At the end of every year, it’s normal to take stock. What went right? What went wrong? What are your hopes and dreams for the New Year?
Over the last three years: 2020, 2021 and now 2022, the end of the year has arrived bearing hope that the next year won’t be quite so awful.
2020 – So many people kept apart over the holidays. Travel restrictions. Vaccines just starting to roll out in the UK, but not widely available. Millions out of work. Maybe next year will be better.
2021 – Just getting rolling with vaccines, so the world doesn’t bounce right back to normal. We have a new normal. Maybe next year will be better.
2022 – Surely this is the year that life returns to normal, right? But COVID-19 is still out there and suddenly we have war, inflation and a possible recession. Surely NEXT year will be better.
Time to bounce back, Lionesses! 2023 has potential for entrepreneurs. Huge potential. Here are a few thoughts about that potential.
Four ways 2023 will be better
How do we know? Because now we are into the second and third year of business for all those entrepreneurial ventures started during the pandemic. 2020, like many other times of economic downturn, brought forth a large group of new entrepreneurs. In 2020, there was an explosion in new business applications, nearly 4.5 million over the course of the year. In general, the rule of thumb is that a business takes two to three years to become profitable. That said, every startup is different, but it does mean that some of those pandemic ventures could be starting to turn a corner.
What else do we have to look forward to as entrepreneurs in 2023?
How about the ability once again to hire? Tight labor markets over the last few years have been hampering the growth of many small businesses. Layoffs at some players are opening new opportunities for other companies. Had a long open rec? Now may be the time to circulate it again.
And speaking of circulating, it looks like, in some areas, people are circulating again. After years of hiding out at home, now we’re starting to see group outings, crowded restaurants and people shopping in brick-and-mortar stores. Good news for these businesses.
As the global market for oil and gas remains tight, we are also seeing increased interest in and incentives to explore new energy options. Times like these drive innovation in everything from electric vehicles to renewable energy, new materials and more.
So maybe it’s not all doom and gloom. Maybe we do have brighter times to look forward to. Remember, there is opportunity lurking in those hard times.
Start 2023 with some inspiration. Read 10 Female Entrepreneurs Share Their Fundamental Strengths.