Is now the right time to launch a new business?
Launching a business at any time will always come with its challenges, but launching one during a pandemic, comes with a hugely different set of challenges. None more than trying to reach a new audience who right now, might be fighting tooth & nail to keep their own businesses alive.
When I looked around and saw the devastation that was happening in so many different industries, I felt helpless. Whilst I appreciate Legacy Club is not a solution to the crisis we find ourselves in, I wanted to see how a business that supports businesses can make even just a small difference.
Business owners up and down the UK, and across the world have been heading to the office (or not) for the last 8 months, thinking is this the day when I have to tell my hard working, diligent and often furloughed employees, that they no longer have a job as the company they have dedicated their careers to is about to go under?
Starting or running a business can be a very lonely existence at the best of times, so add a measure of worldwide pandemic, mixed with a dwindling supply chain, and large shot of mental health struggles, you have yourself a cocktail I like to call “The Business Buster”
Now, more than ever, CEO’s, MD’S, and leaders need to be encouraged to “raise a hand” and seek support from peers, networks & mentors, to give them the time and clear vision to do what they do best.
How many times pre-Covid had you turned up at those awkward networking events, in the hope that you will meet some great people, make some great connections and do some amazing business with them? Well for me it was most of the time.
In reality, I looked anxiously around the room, had a few too many glasses of complimentary prosecco, ate as many canapes as I could so that you I didn’t have to talk to anyone. When I eventually plucked up the courage to go round the room, it was all about who had the shiniest and most luxurious looking business card, that more often than not, was put in my jacket and never seen again. That is just a personal take on networking, and how it made me feel, but the common theme from most people I have spoken to on this subject, is that the connections made where mostly transactional. “What can I get out of this?” “What is the benefit to me?” I believe this thinking will and has to change.
Support before Self. Community over Connections. Wellbeing over Worth.
Mike Penrose (Former UNICEF CEO) once said to me, “Do Good, Do Well”, and I whole heartedly believe in that. If we can help support our fellow business owners, from start up to scale up, then we will see that support come back around, but more than that, that little bit of direction or hand holding might be the difference between making it to 2021 or not.
On reflection, is now a good time to start a business? In my opinion, there is no good or bad time to start a business. We are just in a situation that has forced some of our hands due to the tidal wave of redundancies, to make that passion or business idea a reality or join the ever-growing queue of job applicants.
Businesses in it for the quick buck, or the “COVID COIN” (Yes, I just made that up) will make certainly make an impact, but will they last, will they survive as the big boys of industry up their game and pivot wisely? Potentially.
The term Cutthroat was often used as an excuse to outdo your competitor, or as a reason for not supporting others. It is time we started using a new term, such as Leg-Up.
Time is the commodity that can’t be bought or sold and we would all love to have more of it, so even simple tasks such as sourcing an accountant, or seeking legal advice, we want to know that our time is being spent wisely and not going to cost us a packet.
By creating a community of diverse business owners, we can better understand what challenges our members are facing, not just in 2020, but for the long term, and offer them that forum to gain valuable insights, skills and relationships that we hope will reach far beyond what we stand for.
For us, now is our “right time” to launch, because there are so many in need of a Leg-Up.
www.legacyclub.co.uk