5 Reasons: Why its best time for Startup Work.

Have you heard the following names

Uber

Airbnb

Pinterest

WhatsApp Inc.

Transferwise etc…

These are the companies which are trademark in their areas of business. They all have been launched or built on during the one of the toughest recession of recent past (2008 -2010). These companies became the icons of coming decade. Therefore, behind the scenes many must be working right now to create the icons of next decades. Following are the five reasons why it’s the best time to work on start-ups.

1. Abundance of Cheap Resources:

The time when economy is shrinking and everybody is moving to defensive mode, the door which becomes wide open is the possibility to get cheap resources in the market. People starve during such period for work. Even many professional and passionate workers have to lose their jobs. This is the time when most people sink into negativity while the entrepreneurs visualize this time as blessing in disguise. The prompt actions during this period differentiate new brand makers from the rest of business minds. So no matter if you work on a start-up on your own or search a group of people on fiverr/Up work or Alibaba, The cost of converting an idea into a product would be the cheapest during this time. 

2. Ahead of Conventional Businesses Approach:

When everyone else is distracted from the number of toilet rolls in their washrooms and availability of masks, you can spend your time on working on the next iconic business idea. Many of us already have such ideas which most of the times reflects the solutions of problems which we have noticed somewhere in the past. The deep in our mind we want to work on the product or idea that is a potential solution which can be used by thousands and in some cases millions of human beings. But we never had the time to work on our ideas as most of the time we remain busy in making sure to safely pay our bills. So when most of the companies are looking after their back to survive the recession, we can work on the ideas that can be launched the very next day when things get normal. 

Remember, this is the time to complete all the non-launching tasks. So when the pandemic is over, you would be the first one to surprise the market. And the first comer with any idea or product generally get the largest volumes.

An important note is one should not invest on the ideas that are trending because of pandemic. Yes you guessed it right. As soon as the pandemic is gone, the trends would also be changed.

3. Enough Time to check Desirability and Discoverability:

We all have our interest and our core know it very well. Generally the coolest idea people encounter lies in the domain of their own interest. E.g.: If you love cars then you always have ideas about new products that deals with car industry. But you need to check the desirability and discoverability of your idea. This means any product which is desired by people can be sold on. On the other hand if the product's manifestation is abundantly available in the market then it would be difficult to get the place. If you are inclined towards some idea that does not necessarily mean that the idea is worth working on. Test or discuss the idea with some people that are not close to you and try to get the organic responses. This would help you to decide and invest your time in the right direction. So lock-down is also the right time to do that.

4. Best Outline Marketing Outreach:

During the pandemic, the internet traffic has been increased up to 50% . This means there is larger possibility to market your idea or product online and get the responses more quickly. This is the time when the chances to reach the larger audience is greater than ever before. Even during normal holiday the internet traffic does not spike the way it is spiking right now. Therefore it is the best time to market your ideas online through social media or paid content etc.

5. Ample time for fine tuning your MVP:

Minimum viable product (MVP) or beta version are the products which are out in the market to test the performances. Since people are in homes now and do have the possibility to try new stuff that could affect their life, therefore it’s easy to through interesting new ideas and product in the market to get the initial feedback. Generally this initial feedbacks are key to turning your product into final and completely polished market product.

Remember ….. “A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty.”—Sir Winston Churchill.