Why now is (always) the best time to start an online business
So you're ready to take the big leap and become what we call an Everyday Entrepreneur. Huge economic downturns like the one we’re currently in with 30 million people unemployed at the blink of an eye, might not seem like the best time to start a business, but the world has been forever changed and there are tremendous opportunities right now in the online arena. For brand owners and eCommerce veterans alike—now is a great time to dust off your big idea for a new product, so let's take a look at where those opportunities lie and how best to get started.
There are a few key trends to pay attention to, driving the opportunities for eCommerce startups to get started selling online.
The upside for upstart entrepreneurs getting into the online game.
In a recent interview with Tim Chen, founder and CEO of NerdWallet, he says, “now is the best time ever to build a company”, citing lower ad rates on Google & Facebook, better access to top talent and less competition in your business’ niche area of focus. Chen urges entrepreneurs to think differently when developing new businesses or products, as “the world is not going to be the same when we come out of this pandemic.” (CNBC)
So... what business should you start?
As we start to prepare for our new-normal lives, think about what people really need or want, right now. Consumer behavior is one of the key economic drivers for the economy but we prefer to think of your new potential customers as living and breathing human beings, and not just consumers. What products and services can you provide right now, that address people’s short-term and longer-term needs? People have been isolated and they are lonely, and many of us are nervous or just downright scared. How can you help make it easier for them—to make their lives better—as we all make this collective transition back to some semblance of normal? Think beyond masks, sanitizers and other essential items to more health, wellness and even beauty products that help us to be happier, healthier and more productive.
Key Considerations For Connecting with Consumers
Direct-to-consumer brands (DTC) are often founder-driven and the products behind their why have a history and story. Think about your ‘why’ and what is important to you.
One thing is for sure—brick and mortar businesses have forever changed. If you’re changing with the times and rethinking what’s possible, including connecting with your new potential customers online, you’re on the right track.
At the end of the day, what humans really need and want is love, now more than ever. How are your goods and services going to provide for more love, happiness and joy in the world? How will you help your new-found customers solve their problems and feel safe and secure. Now is the best time to get started with your new eCommerce venture—good luck!