This could very well be one of the best times to launch a startup. Sure, there are some headwinds. But, there are also a lot of updrafts that can be leveraged. Today I want to share with you a few reasons why I think now could be an excellent period in your life to finally launch the business you have been thinking about.
Uncertain window for your startup launch sequence?
Let’s talk briefly about the headwinds I see before I get to the positive forces that are in play right now and that could impact your new business venture.
First, these are challenging economic times. Without a doubt a large portion of businesses have reigned in their spending. Budgets are being slashed left and right to trim the fat so that businesses have a better chance of surviving this down-cycle. So, if your startup is ready to begin selling its product or service then now could be tough for you.
Second, it is hard to tell when things are going to turn around. Trying to time the markets is virtually impossible. Since timing can play a huge role in the success of a new venture now may prove more challenging than if you waited a few weeks or months more to actually go-to-market.
Finally, capital could be harder to come by right now. Don’t get me wrong, there are still investors and lenders that are looking for opportunities. But, uncertain times do cause some to pull back. Even if it is just a little bit.
Reasons why you may launch your startup anyway
Regardless of the challenges, I feel like right now is a great time to start a business. That is because there are some things that this period of self isolation has gifted all of us that we may not have had before.
Right now most people I know have more free time than ever. Even if you are simply getting back the hour or more that you use to commute to work. I’ve worked from home for over four years now. But I was driving our daughter to school every morning. That was taking up over an hour a day for just me. That doesn’t count my wife’s commute to pick her up. So, combined we have gained back over two hours a day. That time can now be spent on other activities. Any time you have gained back could be channeled into getting your startup off the ground.
We have also all been gifted a new perspective. Things that mattered before the coronavirus became part of our daily lives don’t matter as much anymore. In fact, I talked about that in a previous article. So, how does that translate to businesses? There are a lot of businesses who now have pain points, that they need a solution for, where they may not have had pain points before. For example, some businesses were not prepared for the move toward remote work. Is there a business opportunity there for you?
Then there is the most important reason why now could be a good time to spin up a startup. Necessity. After all, it is the mother of creation. There are nearly ten-million people without jobs right now. Some sources believe unemployment is at nearly 13% right now in the U.S. So, there are a lot of people who need an income source right now. Or, as I like to call it, a Plan B.
Combine these factors together (necessity, free time, and a new pain points that need solving) and you have a new recipe for opportunity.