In 2009, I started a digital marketing company against the global financial crisis. Most people believed that a young graduate like me plays a safe game and will get a better business climate before starting a company. I can’t forget the words said by a middle-aged business owner who approached a trade show and said I was “very courageous” to start a business in the crisis.
But, my ignorance turned like a pain, but the first two years were good. After two years, we turned our business with a concept and bolstered by the improving economy. I also hired a fantastic team of hundreds and sold the company for a media conglomerate later. Now, I have started my company during the recession, and that was the best move that I could have stepped.
Reasons to start a company in 2020 than in 2019:
If most of the companies started in the touch periods that might not be wrong to start a company. The bad time to start a company depends on low consumer demand and limited access to funding.
It is a central problem for startups, which are started already. The companies should focus on building great products and services with no legacy costs; the bank will never call you to cut the credit line.
Factors for Success:
There is no formula for success in today’s world, but you should be aware of four success factors. Here are the four factors for success and to avoid failures.
- Painkiller ideas:
Great ideas will usually solve real and significant problems and make life easier. Analyze all the great ideas as a painkiller. People want all the great ideas and willing to pay for that. The year 2020 generates all painkiller category problems that translate into entrepreneurial opportunities.
If millions of children can’t attend school, then how can you solve that problem? Do visit any quarantined home with small children. Those parents need solutions to many problems. Many urban storefronts have left by shutting down the restaurants and struggling retailers. 2020 is not lacking in problems as problems create opportunities.
- Hiring during the recession:
Having worthy employees is one of the biggest problems for startup business success. The big reason to start a company in 2020 is, for the first time, you’re going to have access to fantastic talent in the next five years. Companies should bend backward to attract potential customers. The offers from competing companies dragged great employees like increments and frequency of job hoping.
Now, many outstanding employees and hardworking people have let go of their firms. Maybe you are the one among them. It makes you to have a startup business success.
In 2020, it is easy to get talented employees. Many meaningful offers are brought like fair pay, some stock options, and some people provide their own Ikea furniture to work comfortably this year. And there is work from home option, too, and your inbox flow with many applications.
- Find Funding:
Many people think that it sounds good, but it is impossible to get money in 2020. But, I think the fund raised in the last five years was a fake environment. Much money is available to start a company with 120 million dollars.
That won’t work now. But, venture capitalists and angel investors have money to invest now also. The quality of entrepreneurship comes again with less funding, as it is hard to get funds in 2020. Some amount makes everyone to work hard and to do best.
So, use the temporary shortage of amount for your advantage and make a culture of intelligence and prudence.
- Find customers:
Many companies had ragged their advertising budget when my digital marketing company was started. That’s where our products didn’t sell like hotcakes. But we believe that some businesses need our services. We have to find them first.
The first thing you have to do is build something like 100 people love than something like 10,000 people like. You will get those 100 people if you do your job effectively and no matter whether it is 2020, 2019, or 2001. It is the most important thing you should remember for startups.
Consider low advertising prices, and if you provide what people need most, that’s the best time to attract more users. You have to buy low-priced ad inventory, especially for digital channels, when marketing budgets cut down to zero.