It’s A Great Time Launch Your Startup Right Now
Why you should build your business during COVID-19.
It’s a great time to start a business right now. Really.
If you’ve been looking for the right time to launch that business you’ve been daydreaming about for way too long, here’s your permission. It’s go time.
There’s a reason why companies like Uber, Venmo, Groupon, and Slack were all created during the Great Recession. Numerous benefits ranging from employment flexibility, market research, and discounted products help new businesses get a leg up when there’s an economic downturn.
Here’s the lowdown on what extra boosts you currently have starting a business during COVID-19.
Abundance Of Time
If you have a full-time job or you were recently let go from one, my guess is that you have some open windows of time or money right now to work on your startup.
Whether it’s by claiming unemployment benefits or working from home (which allows you to completely control your time), employment flexibility takes on a new meaning during this pandemic.
If you’ve been waiting for the right time to start a business, but you didn’t have the time before, you now have no excuses. Your calendar’s cleared out for the next 3–6 months — take this incredible opportunity to build without distractions.
Problems Are Floating Everywhere
One of the top reasons why startups fail is because of a lack of product-market fit. They either misread the need for their product or position it for the wrong market.
Right now, we are sitting on an abundance of pain point expression. There are problems being exposed left and right in pretty much every industry from fashion, health, to government.
A stay-at-home mom in Boston just launched a startup called SitterStream to provide virtual babysitting services to parents. Pretty brilliant and the business is probably making a killing right now helping out parents who are working from home and juggling childcare on top of that.
And because the majority of us only have social media as a channel to express our pain, all these potent problems waiting to be solved are floating around the internet for everyone to observe.
If you’ve ever wanted access to a giant playground of problems to choose from and market research at your fingertips, all of this is visible and free for you to access online.
Prices Are Low, Negotiation Is High
The barrier to entry to start a business right now is low if you’re bootstrapping.
If you’re looking to get bulk discounts on product orders, are buying used supplies, or getting new software, a lot of providers are offering price flexibility, discounts, and promos during these unique times.
For example, Adobe has been giving software subscription customers in need free access to its software if they ask for it. There are businesses also offering grace periods on payment plans.
Even if these options are not advertised, most businesses are open to negotiation right now if you ask for it.
Now’s your time if you wanted to test the hell out of your business idea with minimal financial impact on your bank account.
Stress Test Your Business
I actually enjoy testing a business during times like these because if your business can thrive during an economic downturn, then that means it’ll do completely fine when the economy is good.
There’s no better time to refine your marketing and sales plan than during the worst financial times when making the sale won’t come easy. When you figure this out though, the payoff is high.
The knowledge you acquire from this push is what births businesses that arrive at the top of their game.
You also can’t discount that during this unique time, people are indoors and have more free time on their hands — they’re open to receiving content and entertainment from more brands than usual. If your brand can excel at creating enticing, entertaining, and valuable content right now, this skill will help make sales and build a large customer base.
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