Many Businesses Have Been Closing Their Doors During the Coronavirus Pandemic

Article written by Zhale Zhazini

Many businesses have been closing their doors during the coronavirus pandemic. Yet, the pandemic has highlighted that where there is risk, there is also opportunity for recruiters. For new startups or for existing businesses, if you can capitalise on this, you can come out of the recession in a better shape than before.

Industry focus

Whether launching a startup or pivoting your existing business, if you focus on growing and/or essential sectors, you can not only survive, but also thrive.

Grocery stores, technology, and healthcare are examples of companies that thrive even during a recession.

You can tap into these sectors and help companies fulfil their staffing needs.

Competition

In recessions, many business are retrenching. This means your chances to succeed actually rise as your competition steps back.

If you can step in to fill this gap, when the market recovers, you’ll be at the forefront of the recovery.

Resources

You may think that the main hurdle for a startup business is a lack of available resources, yet this is actually a good time to secure funding. There is a lot of financial assistance designed to help entrepreneurs support the economy.

In addition to financial resources, there are a lot of opportunities with human resources too. There are many talented individuals looking for new opportunities. They could join your team and help you expand your business.

Finally, if you’d like to acquire assets, now is a great to negotiate good terms. Many businesses would be happy to offload assets to you at reasonable prices.

Conclusions

The COVID-19 pandemic has changed the mindset of almost everyone who has been affected by a recession. We know that businesses can struggle if they do not have adequate financial safety and cost controls.

Conversely, we also know that for companies or startups who are nimble, there is a lot of opportunity to position themselves for growth.

In fact, for individuals who can think outside the box, now could be the best time to start your own business!

If you’d like to learn more about how Recruiter Hub can help you launch your own firm, contact us at: mfrancis@castlepeak.com.hk.