Starting a new business can be confusing even under normal economic conditions. It can be more daunting under the current unstable environment. But it is usually under a challenge that one succeeds to stand out from competition successfully. Find out if now is a good time for new business launch after reviewing the following questions.
Is there a demand?
The last two months has had a huge impact on the kind of products and services that are in demand. The current restrictions and lockdown has also affected the supply chain. Finding the gap that your business can help fill can be crucial part of the evaluation. If yes, look at faster ways to launch your idea. You may also reach out to your potential clients or organisations to discuss their demand. In addition the local government and private funding can also be your active options. If not, wait for a more suitable time.
Can you alter your idea to suit the demand?
Explore the possibility to take a slight diversion from your current idea to suit the demand. Doing so can help you generate profitability and support the economic demands at the same time. Moreover you will also be using the time wisely, instead of waiting around for things to change. This also applies to current business owners who want to survive the recent recession. This includes reviewing and evaluating the costs, resources and skills available.
Explore grants and funding options
The availability of funding options has decreased drastically in the recent times. However some sectors are still considered viable investment options. Slack, for example, held its seed round in 2009, while Coupa and Box did their C and B-1 rounds respectively that same year. There are plenty of examples like General Motors, Google, FedEx and IBM that launched successfully during huge economic downturns. If your idea is in demand and can help people get back to work, it can attract the right investors. Explore programs like The New Business Preservation Act. Policymakers’ focus on these programs, along with an historical perspective, should provide a positive framework for doing the same with today’s startups.
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Find the right talent
Finding the right team to launch your business can be challenging during uncertain times. However, with the current rate of unemployment, the availability of talent has also increased in the market. This includes all fields like graphic designers, coders, virtual assistants, bookkeepers, copywriters and more. Be clear about the remuneration options available to them. For example, will they work for you under equity sharing, commission basis, monthly salary or a combination of it. Make sure the expectations of working for the start up are discussed and agreed on mutually. You could hire part time freelancers either online or through agencies to begin with. And then take them on board full time once the business is more stable.
Pausing is acceptable
Do not feel bad about waiting to launch your business during a better time. The uncertain times will pass and a more suitable time will approach. Meanwhile use the time in hand to do more research and make a better plan for your business idea. May the odds be in your favour.
Source: Entrepreneur
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Read: Tips to Consider in Buying a Franchise for additional information
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