Updated: May 11, 2020
Starting a business right now might sound a bit challenging given the current status of the world. This epidemic has really shaken up the entire world in just about every way imaginable. The way of life might be altered forever after the coronavirus, yet some are saying, “now is the best time ever to build a company”.
During the 2008 financial crisis Tim Chen was laid off at Christmas from his job at a hedge fund. Though he was obviously distraught, he took this opportunity to become an entrepreneur. Chen had always wanted to own his own company. Tim Chen is the CEO of NerdWallet, which is now worth today somewhere close to half a billion dollars. Chen, now 37, says he got the idea for NerdWallet a few months into his unemployment when his sister, who was living in Australia, emailed him a question about finding a credit card with lower foreign transaction fees. He searched for a company that solved this problem, but couldn’t find an easy answer. This flourished into the idea of NerdWallet, which now has roughly 10 million monthly users.
Reasons To Do It!
Better Talent Pool: The cost of great talent drops in recessions and it’s actually easier to hire them. Talent for cheaper rates allows entrepreneurs to create a better product for less money.
Marketing is Cheap: We have already seen ad rates decline drastically during Covid-19. So with ad rates dropping, it’s a good chance to build your brand for less while we’re in a recession. And if you don’t have a budget for marketing yet, organic marketing — getting customers to your business naturally or through word of mouth — is also a good tactic during a recession.
Less Competition: During a recession you don’t have to race against 10 well-funded competitors to go after a market. There’s a lot less competition coming in the next couple of years. Bigger businesses are focused on cutting costs and layoffs rather than marketing tactics and protecting their market share.
Job Loss: Avoid losing your job and having to recover and scramble for a new line of income. Take charge and start something new.
On the Side: This is an opportunity for you to put extra money in your pocket on top of your main job.
The Plan B: This new company can be held as a backup plan if something goes wrong with your primary source of income.
Retired and Bored: If you are retired and need something to keep you busy and motivated, starting your own business can provide that for you!
Solving a Problem: Some believe that everyone has a million dollar idea. If you see a need for a solution, go out there and solve it yourself. Take action and be your own boss!
Think Outside the Box
We are encouraging entrepreneurs to think differently and to develop new businesses or products. The world as we know it is not going to be the same when we come out of this pandemic. The advantage that early stage companies have is they’re much more nimble and capable of moving more quickly and responding to these opportunities better than the larger and medium sized companies, who are now currently trying to lay people off and worry about the future.
Anything on Anything is here at your fingertips to help get your new company off the ground and running. Our team is ready and willing to assist your company in any of your marketing efforts. We have great experience and resources at our disposal to aid in the beginning stages of any and all new companies!
If you guys have any questions about marketing or getting apparel made, please reach out to us. We would love to talk to you more about the process and all the options we provide our clients. Call or message us for more information!