Success During and After COVID-19

Starting Up & Achieving Business Success in the Era of COVID-19

- Shannon Vissers

Sometimes, circumstances force you to completely change your life and career — whether you wanted to or not. This past year has been a life-changer for so many American workers and entrepreneurs alike, as the COVID-19 pandemic altered consumer habits drastically and shuttered the doors of countless businesses. Nobody knows how many of these businesses will remain closed for good, but unfortunately, many businesses, large and small, have already decided they had no choice but to close their doors indefinitely.

While the COVID recession surely won't last forever, the major economic disruptions and lifestyle changes to the small business landscape may be forever changed. Take, for example, the food industry. Many consumers will likely still prefer the convenience of ordering groceries and takeout online, even once all the stay-at-home orders are lifted. And I don't know about you, but it's hard for me to picture eating at a buffet anytime in the near future.

The devastating effects of this recession cannot be overstated; however, many successful businesses have formed during recessions. For example, innovative tech companies like Uber, Venmo, and Slack were all started during the Great Recession that took place from 2007-2009. And indeed, many forward-thinking entrepreneurs are already discovering new niches during the COVID economy and founding businesses to meet those needs.

According to Census Bureau statistics, business applications for the second quarter of 2020 were 4.8 percent higher compared to the first quarter of 2020. Nearly 900,000 new businesses formed this past spring — during the height of the shut-down.