{"id":7478,"date":"2020-09-08T16:43:10","date_gmt":"2020-09-08T20:43:10","guid":{"rendered":"https:\/\/www.sage.com\/en-us\/blog\/?p=7478"},"modified":"2025-09-10T07:55:12","modified_gmt":"2025-09-10T11:55:12","slug":"why-now-good-time-to-start-business","status":"publish","type":"post","link":"https:\/\/www.sage.com\/en-us\/blog\/why-now-good-time-to-start-business\/","title":{"rendered":"Why now is a good time to start a business: Advice from our experts"},"content":{"rendered":"
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\n\t\t\t\t\t\tWhy now is a good time to start a business: Advice from our experts\t\t\t\t\t<\/h1>\n\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t

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\n\t\t\t\n\t\t\t\t\"\"\t\t\t\tJohanna Brown-Lyons<\/span>\n\t\t\t<\/a>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n<\/div>\n\n\n\n\n\n
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Why is now a good time to start a business? Because “problems create opportunities for entrepreneurs,” says L. Gary Boomer of Boomer Consulting.  2020 has certainly come with its fair share of challenges.  But, when we spoke with our panel of entrepreneurs and business experts they viewed 2020 as the year of opportunity. Below is an edited transcript of our Twitter chat<\/a>.<\/p>\n\n\n\n

Why is now a good time to start a business?<\/h2>\n\n\n\n

\u201cThis makes me think of the phrase \u2018The best time to plant a tree is 20 years ago, the second-best time is now.\u2019  It\u2019s the same for starting a business.  Right now, while things are drastically changing is an opportunity to take advantage and start something new.\u201d \u2013 Charlie Appel Agency, @ColfaxInsurance<\/strong><\/p>\n\n\n\n

\u201cThis is a great time to start a new business. New, low cost technologies can provide you [with] many advantages in how you provide services.  Consider a side gig as a way of starting your own business.\u201d \u2013 Tripp Braden, @TrippBraden<\/strong><\/p>\n\n\n\n

 <\/strong>\u201cNow is a great time to start a business because shopping and buying preferences and behaviors are changing \u2013 and you can introduce new products and services that tune into these new needs.\u201d \u2013 Laurie McCabe, @lauriemccabe<\/strong><\/p>\n\n\n\n

\u201cCOVID has allowed us to STOP and evaluate not only our health, but our passion, purpose, and what are the new necessities. Looking at what are the needs to move through this new normal create\/bring about inventions and innovations that become businesses.\u201d \u2013 Kay Dexter, @TheKayDexter<\/strong><\/p>\n\n\n\n

\u201cTwo great reasons to start a busines during a downturn is less competition for resources and also allows for you to be more focused on customer needs which is core to any business.\u201d \u2013 Rafael Casas, @SageRafaelCasas<\/strong><\/p>\n\n\n\n

Which industries or niches offer the greatest opportunities for starting a new business?<\/h2>\n\n\n\n

\u201cThere are lots of great opportunities in many areas. Reimagine new products and services that solve new problems and address new customer requirements.\u201d \u2013 Laurie McCabe, @lauriemccabe<\/strong><\/p>\n\n\n\n

\u201cService businesses are the best opportunities for starting a new business. (1) Everyone has some skill they can turn into cash. (2) Service businesses have the lowest startup costs. (3) They have short ramp-up times.\u201d \u2013 Anita Campbell, @anitacampbell<\/strong><\/p>\n\n\n\n

\u201cE-sports, distribution, and service industries are all growing.\u201d \u2013 L. Gary Boomer, @lgboomer<\/strong><\/p>\n\n\n\n

\u201cIronically, movement of goods \u2013 shipping & logistics, distribution, exporting\/imports. Education \u2013 virtual learning education \u2013 what does it look like within this sector that can aid educators, faculty\/stagg and parents\/guardians.\u201d \u2013 Kay Dexter, @TheKayDexter<\/strong><\/p>\n\n\n\n

\u201cPrevious economic downturns have produced some high-profile US companies: Airbnb, Disney, Slack, Uber, and Venmo, to name a few. There really is opportunity everywhere if you\u2019re creative and customer focused!\u201d \u2013 Rafael Casas, @SageRafaelCasas<\/strong><\/p>\n\n\n\n

What are the key performance indicators that new businesses should track?<\/h2>\n\n\n\n

\u201cThe most important metric for new businesses is sales compared to a prior period. Always compare sales to a prior week, month, quarter. Numbers without context can be misleading.\u201d \u2013 Anita Campbell, @anitacampbell<\/strong><\/p>\n\n\n\n

\u201cCash is king in any small business. Know your burn rate and how long you can survive. Utilize cloud-based accounting software to provide real-time metrics.\u201d \u2013 L. Gary Boomer, @lgboomer<\/strong><\/p>\n\n\n\n

 <\/strong>\u201cEvery type business has different performance indicators. They should all be: well defined, quantifiable, clearly communicated, crucial to achieving your goals, applicable to your specific business. This also means that they are written in a format that allows you to review them on a daily basis to monitor your progress.\u201d \u2013  Tripp Braden, @TrippBraden<\/strong><\/p>\n\n\n\n

