As you know, Entrepreneurship is all about being bold, and grabbing with both hands every great opportunity before you. While it may not seem a good time to be starting up business ideas or even an appropriate time to be thinking about it, I’m here today to make the case for the opposite.
This trying time of the Covid-19 outbreak is, in fact, the perfect opportunity for you to be thinking about a new business and laying the groundwork for a new life once the crisis is over. I can already hear some of you asking me:
“Is this really the right time to be spending or investing money in a new risky venture? Shouldn’t I be squirreling that money away to use once it’s all over?”
You’re not wrong, this is a time to be saving and protecting yourself for the future. However, there is one incredibly valuable resource that you can invest into a new venture that many of you now have in abundance --- time.
Why is now the right time to be investing in a new business?
Besides money, what are the other two key resources that you invest together into new venture? Time and energy. If you are quarantined at home now, you should have a sudden surplus of these things, which presents you with a key business opportunity.
While you can invest your time and energy (and maybe a little money to cover basic expenses), you also need one more resource that is currently abundant, and that’s the attention of your potential customers.
For any startup business, getting your brand and name out there and bringing customers to your platform is the most challenging (and also most important) thing to do. When the economy is fully up and running, there is a kind of loud “static” of noise created by all the other activity and competition going on around you. This time of isolation and quarantine has seen millions of people staying at home, with little else to do but be online, surf social media etc. In short, we have a surplus of spare eyeballs.
- Before you continue reading, Please do not polarize this content. This is not to take advantage of a a crisis, instead, we are telling you to take advantage and help turn the economy around, in a positive way. So lets continue...
So, I can get customers’ attention, but I can’t do anything about it…
Well, how much you can do depends on the type of service you’re offering. Here at Wings Mobile Detailing, for example, we are listed as an essential service because we are involved in cleaning and hygienization. If the business you are starting up is counted among those essential services, then you too could get off the ground quite quickly.
But even in the worst-case scenario that you’re contained within your own home and unable to offer any physical services yet, the reason you still want to start now is to lay the groundwork for the future. By focusing on your branding, your working systems, organization, procedures and other fundamental elements, you can get the workings of your business in order well before the economy reboots and the competition is back.
Why does this matter? Because then you can re-enter the economy with your new business, hitting the ground running with clients lined up, branding in the market space, and all the fundamentals of your company ticking over nicely. As a result, when people wants to start requesting the services you offer, you will already be out there in the internet listings.
Use your time in lockdown well
Sooner or later, the disease “line” will flatten and covid-19 will go into decline. It will happen, take that to the bank. When it does, you need to be ready. It’s certainly tempting to look at this time and just decide to stay at home, watch Netflix, eat snacks and chill out waiting for covid-19 to blow over. If you do that, you might enjoy the time off and feel relaxed, but you’ll also have given up on what might be the best and most unique opportunity to do something really great for your future.
It’s odd to say, when this is a crisis in which tens of thousands of people have already died, but it is a good chance to better yourself --- learn new skills, design your company infrastructure, lay the groundwork and ready yourself for the economy “reboot,” because it’s coming, maybe sooner than you think.
So, in these trying times --- build, promote, prepare. Improve yourself and be bold and ready for the coming dawn.