Why you should start a business right now
It seems the global economy is wobbly again. It’s hard to ignore the stream of articles and stories about the dire state of economies, nations and...well, everything. (But what’s new.)
So if you've been thinking about starting a business, you might feel like it’s dangerous to start now.
Plus one financial year has just ended and a new one’s started… Is this a bad time? Or a good time?
Fact is, it’s always ‘dangerous’ to start a business. There’s no guarantee of success and no ‘right’ time. Sadly, many new businesses fail. (Which is why Biz Launch Lab exists – to make sure you don’t become a failure statistic!)
But we’re here to tell you that we believe it’s actually a great time to take the leap and start a business.
Here’s why.
New financial year = new budgets
EOFY is when organisations have to spend their remaining budgets and are receiving their new budgets. In a new financial year, a business will have a new budget – fresh money ready to spend. And they’re planning their spending. If you’re a B2B business (i.e. you sell to other businesses), it’s a great time to get in on the action.
It’s also the time people start doing their tax returns. And for many, that means refunds! If you’re B2C (i.e. you sell directly to consumers), your clients might have a little windfall coming their way. And they have to spend it on something!
It’s a chance to build a launchpad
If there is an economic downturn happening, starting a business can present risks – especially if you’re B2B. People may take longer to commit to spending money or they might want shorter contracts.
But there are always risks. And there are always benefits. Starting a business in a downturn means:
Less competition
More available staff and often better quality staff (if you need to recruit employees), as people move on or are made redundant
Money is cheaper – have you seen how low interest rates are at the moment?!
The chance to build a rock-solid foundation for a business that’s ready to explode once the economy turns (and it always does). Businesses that survive, or even thrive, in a downturn are in a fantastic position to scale when the economy returns to growth.
It's a level playing field
Economic uncertainty can mean fewer competitors for your new business. And keep in mind there are plenty of industries and businesses that actually do well and even better in an economic downturn. People don’t stop spending altogether! They may just spend differently.
And right now, the playing field for businesses has never been more level. Social media and other online platforms give you access to audiences you could once only dream about. You can develop and nurture relationships that would once have been inaccessible to you.
You can have clients in lands you’ve never visited. And those people might be in a different financial position to the people in your own neighbourhood.
Budget still affects your reach, of course, but the potential audience you can access is so much bigger than it’s ever been before.
And as we’re sure you know, technologies are consistently improving and becoming more diverse. Once upon a time, a website cost thousands of dollars to have designed, developed and maintained. Now, with template-based platforms such as WordPress and Squarespace, you can have a great website up and running in a couple of days, for the cost of a domain name and a couple of hundred dollars for hosting.
Of course, we’re not saying starting a business is easy. It’ll always be a challenge. (In a GOOD way, we think.) But if you’ve been thinking of launching your very own biz, and wondering if you should hold off, we say now could be a great time for you to get started.
Need help getting off the ground? Keen to do it right the first time?
LaunchKit is for you. It’s an all-in-one kit that helps you get your business off the ground THE RIGHT WAY, with a rock-solid foundation, compelling services that your ideal clients actually want, a strong online presence and essential skills for building your biz. Plus a private Facebook group to keep you accountable. And much, much more. Learn more here.