In 2019, Deloitte released a report that showed the retail industry is facing an increase in debt and expenses but a decrease in revenue growth and asset turnover. When the pandemic hit, these shaky financial foundations started to crumble. As the months progressed, a lot of small to medium businesses were forced to file for bankruptcy and close down.
People who wish to manage their own schedule, finances, and services often become solopreneurs and run their business independently. Finally, you are your own boss. According to MBO Partners’ 2019 State of Independence, 82% of solopreneurs are happier with their set-up than when they worked in a traditional setting.
The start of the new decade has brought on both challenges and opportunities on a global scale. For instance, the “new normal” forced people to limit physical movements, giving way to the rise of online transactions. Consequently, the online consumer market has grown a lot, while the competition for eCommerce businesses have been tighter.
COVID-19 is forcing businesses everywhere into implementing their emergency and business continuity plans. Entrepreneurs who started a business to do some good in the world need to survive this pandemic if they want to fulfill their business “why”.