead of fighting it. Many people have lost their jobs due to the pandemic related shut-down. Some of these jobs will never come back. If you are in this position, maybe the universe is throwing you a sign. Perhaps you have an idea for a small business that you have always wanted to start. Maybe instead of preparing yourself for employment in a new field, now is the time to pursue your small business dreams.

If you are interested starting a small business in Pennsylvania and don’t know where to start, M. Zane {+} Associates is here to help. M. Zane {+} Associates is a full service, Philadelphia based law firm that focuses on connecting people with the right legal solutions. We take the time to understand our clients’ circumstances, and use our professional skills and experience to empower them to positive outcomes. To find out how we can help you, give us a call at 267-475-7052.