Is now a good time to start a new business?

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POSTED ONJUNE 25, 2020

Should you start a new business now? It’s a big question, given the time that we are in. It’s probably not the ideal time to think of hopes and dreams while the floor feels like it’s giving in. Knowing that many businesses have crashed also makes it an almost inappropriate thought. Let’s read on if the thought of starting a new business has been playing on your mind.

As you already may have heard, everything is perspective. We cannot always control what we face, but we can choose how we think in response. In this way, we can choose to find an opportunity in this situation. This article is here to help you process the difficult decision of whether you need to start a new business or to abandon any idea of starting anything new right now.

Well, what just happened?

Sometimes I wake up asking this question, “what the hell just happened?” The world which we once knew has morphed into something unfamiliar. It feels dis-empowering to know that there are things I can’t do anything about. Having to relinquish control over the outer world is scary, but understanding that the outer world is a reflection of the inner world could help a little.

We fear what we don’t know. And we don’t know this, and we don’t know what’s to come so the fear will surface, of course. This is relevant at any other time, we can’t always predict what’s happening next, but we just have to trust that everything will work out. It has in the past and it will in the future – otherwise, you wouldn’t be reading this article right now. I also hope that it’s some consolation that we are all in this tumble dryer together.

Yesterday is not ours to recover, but tomorrow is ours to win or lose.

Lyndon B. Johnson

Navigating this unfamiliar territory can be petrifying, especially when faced with major losses, families to feed, and bills to meet. It’s hard to focus on something good when you are amidst the chaos. Many lifestyles have changed and even the travelers are forced to stay put. Jobs have been lost and relationships are put under tremendous amounts of pressure. The financial stress could leave you horizontal for days.

I do not wish to invalidate the reality of what has hit us. It’s true and I know that you have experienced the impact. It’s happening. We are in this, but alas, that this too shall pass. It really will not stay this way forever. Things will be different in time to come, however long that may take. For now, let’s see if there are any changes we could make.

It feels like the world has imploded. The definition of the word ‘pandemic’ is a global epidemic. Due to the magnitude of this situation, it can be traumatic. Many precious lives have been lost. We realize how powerless we are at times.

What has changed during this crisis.

There are a plethora of changes that have come about recently. Social distancing and hand hygiene are some of the practical things we face in order to save our species. More than that, the way in which we do things has been rocked.

The way we work…

The way we work has been one of the greatest changes to date. Many have remained on the front lines and several essential services have continued to operate as per usual. We honor those who soldier on for humanity. For many, the dining room table has become the new office.

The home office has quickly become the new norm. Ensuring that your fiber line is fast enough, combined with rearranging your living space to mimic an office, are amongst other practical changes we’ve made. Stashing your heels for the next season, while getting used to working in sweatpants and flip flops have also started playing a part of our new reality. There have been some significant changes and the world is reshuffling itself.

Our situation has given way to one of the world’s biggest work-from-home experiments. And that, my friend, opens up a brand new world to you. Welcome to the virtual reality, or shall we just be truthful and say virtual insanity.https://www.youtube.com/embed/4JkIs37a2JE?feature=oembedThe futures made of virtual insanity…

Online shopping vs offline shopping…

Online shopping has seen a tremendous spike. The reality is that offline shopping could literally wipe you out. Many have resorted to even ordering their groceries online. The ease of use and peace of mind of online shopping has been a blessing. Not all systems were geared up for what had hitus but we sort of understood the delays. Teething problems are normal, but the service levels will eventually adjust to match the demand.

What does this mean?

This means a lot. I mean, it really means a lot. Almost every product category has seen an increase in online sales. There have been dramatic plummets for those things we need less of but the online world has seen a boost of current flowing through it. It’s not like online shopping has never existed before, it’s just that more awareness has come to the fore.

I’d like to check in to see if you can see where we are going with this yet?

Some more changes…

Before you run off to start a new business, I would like to take a moment to acknowledge several shifts in our reality. Life, in general, has changed and the points below are to shed light on some other transitions we are going through.

Education

I come from the education sector and I know that we’ve seen the massive metamorphosis in learning. Classrooms are virtual and homework is a thing for parents right now.

People are more aware of the benefits of online learning. This topic is actually a story on its own but the point is that we are operating in a very fast-paced world and learning is available at your fingertips.

Food

The world of eating has also been transformed for many. Besides many new bakers and chefs rising from the ashes, popping out for a quick lunch meal has transitioned into a game of Russian roulette. Understanding your dietary requirements and servicing those nutritional needs could have become a challenge if it’s not what you’re used to doing.

Travel

Yes, moving around may have been restricted, but moving around on a national or international level has had its impact on many. The way we commute to and from work and the way in which we fly has also been altered. The economic impact has brought some industries to their knees. Others have been put down for good due to the travel restriction. This sector has been shaken.

Relationships

We cannot beat around the bush here; relationships have taken on a ton of new pressure. Whether that has been due to breakups that arose from being stuck in the same space for months, or due to the enforced distance between partners. This does not only refer to amorous relationships but also pertains to family, friends, and professional connections. Let’s acknowledge that the way we connect has changed, and the huggers are definitely suffering right now. Bluetooth hugs are just not the same.

