Starting a business during a crisis.
Many people, until recently myself included, are thinking that right now might be the worst time to start a business venture. The economy is unstable, unemployment is on the rise, and no one can answer how long this crisis will last. There are many reasons why a person would want to sit on the sidelines right now in this time of uncertainty. However, if history has shown us anything, right now is the time to plan, get ready, or even launch a business. There is no perfect formula to know if right now the best time is to launch a business but looking at what kind of business venture you are planning will make an impact. In times of crisis leisure businesses are hit hard, in plain words trying to open a travel office might not be the best bet for the coming months or even a year. However, people will be looking for socialization or something that is entertaining to do when we can forgo social distancing, so planning for business in affordable local entertainment might be the way to go.
Right now, we are at an interesting time for inventors, developers, and entrepreneurs; there are gaps in society that were never filled with traditional businesses. There was an explosion of app use in the last few months of delivery services, online shopping is at an all-time high, and people are finding new ways of communicating/working/educating via the internet. Businesses have been finding ways to change up their normal operations to be tailored to shortages of PPE and health care items.
While the venture that I am planning will not be able to gain traction until the crisis is over, this period of working from home is the opportune time to plan and prepare. The more time I spend working from home I have budgeted three hours a week towards learning how to build an app to prepare for when the service I am planning will be feasible. The positive side of this planning is that if my idea turns out to be a service that will not be marketable after the crisis, I will have still learned a skill that I can use for a different idea later.
In conclusion, a crisis might not be the best time to launch a business, depending on the venture, but it is allowing a lot of people the opportunity to plan and strategize if they focus on the end goal.