These are interesting times indeed. And some of us have found ourself on furlough, or even made redundant and no longer having a job. Couple this with the high inflation rate, and many ask themselves, what is going on? However, some may ask, is this a good time to begin a new business? Start my own company.

The answer to that is like speaking out of both sides of your mouth, and it depends on the type of company you may be looking to start-up, and also which industry; service or product based.

Yes It Is a Good Time to Start a New Company vs No It Is Not a Good Time To Start a New Company

These positive and negative answers will and always depends on what type of company, the market, and your competition, amongst other factors.

Other factors being is the business a service or product based company.

Retail seems to be doing better now that the lock downs are lifted, however, competition is strong here.

The food or hospitality industry is doing well again, people want to get out, but again strong competition.

You will need to stand out.

In retail, you need stock, which is a huge outlay of cash upfront.

In hospitality like restaurants, you need to have a well placed establishment, good menu, and good service.

Trades such as building, and other services, plumbing, electrical, gas, etc, have the potential to do well. The issue will be if you need materials, which have increased in price since the pandemic and lock downs. The cost and pricing of these services has increased.

So as to answer the question, is now a good time to start a new business, it can be a great opportunity for certain services to start. Many product based companies may struggle with not just obtaining the products they sell, due to Brexit and the Ukraine issues, but also with competition and prices.

Leave a Reply

Your email address will not be published. Required fields are marked *