Being in the middle of a pandemic and a recession, starting a business might be the last thing on everyone's minds. All plans are currently on hold. It's best to start exploring that business idea when this is all over, right?
While it's good to be cautious, starting a business now might be a good idea. Hear us out.
Disney and IBM were both established before the Great Depression. Amazon, eBay, and Google surfaced from the dot-com bubble. Twitter, Facebook, and a lot of other companies got through the financial crisis of 2008.
It doesn't matter when you choose to start your business. What matters is that it solves new problems, and crises always highlight new sets of problems to solve, which allow new industries and companies to rise and flourish.
Below are some things you might want to think about if you're unsure of starting your business now.
You will emerge stronger.
The pandemic has dealt us with numerous uncertainties, chief among them is that no one can predict when the recession will end. However, if your business idea can provide value in an environment of decreasing demand and increasing unemployment, your business can only get stronger once the economy starts to improve.
Furthermore, starting a business now provides an excellent environment for entrepreneurs to build valuable business skills, like being more creative with a frugal budget.
There’s an abundance in talent.
Since the pandemic started, various businesses—from the bootstrap to the heavily-financed startups—are laying people off. Right now, the market is filled with talented people looking for their next opportunity.
Now would be a great time to look for teammates or a cofounder who can help you build a groundbreaking company.
Businesses that solve problems during crises grow faster.
New consumer startups are in-demand in our current environment. These startups lean into providing convenience for their consumers. These characteristics allowed a lot of businesses to thrive in the current climate.
The perfect time to start a business doesn't exist. If you have the means, the idea, and the motivation to start now, why not? What matters is that you provide value to your target audience by solving a problem and persevere in leveraging any situation.