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Download the 3-part Small Business Toolkit: Guide, Business Plan Template, and Cash Flow Forecast Template<\/a><\/div>\n<\/div>\n\n\n\n

What lessons have you learned from the 2008 recession that can be applied to starting a business in 2020?<\/h2>\n\n\n\n

\u201cCreate a GPS plan on where you want to be at the end of 2020. Then create Plans B, C, and D as options when things don\u2019t go according to Plan A. Keep two eyes on cash flow and learn to play the \u2018what if\u2019 game.  All this should help your business see 2021.\u201d \u2013 Brian Moran, @Brianmoran<\/strong><\/p>\n\n\n\n

\u201cThe consumer landscape is so different than it was in 2008.  More ways to sell. More places to get merchandise. More cheap (free even) ways to market.\u201d \u2013 Rieva Lesonsky, @Rieva<\/strong><\/p>\n\n\n\n

\u201cKnow your top 3 dangers, opportunities & strengths. Pivot quickly with a revised vision and plan. Hold yourself and others accountable. Accountability is the fastest way to improved results.\u201d \u2013 L. Gary Boomer, @lgboomer<\/strong><\/p>\n\n\n\n

\u201cMany of the businesses that failed in 2008 failed because they tried too many things, not too few.  It\u2019s critical you choose what you do best and focus on developing that market.\u201d \u2013  Tripp Braden, @TrippBraden<\/strong><\/p>\n\n\n\n

 <\/strong>\u201cJust because you can qualify to borrow money doesn\u2019t mean you should. Make sure you partner with a great #CPA to put you on the right track to be successful.\u201d \u2013 Rafael Casas, @SageRafaelCasas<\/strong><\/p>\n\n\n\n

What customer needs resulting from the pandemic should new business owners consider?<\/h2>\n\n\n\n

\u201cSpeed of delivery and contactless delivery, ease of use, community building via SM (since so many of us are remote now)\u201d \u2013 Charlie Appel Agency, @ColfaxInsurance<\/strong><\/p>\n\n\n\n

\u201cCustomers have been knocked out of their comfort zones.  Almost everything they knew and did on a daily basis is still upside down. What they want is to feel good again and reassured about the future.\u201d \u2013 Brian Moran, @Brianmoran<\/strong><\/p>\n\n\n\n

\u201cProvide alternatives. Consider permanently incorporating things like curbside pickup into what your #smallbiz offers.\u201d \u2013 Rieva Lesonsky, @Rieva<\/strong><\/p>\n\n\n\n

What is the most important piece of advice you have for new business owners?<\/h2>\n\n\n\n

\u201cKeep your options open. Flexibility is the new superpower that will differentiate between those that succeed and those that fail over the next few years.\u201d \u2013 Lyndon Johnson, @THINK_Lyndon<\/strong><\/p>\n\n\n\n

\u201cAccept that your best plans will fail and you will be forced to innovate in ways you didn\u2019t expect. Realize that at the start of any new business your ability to innovate and learn from you failures is critical.\u201d \u2013 Garrett Wagner, @garrettwagner37<\/strong><\/p>\n\n\n\n

\u201cFour suggestions for new business owners: 1) Under promise and over deliver, 2) Keep your sales pipeline full at all times, 3) Watch cash flow like a hawk! 4) Create a board of advisers and meet with them weekly. Make them hold you accountable to your goals\u201d \u2013 Brian Moran, @Brianmoran<\/strong><\/p>\n\n\n\n

\u201cTake the time to evaluate your strengths, then determine how you can take it and turn it into value that is consistent with consumers.  Never take in doubt and know consistency and learning will help you to grow into the brand you have dreamed of.\u201d \u2013 Blue Tag Masks, @BlueTagMasks<\/strong><\/p>\n\n\n\n

Next steps<\/h2>\n\n\n\n

Thank you to everyone who participated in this Twitter chat. Visit our Twitter moment<\/a> to read the full conversation.<\/p>\n\n\n\n

If you are looking for more tips and advice to help you start your business, we encourage you to download our Small Business Survival Toolkit , which includes a guide , business plan template , and cash flow forecast template designed to help you survive the first two years of your business.<\/p>\n\n\n\n

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Small business survival toolkit<\/h2>\n\n\t\t\t\t\t\t\t\t\t
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Get your free guide, business plan template, and cash flow forecast template to help you run your business and achieve your goals.<\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\tDownload your free toolkit<\/a>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t

\n\t\t\t\t\t\n\t\t\t\t\t10,548 readers have downloaded this toolkit\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\"Female\t\t\t<\/div>\n<\/div>\n\n\n\n

If you are looking for resources to help you get customers, hire employees, and manage uncertainty, read: Ready to be your own boss? Resources to help you start, manage, and move your business forward<\/a>.<\/p>\n\n\n\n

If you are looking for tips to help you find a mentor or build your team of advisors, read: Seven characteristics of an effective mentor<\/a>.<\/p>\n\n\n\n

If you need help finding a CPA, download our guide: How to choose an accountant.<\/p>\n\n\n\n

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How to choose an accountant<\/h2>\n\n\t\t\t\t\t\t\t\t\t
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Discover our expert insights into choosing the best accountant for your business.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\tDownload the guide<\/a>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\"Sage\t\t\t<\/div>\n<\/div>\n\n

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