When is the best time to launch a new business? Many would say the current climate is not conducive to starting a new business, but in reality, it is a great time to start a new venture.
In a downturn, labor, materials, office space and other things needed to start a business are cheaper. Employees in a startup are engaged, passionate and committed to solving problems and creating new products and services.
Existing businesses are too busy trying to keep staff engaged and focused. They have more to do with fewer people, and many of them are concerned about keeping their own jobs.
Existing businesses also tend to panic when the news cycle turns south and decisions made during crisis are often detrimental to the long-term health of their companies.
While others panic, the entrepreneurs are dreaming, planning and building the next great company. The current economic climate provides an opportunity for entrepreneurs to focus on what they do best, build something new.