What Should You Do If You Were Planning To Launch A Business This Year?

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A business launch takes a huge amount of time, effort, and planning, so for most entrepreneurs, plans usually stretch months if not years into the future. Such measures are entirely sensible; taking the time to ensure everything is in place prior to launch and that the business will be starting off on a strong footing is absolutely advantageous. However, for those planning to launch a business in the latter half of 2020, the landscape onto which they planned to launch has now suddenly changed beyond almost all recognition. 

The impact of coronavirus
Much has been said about the impact of coronavirus on businesses, even with many country’s governments doing all they can to shore up support for companies. What’s more, the problems look to be far from temporary, given the scale of the recession that most financial experts seem to predict. 

The vast majority of the focus, however, has been dedicated to established businesses; very little has been said about the fledgling businesses that were still in the planning phase at the time of the coronavirus outbreak. 

Unfortunately, businesses in the early phase of life face the same challenges as established companies - and more still, given they do not have name recognition or an established customer base to lean on. 

So is cancelling a launch the only option?
Many prospective business owners may assess the ongoing situation and assume that there is little point in opening their business under the current circumstances, and shelve their plans with the intent to wait for better times.

However, this doesn’t have to be the case. While businesses connected to the most affected sectors - such as travel and hospitality - could potentially benefit from a delay, other businesses remain viable even in difficult times. In fact, some aspects of launching a business are easier during difficult economic times: borrowing, for example, is cheaper than it will ever be, high fluidity of employment can mean businesses can attract great candidates to roles, and commercial rents can be cheaper if there’s a sudden surplus of properties as a result of a recession. 

As a result, unless a business idea is in one of the industries that have been particularly impacted, moving forward with a business could still be worthwhile. 

Quick tips for getting it right
If you decide your business is still viable for its launch this year, here are a few tips that can help everything goes smoothly:

• Take extra time if needed. If you feel like you need more time, take it - you don’t have to follow your previous plans to the exact letter. If you need a little longer to finetune your company, then it makes sense to take that time; the world has turned upside down recently, so it’s completely understandable if you can’t perfectly adhere to your original schedule. 
  
• Re-do your long-term plans and strategies. Most prospective entrepreneurs will look to the future and try to strategize accordingly - but you may find your original idea is now very different than it was just a few months ago. Take some time to work out a changed vision for the future; rework your financial planning with the help of your accountant, take account of potential changes in customer behaviour, and work with a digital marketing company to devise a marketing plan that will keep your company visible to potential customers even as the global economic picture changes. The core of your original plans can remain the same, but a few changes to keep things as relevant as possible will definitely benefit you. 
  
• Double-up on resources. If the expected recession does hit as expected, then your supply chain could be disrupted by business closures or interruptions. As a result, find a backup to all of your suppliers; companies you have vetted and feel comfortable turning to if there’s a sudden problem you need assistance with.
  

In conclusion
Launching in 2020 is certainly still possible for many businesses, and the tips above can help to ensure the venture is as successful as possible.