The global pandemic has brought its share of uncertainty and stress to entrepreneurs during the last two years; they have been questioning their purpose and way of doing business, experienced a decline in sales for some, and a temporary or definite closure for others… But, what do you think if we tell you that 2022 is the right time for you to start your own business? That sounds crazy, right? Let’s explore the opportunities that have arisen these past two years and how you can benefit from them.
You are looking for your purpose
During the past two years, many have questioned their purpose and way of living. The great resignation, an incredible phenomenon happening in the U.S and in many other countries around the world, is proof that the global pandemic has had a huge impact on the way people want to live and what truly matters to them, to their soul and how they can serve the world in a better way. If you are currently soul searching and asking yourself questions like: ‘Am I happy with my current job?’, ‘Am I at the right place?’, ‘What am I doing to fulfil my goals and dreams?’, the chances are that you might need to start a small business in 2022. While keeping in mind that successful companies are no longer existing to make profits but rather designing products and services that solve problems, you might feel better in this new entrepreneurial position.
E-Commerce is changing the game
It has never been that easy to set up a company. E-commerce is booming and has enabled so many business owners around the world to make a living and thrive rapidly. Today, you can start a service-based business with a laptop and a wifi connection, anywhere. You can start selling products online, through an e-commerce platform and deliver these products anywhere in the world while investing only in digital marketing and sales support. In addition, Covid-19 has demystified online shopping in Mauritius as people have been able to safely buy products and services, from the comfort of their homes and get delivered right away during the past two years. Not to mention that e-commerce will help you clear some overhead costs, avoiding you from ordering huge stock and enabling you to start making profits early in your business development stage.
Numerous schemes and funding options available in Mauritius
Our local governments have created several schemes and incentives for small businesses, with the help of the Development Bank of Mauritius and SME Mauritius Ltd. Whether it’s a loan, a grant or other sources of funding such as crowdlending, the options to start a business and get the support you need are endless. There are also angel investors that have removed their investments from several companies during the pandemic and have locked down their assets, in hopes of better days. This means that many investors are looking forward to investing in start-ups with innovative solutions again in 2022 and they are on the lookout for good ideas. You can also seek the help of non-governmental organisations such as Turbine Incubator to help you find reliable and trustworthy investors who can help you launch your business and give you advice.
‘Shop local’ is trending
A research published by the U.S Chamber on post-Covid consumer behaviour in June 2021, has shown that “56% of consumers are now patronizing neighbourhood stores or buying locally sourced products”. We have seen this phenomenon in Mauritius as well, as we were locked down for months and were shaped to stay close to our homes during a certain period of time. During this crisis, we have witnessed the birth of many small businesses selling locally produced products and services such as soaps, essential oils, home delivery and more. While international borders were closing and trade became difficult and expensive, it became obvious to turn to local businesses. We have also seen the rise in eco-consciousness and healthy-eating and this has increased the number of ‘locavores’- people who want to consume locally produced products as much as possible. Now is definitely the time to start a small business as customers are waiting!
Incubator and Accelerator programmes for start-ups
Entrepreneurship is trending and is the foundation of a thriving economy. This is why several organisations like Turbine are offering incubation (link to incubation page) and acceleration (link to acceleration page) programmes to boost innovation and encourage aspiring entrepreneurs to start their own businesses. If you have an innovative idea and need help in drafting your business plan and pitching local investors to help you transform your idea into a profitable business, you can definitely register for our 12-weeks pre-incubation programme named Test Drive. If your business idea is selected, you will be able to benefit from experts workshops, weekly business coaching sessions, networking opportunities and business angels to whom you can pitch your idea.
Yet, even with the many reasons why 2022 is the right time for you to start your company, you still need to take precautions and plan carefully. Seek advice from experts, seasoned entrepreneurs and local organisations that can assist you in this new venture. Don’t rush your decisions and develop a business plan that will help guide your efforts. With an increasing demand for local services, new opportunities such as incubation programmes and e-commerce and access to several funding options, you can make a positive difference in the world. Do not forget that YOU are ready and your customers are waiting! There is no better time to switch from employee status to business owner.
If you are willing to start your business in 2022, contact us by sending an email to hello@turbine.mu and we can help you achieve your goals.
