How to Know the Right Time to Launch Business
Ideas for start-ups are often clouded in uncertainty during the best of times. In the midst of unprecedented global uncertainty, you might think it’s best to shelve any such plans for the time being.
In reality, it could actually be the best time ever to launch. With the growing demand for new ways to work and sell in light of health concerns and desire for new ways to access in-demand products, your startup idea could be just what’s needed. Here’s how to decide.
Whether your business idea is in demand
Over the course of the last three or four months, it has quickly become clear what type of gaps exist between what’s needed right now and what’s actually available. Quick searches uncover where there are supply chain issues and a lack of domestic manufacturing for much-needed products and for services to expedite those products.
Now’s the time to create the type of change that could help solve such issues. This might not be the only time we face a crisis of this magnitude. The question is whether your business idea fills the right role or not. If it does, then move quickly and find ways to accelerate its launch.
Determine if you can change the idea to meet new demand
If your small business idea isn’t quite ready for primetime just yet, consider whether it meets the new demand with some slight modifications or a pivot. If you are willing to redirect your business vision, it might be well worth putting in the necessary extra research rather than wait for the next good economic cycle to return.
Business owners will need to explore ways to alter their current business plan and evaluate the costs, resources, skills and timing necessary to do so. Evaluate the competition and funding availability to make it possible.
Seek funding to help launch the new business idea
One of the biggest deciding factors will be your ability to obtain funding. If you can make the case that your business model helps to solve a problem and can put people to work, then you might be able to attract investors.
Search for talent to help get the business idea off the ground
Another critical factor is whether you can find the talent willing to join your startup and take a chance on it during such uncertain times. Depending on the financial position of available talent, they may or may not be able to work on an equity basis. Ask potential talent about whether they would consider working for a startup and under what conditions.
Pressing the pause button is an acceptable choice
If you decide that this is not the right time for your startup idea, don’t feel bad about pressing the pause button. These uncertain times will pass and you’ll have another opportunity to launch. This moment to reflect may even give you more time to research, plan and develop your business idea to improve its odds for success down the road.
