Thinking About Building a Startup? The Time is Now.
Okay, so quarantine might be “over,” but this new disposable time that was used for our morning commutes to work, dropping kids to and from school, and more is here to stay. So, what do we do with this time until things normalize? You can finally say “yes” to yourself and begin that startup. Although times are still tough, there are countless markets that you can capitalize upon and smaller business ventures have the power to make a difference.
You can help redefine the new norm in the business world. Yes, it may mean working from your kitchen tables in the same sweatpants and sweatshirt set you have been wearing all quarantine, but that won’t dictate our pursuits. We’ve done it before, between the ’08 recession and other economic setbacks, and we can do it again. Some of the most successful and valued companies were born from “these unprecedented times” — look at Uber, Netflix, Microsoft and Slack.
As Lesonsky, a member of the U.S. Chamber of Commerce says, “Entrepreneurs are about innovation and resiliency and seizing opportunity by the reins.” Need I say more? Don’t let an economic downturn get you down. Instead, let’s capitalize on the resurfacing of certain markets and the potential markets that COVID has put pressure on.
So, where do you even start?
From scratch, of course. Cater to more niche and specific needs that larger companies cannot. Do your research. Channel your venture to address the new and upcoming markets that the pandemic world — and the post-pandemic recovery world — will need. Have you been suppressing your inner tech nerd? Start a tech and software venture. Are you a hyper-clean freak? Let’s talk all-natural hand-sanitizers. Toilet paper, cleaning supplies, contactless delivery and other in-person services are merely the tip of the iceberg to the plethora of uncapitalized niches that our economy is screaming for right now.
Now that we have talked about what, let’s talk about how we are conducting our business. Strap up and get cozy because those Zoom meetings aren’t going anywhere. According to Salesforce, 62% of the U.S. workforce is currently working remotely and that percentage could increase. With people unsure about the safety of their workplace and hesitance to travel….get used to the blurred line between “home office” and “home” because it seems that we’ll be conducting business this way for a while. Next, work with the talent. With unemployment numbers surging, startups have a much larger pool of talent and diverse skill sets to choose from. Do your diligence and make those hires because people are hungry and willing.
Is my business going to survive? Is my model viable for the current economy and even the startup community? That’s where tools like the TABS Assessment or BoomStartup comes in. Think of it as your yearly check-up — a full-body x-ray, but for your new venture. At a small cost, you can receive a detailed report packed with analytics and recommendations that speak to the qualification, possible risks, and more about your venture all within 24-hours.
Bored on your daily quarantine walk? Need to block out the kids? Looking for some inspiration and a confidence boost to create your startup? Check out this episode from The Startup Chat where they discuss how to start a startup during Covid: https://thestartupchat.com/ep511/