4 tips for starting or reinventing a business in tough times – Northeast Mississippi Daily Journal

Think the best time to start a business is in a booming economy? Maybe. But some of the biggest business success stories in recent decades actually came from a good idea hatched during a recession.

Consider these names: CNN, Uber, Airbnb and Square. There are many more.

The effects of COVID-19 are forcing existing businesses to reinvent themselves, and some of today’s most significant business obstacles will spark new startups offering innovative solutions.

With the pandemic quickly shifting consumer behavior, more than $3 trillion is expected to be lost or moved to the businesses best prepared to exploit the possibilities, according to a November 2020 Accenture analysis.

Here are ways to formulate and recognize business opportunities during tough times.

Adapt rapidly

to a changing market

During the Great Recession in 2008, Jonathan Slain was an owner of personal training and fitness studios. That’s a personal expense many people will eliminate when money is tight.

“So I spent several
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Biz Ideas