Yesterday is relative, tomorrow is speculative, but today is electric. That is why it’s called current.

Anon

What do these changes mean?

The point that I’m trying to make is that there are many areas of life like we’ve known it to be that has brought about the new, the unfamiliar, and even the downright daunting. Numerous things are foreign now, and as we attempt to crawl back to reality, we also wear new lenses.

We’ve had time to rethink our lives, our incomes, and the way we work. It opens the door for opportunity. Some of the changes above are strong contributors to moving forward in the way we choose to make our money.

Is it a good idea to start a new business during a time of crisis?

As we are in a time of a crippling crisis, tremendous turmoil and who-know-what-else is heading our way, you could be faced with the question of whether it is a good time to start something fresh.

This question could’ve been raised by those who were already in the process of setting up shop, as well as those who’ve had enough time to muster up the thought of doing something for yourself. Below are a few thoughts to shed some light on the question at hand.

5 Reasons to start a new business now

Crisis Competition

The definition of a bear market is when we face prolonged declines where securities prices fall by 20% or more. This is due to widespread pessimism and negative investor settlement.

According to the Ewing Marion Kauffman Foundation, 57% of fortune 500 companies have been founded in a bear market or recession. It means that the competition is weaker and that your time to shine is now. It’s the perfect time to think about a new product or service to offer. After all, business is finding a need and supplying that need.

New Needs

The current situation has already given rise to many new needs. We have bumped into many new problems like children not able to attend school, increases in online shopping, and many people being laid off from work.

The opportunity is ripe for something new to be born. Taking a look at businesses like Uber and Airbnb, we notice that they’ve thrived after the last recession by solving the ‘I need extra cash’ problem.

Head Hunting

Many amazingly skilled humans have lost their incomes. If your business will require a few experts to get the boat moving, then now is the time to look for the best people to join your team. How much better is it to know that there are very capable people available to help bring your concepts to fruition.

Taking on the role of an entrepreneur does not mean that you have to learn how to do everything. Small businesses usually require that the owner wears all hats, but the size of your business is pretty much down to the size of your imagination. A good leader knows how to hire the best people to get the job done.

Finding Funds

Without a doubt, it’s a harder time to approach anyone for an investment right now. It’s harder now than it was before, but wait, it has its benefits. Your concept has to be great if you want to go the funding route. Given the enforced work-from-home environment, it remains important to know that if you start a new business, it could possibly operate in the same fashion, and may not need brick and mortar spaces to run from.

It also means that startups should probably be a little more frugal by making the required pennies go an even longer way. Venture capitalists and angel investors still exist and they still have money. #justsaying

Customer Command

The availability of customers that have a need for what you would like to offer is there. It may not be the same as in the past, but there is certainly a plus side to this where the business is concerned. The fact that our situation has forced us to shift toward a more virtual sphere, means that there are plenty more customers to convert for your business.

If you design your new business to take advantage of customers who don’t need to physically be in your vicinity or within the borders of your country, then the world your oyster! That’s what the TWIYO stands for in my business name.

Yesterday is history, tomorrow is a mystery, and today is a gift… that’s why they call it the present!

Anon

Need more convincing?

There’s a Chinese proverb that says that the best time to plant a tree was 20 years ago and the next best time is now. Time is going to move on anyway. Regardless of what is happening, we don’t have any other time but today. What I’m trying to convey here is that if you have been sitting with a wish to start a new business, then make a decision.

Richard Branson broke all the rules and involved friends and family when he started his business, and we now know him to be one of the world’s greatest businessmen. Gather the troops, find the people, share the ideas, and run with them. No one else is going to do it for you. You have to start somewhere, and taking the plunge of actually choosing YOU is what matters. If the odds are already against you, then you don’t have much to lose.

If you don’t want to just do it, at least just try.

I would like to encourage you to try. The difference here is that the time will pass anyway, and think about where you could be three years down the line. In reality, there is a chance that your business will fail, but in the same breath, there is also that chance that your business will work.

There is no major difference between being an employee or an entrepreneur, except the way that these two characters think. Entrepreneurs don’t necessarily have a guaranteed income, but they have the ability to see themselves as business owners before they become business owners. Owners have the same amount of hours in the day as anyone else, so choosing how to spend those hours becomes crucial.

As an employee; if you are able to work for someone else, then you could also use the time to work for yourself. Choose YOU. Think of a need and find a creative way to meet that need and you’re well on your way to being in business. You’ve got to start somewhere. Many times we think that the market is saturated, yet, those areas that appear saturated only mean that there is a big enough demand for that product or service, enough to keep new businesses going.

In conclusion

It may appear to be the wrong time to start a new business, but given the availability of quality human capital, turbulent markets, shifting needs, and all the odds being against you, it may just be the ideal time to shed some light on something that you can provide. Given the frugality required to start a new business now, when the upswing comes, my wish is that the wheels of fortunes turn in your favor!

And if you honestly don’t believe me, well, I’ve just done it. If I fail, at least I’ve tried. And if you need any help with taking your business online, TwiyoNova is here to assist.

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