Is NOW a good time to start a business?

One of the most frequent questions I’m asked of late is whether it’s a good time to start a business. I believe there are two answers to this question.

My first response is addressed from the perspective of the person asking the question. It’s actually about asking questions of that person that determines whether business ownership is right for them, regardless of what’s going on in the world at a particular time.

First, I ask about why they’re interested in starting a business. I ask them to share with me their goals, experience and skillset. The next set of questions have to do with the capital they have available, their ability to secure additional capital, their adversity to risk, and of course, whether they’re replacing their primary source of income. I also inquire if they’re going to have a partner.

These are all typical questions to help determine whether the person is right for business ownership and if current timing is right for them based upon their circumstances. This leads us into the current state of the economy and if timing is right to actually start a business today. With the personal aspects determined and understood, the person will be better prepared to comprehend business ownership amidst current financial challenges and economic uncertainty.

To start a business today, there are several things to consider and to keep in mind:

  1. In difficult times, it’s important to understand current problems of the day. Finding solutions to those problems will help identify the type of products and / or services that will help a business thrive. For instance, we’ve recently seen the increasing popularity of take-out and delivery of food, so the timing for a business that focuses accordingly is right. Even more so if the business model includes a twist to ways other businesses haven’t been successful in pivoting toward, or at all.

Next, let’s look at the current business environment as there are multiple benefits for starting a business when the market is seeing less business openings than during other times.

  1. Starting a business today could be more cost-effective if outfitted with used equipment and furnishings. With a number of businesses closing due to being ill-prepared, under-capitalized or just mismanaged, there are numerous opportunities to secure all that is necessary to start a business. Further, as many businesses have been abandoned or locked out for non-payment of rent, some landlords may lease space fully equipped and furnished. With only a cosmetic facelift required, a business could be up and running quicker and cost-effectively.

Provided the person is right for business ownership, starting a business during challenging times and even during a recession is a good idea provided one proceeds with caution and with diligence.

Need proof that now is as good a time as ever to launch your business? How about this list of companies that were started during a recession? Microsoft. FedEx. Trader Joe’s. Hyatt. HP. Disney. IBM. And if that’s not enough of a motivator, how about these companies that launched right before very difficult economic times? Salesforce. Google. And Facebook that started just a few years before the Great Recession.

Have a great day. Make it happen. Make it count!



Sharing insight and perspective for the benefit of today’s current and aspiring entrepreneurs. However, it’s not always about business!

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Paul Segreto

Sharing insight and perspective for the benefit of today’s current and aspiring entrepreneurs. However, it’s not always about business!