Foren » Discussions » 4 Ways to Determine If Now Is the Right Time to Launch Your Business
Ideas for startups 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.
Ask whether your business idea is in demand Over the course of the last two months, it has quickly become clear what type of gaps exist between what’s needed during 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. If it doesn’t, then it may be better to wait until the environment is more conducive to your offer.
Related: The First Question to Ask Yourself If You Want to Be an Entrepreneur but Don't Know Where to Start
If your idea is in demand, contact the organizations that need what you plan to provide. Reach out to government and private funding sources to get a financial boost and identify a strategy that will bring your offering to market more quickly.
Determine whether you can pivot or change the idea slightly to meet the 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.
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