The Coronavirus pandemic took the entire world by storm; halting many ways of life. Various industries took to remodeling ways they can safely and responsibly reach customers and possibly other merchants to keep business alive. Throughout this time, many businesses have either seen their business boom or fail, however, some industries have seen a spike in new business models and the overall start of new businesses. Let’s explore how the longevity of startup businesses has held up during these unprecedented times.
Although there were over 23 million jobs lost due to Coronavirus, according to INC.com, “Between June and September, nearly 1.4 million startups were founded, a 49 percent increase over the second quarter–and a 67 percent increase over the previous third-quarter startup high set in 2018.” The rather large increase in new startup businesses is due to many unemployed workers seeing the need for financial independence and the desire to leave the traditional workforce roles. Another study found with the new work-from-home enforcements allowing workers an extra one-three hours, normally used for travel, being free for more entrepreneurs matters.
Over the years, as Recessions take over society and various financial aspects of it, the restructuring of the economy has seen heightened success due to the number of new startup businesses that are introduced resulting in a more resilient economy. Throughout history, successful innovative start-ups or businesses emerged from periods of crisis, great examples of this would be the creations of companies such as Dropbox, Uber, Airbnb, WhatsApp, Groupon, and Pinterest being the result of economic crises.
The startup companies being created during Coronavirus can serve as the catalyst for change years from now in industries such as telemedicine, remote personal care, medical equipment, home delivery, food processing, teleworking, online education, contact tracing. Another aspect of startup businesses during this period will help society see how consumer habits and needs have changed. This aspect will also speak to how these new startup businesses can quickly adapt to the changes in regulations placed by governing cities or states they operate from. Growing demands in areas such as remote working, e-commerce, education, and health services will also determine how employees of these new businesses will be able to adapt and regulate to changes in policies and procedures on a global and domestic front.
With the various changes to the way business operates, owners can count on Passfeed and iMerchant for these business needs. Both systems can carry necessary changes and adaptations to policies and regulations along with the various modules to train employees and managers to be up to date.
Visit Passfeed and iMerchant websites to get started on a free demo today!
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