Now Is Still A Good Time to Start a Business – Crazy, Right?
The nation, really the world as a whole, is facing challenging times. Obviously, some more than others, but most of the world's population will be affected by the current pandemic. While there are added struggles, the savviest of entrepreneurs will find opportunities to prosper. So, is it a good time to start a business?
With the COVID-19 crisis, we all are forced to navigate our personal and business lives with unprecedented uncertainty. Not knowing what will happen next but being smart enough to fear what could possibly happen is the perfect storm for leading an anxiety-filled, stress ball of a life.
And I get it!
I understand because, like a lot of you, I'm growing a business and wondering if it is the right time to try to double-down and invest in that business or even start a new business. This might seem crazy, but I think this is the absolute right time to start a business, especially an online business that serves current and future needs.
Now May Be the Best Time to Start a Business
One of the advantages of running or starting an online business is that while most people have to put things on hold or stop working altogether to ensure social distancing that diminishes the spread of the coronavirus, you can still do business.
As a successful entrepreneur, one of your superpowers is the ability to keep a level head and look for opportunities in every situation. When I look around at businesses that aren’t being hit as hard by this situation, one thing I noticed is there are some businesses online that are thriving right now.
The current social climate supports businesses that are set up to do some of their business online or people that have a strictly online presence like online classes, coaching, information products, digital marketing, and e-commerce type businesses.
If your business has no way to operate online, there's not much we can do about it now except to open your eyes and see that the ability to sell somethings needs to be developed.
Know How to Look For Opportunities to Improve or Start a Business
We don't know when the dust is going to settle on this issue so we can evaluate the true impact of the situation. The fear of not knowing when we will be able to return to normal and move about freely is paralyzing to some people. What's worse is there's no way to predict how long it will be before we get back to our typical ways of going to school and work, or shopping and doing business. So, starting today, how are we going to move forward?
What's really important is for us to wisely invest the one asset and resource that we have in abundance right now, which is time.
Growth-minded entrepreneurs who know how to look for opportunities are going to look at this and say, “Okay. I'm here stuck in the house. What can I do to move the needle forward? What plans can I make? What processes or products can I improve? So, as this passes, I can hit the ground run and come out ahead of my competitors?”
Using myself as an example, I started a digital marketing agency, and as I worked on that agency, I already knew I didn't want to stop there. I knew I wanted to expand more, and even early on I had the mindset that what's important is to have multiple streams of income coming in.
A lot of people think having multiple streams of income means having several businesses, but it doesn't. You can have multiple streams of income going around one business. (I talk about that in episode #4 of the “What's the Secret?” podcast that you can download here to hear about creating multiple streams of income.)
It's Time to Take Action and Move Forward On Your Business
As you know, businesses that were set up to not only make in-person sales to customers but are also able to operate online are in a more secure position right now. If your business didn't have that structured in, we need to figure out how you can implement that online aspect to your existing business.
If you have a skillset or products and services you can build an online business around now is really the best time to start doing that. Again, most people are going to be caught up in fear and glued to social media, which means there's going to be less competition.
People that are savvy enough to start taking action and start moving forward, they're going to do really well. And it's like that old saying, “The best time to plant a tree is 20 years ago. The second-best time is today.” This is truer right now than ever before.
Uncover Ways to Add More or New Online Revenue
As this passes and we all start to work through this, there's going to be a huge opportunity here for people to start and grow online businesses or add an online aspect to their existing business.
It's time to take stock, so grab a pen and grab a piece of paper. There will be things that you didn't do online before, but you'll want to throw in ideas of how you could integrate those into an online environment.
- Make a list of the skills, products, or services that you could bring to others online.
- Start looking around for people in your niche or in your business type that are already making money online.
- Dissect those online offerings. Take notes and reverse engineer those profit models.
- Pay really close attention to who they're selling to, and how their customers are interacting with them.
- Start formulating a plan on how you can bring those things to your existing business.
Start a Business – If Not Now, Then When?
I know it's a challenging time, and for a lot of people it's going to be overwhelming and terrifying, but it doesn't have to be. This can also be a golden opportunity for you to truly align yourself with your business goals and, once this starts to pass, really hit the ground running with growing a business that gives you the security and the lifestyle that you want.
Now I want to leave you with one quote from Warren buffet. He said, “When people are greedy, be fearful, and when people are fearful, be greedy.” He doesn't mean to go hoard all the household and medical supplies you can find. I think what he's saying is that when everyone else is afraid, that's the time for you to take stock, make a plan, and start taking action to move forward. The people that do that will be rewarded down the road.
This blog is part of the “What's the Secret” podcast. Subscribe below, so you don't miss an episode.