The idea seems crazy, I know. Launching a new business is a big gamble even during normal times. So you must be wondering: why on earth would I be launching a business during coronavirus? That’s the stupidest advice I’ve heard, and I have heard a lot of stupid advice these days. Wait.
The idea sounds crazy, but there are real opportunities, and here is where.
Obviously, everything that follows needs to be taken with a pinch of salt. Think carefully about the type of business you want to launch and if these opportunities actually apply. For instance, it might not be a great time to open a restaurant.
Existing competition is stopped
A lot of businesses have stopped their activities, and have entered a “survival” mode. It’s the perfect opportunity to catch-up on technology & content without having to stress out about sales & growth. Some of your competitors will have high fixed costs preventing them from consolidating their advance. Of course, your sales won’t take off, but you can get ready for the after-crisis, and hit the market with a solid offering. If you want to start a race, why not do it when everyone is stuck to the ground?
It’s easier to get feedback
As the economy slows down, people have more time to give you feedback on your concept or technology. It will never be easier to schedule user testing sessions or get answers to a survey. There are plenty of communities out there, have a hunt on Slack, LinkedIn or Facebook and start reaching out to get feedback. If you need freelancers, entrepreneurs or remote workers, try the Otherhood. It’s the perfect place to start when launching a new business.
Freelancers and agencies are eager to support & help
If you are about to start a business, you may have a tight budget. However, as we are facing an unprecedented crisis, we see more and more solidarity, even in business. In addition, some freelancers and agencies now have some spare capacity as clients terminate contracts. So, if you need help on development, marketing strategy, video making, design etc., you might just be able to find help, even if your budget is smaller than what you would have normally needed.
You (finally) have time to upskill
You have more time to upskill and a plethora of online courses to choose from. My top two suggestions are Udemy and General Assembly. In our quest to support freelancers and entrepreneurs, we have secured a 25% discount on some General Assembly classes and workshops. Just use the code othership25. You will find expert-led training in coding, data, design, digital marketing, and more.
You can see our other partner offers here.
Cost of online marketing is decreasing
These days, people are staying at home and have plenty of time on their hands to consume content, and at the same time, brands’ advertisement budgets are being cut, resulting in a shift of balance in the marketplace. As a result, the overall Cost per Mile, Cost Per Click are decreasing in almost every industry, shows a study conducted by social bankers. However, click-through rates are also decreasing, so you can expect a cheaper exposure, but a higher cost of conversion.