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Is This a Good Time To Start a New Business?

Is This a Good Time To Start a New Business?

I have been asked a few times this week if now is a good time to start a business?

Normally I would say anytime is a good time, but there is one big stumbling block, meeting clients and others critical to starting your business. Yes, you can speak to them virtually but it’s not the same as meeting up in person.

But should that stop you? No not really!

If you have an idea and it’s a good one, that’s assuming you’ve validated it in all the usual ways, then I would say go for it. As most people hunker down and try to ride out this storm others will be growing their business in ways they never thought possible. This gives you an advantage because the competition is quiet.

All I would say is make sure you don’t come across as profiteering and lacking empathy for what people are going through. Yes, you’re dealing with real people not businesses.

First thing to do is speak to your accountant or bookkeeper and find out what’s available in the funding arena as you might get all the help you need financially to get started without having to wait.

The bottom line is if you have an idea and it’s a good one go for it.

WHAT ABOUT PIVOTING YOUR EXISTING BUSINESS?

This could mean doing something you wouldn’t normally do. So, say you’re a builder and work has dried up, you could help in the building and fitting out of the new hospitals etc, there is always work if you’re willing to make a few changes.

All I would say is be true to yourself and your business, only do what you feel comfortable doing.

Work is out there if you want it.

What is your new supply and demand?

What is your new supply and demand?

I’ve been giving this a lot of thought over the weekend and as things stand we all anticipate that business, probably life, will never be the same again once this crisis is over.

With that in mind what will be your new supply and demand if things do change?

For me it could be that people are reluctant to start their business, they might put it on hold, I think that’s a mistake, but maybe I would say that, the reason not to wait is obvious, opportunity.

There will be a lot of opportunity for the rest of this year, in an earlier post I said no ripping off or profiteering, but there will be a new supply and demand for us all, we just have to spot it. I actually think its happening now for some.

I urge you to think about this while we’re going through this quiet time and take action.

Reflect on where you are now and where you want to be in 12 months’ time and go for it. This is the perfect time to plan and get your strategy in order, plus as most of us are working from home, everyone is ‘online’ 24/7 making getting in front of people even easier.

So again, make your plan, create your strategy and go for it. It’s now or never.

If you want to talk it through let me know and I’ll send you the relevant links and times.

I have been thinking about putting a strategy document together for change and growth in challenging times, let me know if you’d like a copy.