3 Reasons Why This May Be The Best Time To Start Your Business

We love this quote on starting a company from a recent Forbes article:

"Business interruptions are often the precursor to disruption and opportunity and layoffs are mounting. Really good people will second-guess what they are doing or will have the decision made for them. Some will view this as a great time to switch careers, while others will think about starting their own business. In general, startups launched during a downturn tend to be far more durable and resilient than those started in a better economic time. Look around for problems not being solved well and try to come up with a solution that could be a great company."

Isn’t that encouraging? It may feel precarious in this economic downturn to consider starting a new business, and we understand. However, the fact is that launching in uncertain times can actually produce surprising results!

Consider your industry and ask yourself a few questions. What problems are they facing? What assurances do they need right now? What products, pieces of training, or offerings will add the most value to their lives in this pandemic season? Once you understand your target audience's needs, then you can begin to build a brand that actually performs.

So now that you know what your audience needs, why take the risk when it seems as though more businesses are holding back at this time? For a brand new start-up, there are actually some pretty compelling arguments to pulling the trigger sooner than later.

1. The talent is plentiful!

Now is the time to snatch up great talent! The entire country is struggling with unemployment rates, so the odds of finding that top tier team is high. Not only does this benefit you, but it offers hope and exciting opportunities to someone desperately searching for their next position. Plus, the cost of awesome talent tends to go down in recession seasons, so it’s more affordable than ever to assemble your dream team.

2. Cheap marketing!

It’s no secret that ad rates have declined drastically during this pandemic, and it’s a great time to take advantage of more inexpensive marketing strategies! Even organic marketing, like word of mouth, statistically grows during a recession because so many people are sharing any solutions they can find. This is the perfect season to think outside of the box and use your ad dollars creatively!

3. Room to risk!

The world will not look the same coming out of this pandemic. It’s just a fact. The advantage for new companies is that when things inevitably shift, they’re able to stay flexible and adjust to varying elements. In short, there’s more room to risk! With that being said, we suggest risking at a slower pace. Be strategic with your risks and settle in. Take your time assessing the future of your industry, but make bold and creative decisions throughout the process.

It may feel daunting or even dangerous to start a business during a recession, but if you’re willing to dive in and commit to the journey, it can be a really rewarding choice!

Top tier talent has never been more accessible and marketing prices have never been lower. There’s more room to risk for a start-up than an established company during a recession, so it offers you a bit more space to take chances and embrace your creativity!

If you’re ready to take the plunge, we’re ready to dive in with you! The first step to any successful startup: build a brand that’s memorable. We’d love to help you begin this process by creating a brand that reflects your heart and impacts your industry! Let’s set up a time to connect and turn that dream into reality! You can do this! We’re rooting for you!