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When should I start a business?

When should I start a business?

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Fun fact: over half of Fortune 500 companies have been founded in a recession or bear market (Ewing Marion Kauffman Foundation, 2009).

So if you are waiting for a pandemic madness recession to be over, maybe you should reconsider.

A lot has happened over the past year. The devastation on both personal and national economic levels brought by the pandemic has impacted everyone without exception. Among the negative economic impact, however, the pandemic has also brought an abundance of opportunities for new businesses to solve new problems.

One thing to consider is that everything is relative. Economic downturn is relative to the existing businesses and companies. If you start your business now, it will be more of a clean slate, where going forward it will be trending upwards.

Another thing to consider is competition. If you have a brilliant business idea, you don’t want to wait for too long - first-mover advantage is real and can truly benefit you if you start your business early enough before anyone else does.

On the other hand, if you need a bit of time to do more research on the industry you are about to join or improve your skills in a specific area, it could be time well spent. Just bear in mind that good business ideas may not last for long so it’s recommended to set yourself a target date by which you want to complete all the preparatory activities.

Starting a business can be daunting but also very exciting. If you want to have a chat about whether now is a good time to start your business - we’d be happy to help you to bounce ideas. Write to us and we can chat more about your business idea.

By GoSolo Better Business Banking