This too shall pass. It is only a matter of time, yet it seems unlikely that everything will go back to “normal” – or at least to the way it was before the COVID-19 pandemic ravaged the global economy. Changes based on lessons learned during this dangerous and unprecedented time are inevitable.
This means there is a tremendous opportunity for new and existing South Florida businesses to adapt and capitalize on emerging trends. Now is the time to take advantage of shifts in e-Commerce and technology for daily living. If you want to start a new business in Miami or Fort Lauderdale, or you are a business owner eager to adapt to these changes, we can help. Keep reading to learn more.
Trends Worth Noting
One way to gauge how new and existing businesses in Florida and around the country may need to adapt in the post-pandemic market is to evaluate relevant dynamics at home and abroad. For example:
- Indicators reflecting the introduction of more new users to digital and remote services.
- Indicators that a greater number of older consumers are turning to e-commerce.
- Indicators that a significant percentage of consumers who adapted to the use of remote and digital services prior to or during the pandemic will continue to use them.
- Potential for increased/ongoing demand for home delivery of consumer goods, groceries, medication and so forth.
- Potential for increased demand for apps/technology facilitating remote work, physical fitness, education, entertainment and more.
- Potential for ongoing demand for personal protective equipment (PPE) and barriers to facilitate physical distancing in brick and mortar establishments.
Relief For Existing Businesses And Access To Funding For Startups
As we have recently noted, the federal government, state government and private sector are all providing different types of financial relief for existing businesses. Still, the question remains, how will the pandemic affect funding for current and future startups?
Some experts predict funding for startups will likely be limited in the wake of the global pandemic. Or, more specifically, that startups without proximity to large technology hubs (such as Silicon Valley) may have a harder time accessing venture capital. To complicate matters further, there is lingering uncertainty about the availability of financial relief for some existing startups.
A recent survey of venture capital firms and angel investors reflected concerns that the pandemic will harm “early-stage investment activity” this year. However, the same survey indicated there is a
significant interest in investing in business sectors affected by the pandemic. Some, such as healthcare and logistics, are obvious choices. There is also interest in investing in new ventures that facilitate remote work and productivity.
Where We Come In
Clearly these changes will also have legal implications for businesses in Florida of all shapes and sizes as they try to adapt to post-pandemic life. At Eskander Loshak LLP, we have the knowledge and experience necessary to help you navigate the “new normal.” Specifically, we can help South Florida startups tackle legal issues ranging from formation to funding. We can also help existing businesses avoid legal pitfalls while accommodating for customer and client feedback. Contact us online or call our office at (954) 334-1122 to learn more about how we can help you today.