Is now a good time to start a business?

As an example, if you’re younger you might think you don’t have enough experience, and people won’t take you seriously.

If you’re older you might worry you don’t have the same energy levels you had when you were younger, or you have too many responsibilities now. 

But what if you challenged and changed the script?

At any age, you could consider instead that as attitude and motivation are a big part of the equation, you can learn the skills you need. You’ll get experience as you progress, and you can draw on the experience of mentors and professional advisors.

You also can find yourself without a lot of fixed responsibilities at any age. If you’re in this position, you might have more time and energy, be able to travel more or re-locate for your business. You might even take your business on the road, as many people are doing now digital technology has progressed so much. Running a business from a campervan or rented apartments in your 20s or your 60s – why not?

Your energy can also be low or high at various points in your lifetime. Youth might lend itself naturally to higher energy, but the wisdom gained through learning to manage your health and how to prioritise your time and energy effectively can also mean you have high energy as you age.

Gently question yourself:

• What are you telling yourself about what it means to have a business at your age, or as you get older?
• What do you worry other people will think or say?
• Are these views based on your own personal current reality or someone else’s/societal views?
• What alternatives might there be to these perspectives when you take your own circumstances or reality into account?
• Now what do you think about having a business at your age?

Recessions create demand for different kinds of products and services, for different kinds of customers.

It’s true that when inflation is high, interest rates are high, and people have less disposable income, they will cut back on luxuries.

However, there are opportunities in recessions to help people make their money go further without feeling like they are sacrificing too much.

Thinking of substitutes, they may eat in and have a treat rather than get a takeaway or eat out. They may book a minibreak closer to home rather than a big holiday abroad. They may repair their property more rather than replace it.

Often ‘affordable luxuries’ can still do well – the Lipstick Effect or Index is interesting to explore and consider where your product or service idea fits.

For business-to-business, there will be an increased focus on finding new customers and retaining existing ones, creating efficiencies to improve productivity, staff engagement to motivate and retain talent.

Finances are also top of mind – managing them and saving on expenses. Depending on the fortunes of different industries, there may be administrative work around layoffs and closures, or a need to grow and find new premises and staff.

Remember that businesses can start, survive and thrive in any circumstances if you continuously pay attention to what customers need, solving their problems and providing value.

If you’re starting a business, being clear on your drivers means you can make decisions accordingly. If you don’t mind what kind of business you start, you have more flexibility to choose an industry that is less sensitive to recession – Trendscout outlines the top 10.

You can also check out these ideas on what business to start.

If you have a particular industry or type of product or service in mind, then you might have a bit more thinking to do. Will you wait for a while before starting, can you adapt your product or service, or target a different kind of customer, for example?

There are different variables you might be looking at – we’ve covered two we often hear, but there are many more.

It’s great to be realistic about the pitfalls and risks associated with starting a business – and being sensible about what you invest and sacrifice. A healthy dose of uncertainty, planning and risk mitigation stands you in good stead to make good decisions.

If you’re still unsure, rather than considering it an all-or-nothing decision now, ask yourself if there are some ways you can explore and test out your ideas on a small scale?

Some ideas you could consider are looking for similar business models in a different industry, forming a small panel of people willing to give you feedback on your ideas and test products or services, speaking with business advisors and running a pilot to iron out any issues before you launch.

If you’d like some inspiration and resources, check out EPIC for 16-25-year-olds, and The Olderpreneur Alliance for 50+.