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Avoid These Mistakes While Starting a Business in a Risky Economy

Starting a business in 2020 has been met agen poker with an unprecedented storm of crises and risks: a pandemic, nationwide protests, recession and more. The economy is slow, it may be more difficult to get startup capital for your business, it may be hard to conduct business operations in a normal type of office environment, and your customers may be cutting back on spending because of the economic uncertainty.

And yet, despite the many challenges, a recession can sometimes be a good time to start a business; some of America’s best-known businesses, such as General Motors, Microsoft and Trader Joe’s, were founded during recessions.

If you’re an aspiring entrepreneur trying to get your business idea up and running during this tumultuous year, avoid making the following mistakes.

Not picking the right product or service
The post-COVID world might not be the best time to open a dine-in-only restaurant. But what if you could pivot your business idea to suit the new opportunities?

For example, can you shift your restaurant concept to carryout only, a food truck or pop-up catering events conducted outdoors?

One reality of the COVID-19 crisis is: Anything that can happen online will happen online. People still want great products and customer experiences, but many of these things need to shift to an online model or a hybrid model of online and in-person experiences.

Not adjusting your business plan
Many entrepreneurs create a business plan that has optimistic projections. They expect a certain level of enthusiasm from customers, they believe they can capture a share of the market, and they believe that opportunity is plentiful.

The COVID-19 crisis requires entrepreneurs to adjust their expectations. Be optimistic, but be realistic, too. What if you have to adjust your product development or change your go-to-market strategy?