Now Is the Best Time to Start a Business: Here’s Why

Why You Should Start Your Business in 2021

We can literally hear the groans from budding entrepreneurs silently judging that title. How can this be the best time to start a business? The country seems more tense than ever, the pandemic has changed the landscape to a point where the future seems uncertain, and we may be on the verge of another lockdown in the next few months. 

But those are the reason why it’s the best time to start a business right now. We aren’t telling you to start a business based on the old model of entrepreneurship, but to instead look at the opportunities that the current state of the affairs presents us. 

 

“A pessimist is somebody who complains about the noise when opportunity knocks.” – Oscar Wilde. 

Are you complaining about the noise, or are you an entrepreneur with the right stuff?

The world is literally holding its breath in anticipation of what’s coming next. As the COVID-19 pandemic continues to wreak havoc in many nations causing a global economic crisis. But before you go ordering business cards and setting up a payment processing service take a look at this list. According to experts, this is actually the best time to start a business and here’s why:

 

[1] You are starting on a clean slate.

When you think about “a bad time to start a business,” it’s usually because of limited access to money or low consumer demand. But if you’re just starting out, you have a clean slate to work with. 

You don’t need to worry about letting go of employees, closing down a store, or being cut off your credit line by the bank. You just need to focus on developing your product and finding ways to sell it considering the situation that we’re in.

Also, this is a hirers market. There are so many skilled people who are looking for work. Consider offering company equity and taking on partners who have the skills but not gainful employment. And if they do find jobs, you can still lead skillful workers away with the promise of side hustle cash. “55% of freelancers still have other full-time jobs.” [1]

[2] The competition is weak.

If there is any proof that starting a business during a crisis isn’t a bad idea, a study conducted by the Ewing Marion Kauffman Foundation in 2009 revealed that 57% of Fortune 500 companies were started in a bear market or during a recession. 

This is because the competition is weak and you have the advantage of actually being the one not struggling to make it. As long as you’re making the right decisions, you’ll have a higher chance of getting ahead as a startup.

‘But how am I supposed to fight the big players, the Fortune 500 companies?’ well you focus on your strengths and their weaknesses. Facebook was started with MySpace and Friendster already owned the market. Google started when there was already a sea of other search engines online. 

You don’t have to be first, you just have to be better. Start now, while the giants are weakened!

[3] Marketing is cheaper.

According to Tim Chen, CEO, and co-founder of NerdWallet, a $500 million company, “so with ad rates dropping, it’s basically a chance to build your brand for less while we’re in a recession.” Chen knows firsthand what it’s like to start a business during an economic crisis and be successful at it. [2]

In 2008, he was laid off from his hedge fund job at Christmas due to the financial crisis, and instead of sulking, he jumped on the opportunity to become an entrepreneur. He started NerdWallet for just $800 and now, it’s worth half a billion dollars. 

Aside from advertising on bigger platforms like Google and Facebook where big companies have a leg up due to their resources, you can try organic marketing where you only need to offer good products and excellent customer service to have people talk about your company.

[4] It’s easier to adapt to the new normal.

You hear the words “new normal” a lot because, in reality, the world will never be the same after this pandemic is over. 

 

As a startup, you have the advantage of being able to adapt quickly and move forward to new opportunities over established businesses that are now worrying about their future after laying people off and not having any sales at all.

If you are to start your business right during this crisis, you have to invest in the right tools, supplies, and partners. 

Of course, you need to find a good payment processor to make transactions seamless and efficient even when you’re just starting out as a business. 

This will help you avoid any problems and make sure that everything is in place as you build the foundations of your startup. 

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Sources:

[1]: https://ddiy.co/freelance-statistics/