Is It a Good Time to Start a Business

The Right Startup Course Can Make a Difference

Depending on who you talk to, now is the worst time to start a business, or it’s the best time.

Those who say it’s the worst time point to the United States’ politically driven economic instability. Federal grants are being frozen or cancelled, and federal jobs are being cut. Who knows what impact tariffs will have in the short and long term?

The repercussions of it all are cascading through the supply chain and related businesses. According to a Duke University survey, one in four US businesses has scaled back hiring plans due to the president’s trade war.

Surprisingly, those same factors are why some people believe now is an ideal time to start a business. The thinking is that for those who have toyed with the idea of starting a business, the uncertainty of the current job market provides the impetus to move ahead to gain greater control over their future.

Here’s the reality of the situation: there’s never a good or bad time to start a business. There’s just “getting started.” Everyone’s situation is different. Everyone has different goals, resources, and motivations. What can tip the scale to good or bad timing for a startup is more a matter of readiness.

Are You Startup-ready

For many people, it’s easier to start a business as a side gig while still working. There’s still a stream of income coming in. Between that and a little savings or financial help from family and friends, you may be able to fund the early development stages of the startup. The challenge is making time to do your full-time job well and completing all the preliminary work to get your business off the ground.

There’s a lot more to that preliminary work than most people realize.

Let’s say you’ve had an idea for a startup for a while now. You’ve outlined the product or service you want to offer. You think there’s a market for it. A quick online perusal indicates there’s nothing like it on the market — or at least in terms of how your product or service works. You may have even come up with a catchy company name and tagline. Unfortunately, you’re not even close to getting out of the starting block for launching a company.

We’ve all seen the statistics. Approximately 90% of startups fail. Specifically, 10% don’t make it past the first year, with the highest failure rates for first-time founders. Venture-backed startups don’t fare much better, with around 75% failing.

There are multiple reasons why so many startups fail, but ultimately, it comes down to a lack of a well-thought-out strategy. All the expert advice and startup-specific resources won’t help you succeed if you don’t have a road map that helps you focus on the “must-knows” and “to-dos” required to transform a startup idea into a business that is ready to attract investors and scale.

How to Start Your Startup Strategy

There’s a lot of information available to help you build a startup; much of it is good. A quick online search for “startup resources” will yield a plethora of organizations, tools, and classes specifically geared toward entrepreneurs.

Among the problems is that sorting through all the available information is time-consuming. It’s also challenging to determine what the mandatories are, what the nice-to-dos are, and the repercussions of not fulfilling them, as well as how to complete everything in a timely and cost-effective manner.

While many resources are free, the best usually come with a price tag attached. It’s essential if you’re investing money to get your business started that you invest in what will serve you best.

One of the most effective options is a course or learning module that specifically helps startup founders establish a strategy that can serve as the foundation for developing, launching, and growing their business. Two important caveats: Not all courses are created equally, and even the most highly rated course won’t do you any good if you don’t actually follow through on it.

What Makes a Good Startup Course

What works for one person may not work for another. But in general, you want to find a course to help you develop your startup strategy that fits your current work situation and lifestyle. Look for:

• Flexibility. Chances are, free time is scarce, so a self-paced course that can be completed as you have time is usually the preferred option.
• Useful Content. The most worthwhile course or courses will provide step-by-step guidance through the critical stages of creating a tech-based business. They should also outline the decisions that must be made at each stage, the information required to make those decisions, and how to obtain that information. One of the most value-added aspects of a startup course is the inclusion of templates, worksheets, and other resources. They should be designed to help you gain knowledge while generating some of the specific things you need for your company.
• Focus. A course that’s broken down into modules, with each focused on a specific area, usually helps hone in on what needs to be done at each stage of startup development.
• Relevant Experience and Expertise. Many of the people behind startup courses have impressive credentials. What matters most, however, is whether their expertise is relevant to you.
  • Do they have experience across various industries as well as disciplines? Someone who only knows application development may not have the expertise to guide you through the important tasks of securing funding or marketing your company.
  • Have they worked with other entrepreneurs to launch and grow businesses? Look for those that can provide testimonials or other proof of their work.
  • Does their own background include creating a successful company from scratch? Someone who built a successful business with the help of a large infusion of cash upfront may approach a startup differently than someone who bootstrapped their way.
  • Do they have experience building and launching various capabilities or products from the ground up within both large enterprises and startups? Knowing the ins and outs of large companies as well as startups are important because chances are you’ll be dealing with companies of varying sizes.
  • Have they prepared and presented pitches for capital funding to corporate boards of directors and private equity investors? Are they familiar with various funding sources? Knowing what piques the interest of the people holding the money strings — as well as other options for securing funding — can help you tailor your funding tactics appropriately.
• Targeted Objectives and Takeaways. Ensure you review the course objectives and what you can expect to gain from the course: 
  • Will it walk you through the key steps, processes, and required decisions involved in starting a business?
  • Does it focus on helping you develop a strategy that enables you to launch and grow your business?
  • Can it prepare you to overcome potential challenges or missteps in building your startup?
  • Will it prepare you to grow your business to a point where it can be presented to accelerators, investors, and others for funding or other purposes?
• The Extras. Some of the courses geared towards founders are provided by organizations that offer ancillary resources and benefits. That might include forums that enable founders to exchange ideas with other founders. Some include webinars, newsletters, blogs, and other resources. Memberships in these organizations or signing up for some of the additional resources they offer can build upon the content of the course you take and strengthen your readiness to launch and grow your business.

A Strategy Course to Consider

It may seem self-serving, but we believe our signature course — Startup Strategy Mastery: From Idea Validation to Investor-Ready — meets all the criteria of an exceptional resource for founders. We’re not the only ones. 

Use the link above to access more information about the course. For a limited time, the course is available for a 20% discount. Payment plans are available. Make this the right time to transform your business idea into a successful startup.