When you’re thinking about launching a business, it can be hard to know whether you’re doing it at the right time. As with many decisions in life, it’s arguable whether there will ever be a right time.
So, how can you make sure that you’re launching your startup at the best possible time? An article for EU Startups recently pointed out that there are a number of factors that can make it more likely that your startup will succeed.
At the top of the list is product-market timing. The key is to make sure there is demand for your product when you intend to launch. That means it’s worthwhile carrying out some market testing before you go ahead with your idea. However, there is a balance and you are likely to want to avoid waiting too long in case a competitor with a similar idea gets their product to market first.
It is also important to consider the current economic climate. However, the publication stressed that this doesn’t mean you have to wait for a strong economy. “Crises are times where consumer behaviours are more susceptible and willing to change,” it asserted. This means there are opportunities for dynamic startups.
An article for Forbes recently offered some advice on launching a startup as well. Chris Stegner, CEO and co-founder at Very Big Things, wrote that establishing the core values for your business is essential, as you can use these to guide your decision making.
He also stressed the importance of providing a meaningful experience for your customers or clients.
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