It’s easy to feel doubtful about what’s going on around the world. You might find it questionable, but is 2023 a good time to start a business?
Despite the economy weakening along with calls for a “looming” recession, 2023 is a great time to start of business. We’re already into the second quarter of the year, and some things have happened already.
Inflation is still high, and the number of full-time jobs has decreased in the last year. More recently, there’s an ongoing banking crisis that could get worse.
From an economic standpoint, things are not going well. But should that stop you?
In this post, I will go over why 2023 is the best time to start a business. No matter what conditions you’re in, you can take that step forward to thrive in today’s world.
UPDATED: APRIL 23, 2023
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- 2023 Is The Best Time To Start A Business
- When Prices Are High- Keep Your Prices Low
- Advertising Costs Go Down
- Your Business Will Shine A Few Years From Now
- Is 2023 The Year You Leap Into Entrepreneurship?
- Questions To Ask Yourself
2023 is the best time to start a business
As mentioned, there are serious economic concerns. They’re not seen as good news, from inflation to layoffs in the tech and finance sectors.
On the other hand, that means there are more opportunities to take advantage of.
For instance, Meta (also known as Facebook) has laid off a lot of their employees.
If big tech companies such as Facebook are rolling out layoffs, should that be an opportunity to take on that competition?
If you have a great idea and want to build a startup, that’s an opportunity to face the competition against the big companies.
It’s also why I believe more startups will come about in the years ahead.
Even in the worst economic times, new businesses come about to provide better solutions to consumers.
So let’s go over why 2023 is your year to launch that business.
Is 2023 a good time to start a business?
Putting aside the weakness in the global economy, 2023 is a great time to start a business. With inflation still high and more layoffs ongoing, it presents individuals an opportunity to start their own business venture. An economy in decline gives new businesses a bold step ahead to compete with established companies.
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When prices are high- Keep your prices low
In the current inflationary environment, prices still remain high. When you’re starting out your business, it’s best to offer low prices.
Why keep your prices low?
When people are struggling financially, or they can’t afford a lot of things, you’re doing them a favor by offering your services at a lower price.
When you’re just starting out, it’s a great way to grow revenue when you don’t have a lot of capital.
Especially in the beginning, you don’t have cash flow that can help in difficult situations when you need that money.
Advertising costs go down
Many businesses tend to spend less on advertising during bad economic times. When ad spending is low, that may be the time to take advantage of advertising for your business.
The best part of all is to utilize places where it’s cheaper to spend money on ads.
When other businesses are not spending, use that as an opportunity to do advertising for your business.
A relevant article from notimekillers.com
Read next on “What Do You Need To Start A Business Online? My Short List, to learn what you’ll need to jumpstart that online business.
If you’re going to go the online route, you definitely should look into pay-per-click marketing (PPC). Places such as Google ads and Microsoft ads are great places to get started in ad spending online.
When starting out in an online business, I believe PPC marketing is a great way to grow and scale your business. But there are upsides and downsides to it, so you want to make sure you’re ready at the right time.
Your business will shine a few years from now
Your business may go through a growth period during bad economic times.
You may not see big results right now; however, as time goes by, you will see some differences and possibly see rapid growth in your business.
That’s why I believe starting right now is crucial. No matter where you’re at in life it’s best to just start today rather than tomorrow next week or next year.
Why start a business in 2023?
With the global economy in decline, it presents new entrepreneurs with big opportunities to provide solutions in the marketplace. If they can offer their services at reasonable prices, that’s a win-win for their customers.
When consumer prices are high everywhere else, new businesses can do the opposite. That is- to lower your prices that your customers can afford during difficult economic times.
A relevant article from notimekillers.com
Read next on “What Are The Principles Of Online Business? 5 Components“, to learn what is required to operate a sustainable business online. It can help in the long run.
The sooner you start the better it will get over time if you take the right course of action.
I’m always fond of the idea that the work you put in now will pay off later on down the road.
So there are big rewards and dividends to look forward to when you make the decision to put the work in at the moment.
Is 2023 the year you leap into entrepreneurship?
With all that’s going on, consider for a few moments now is the time to start that business.
If we’re heading into difficult times, this year can be the time to carve out that path for entrepreneurship.
So I say get a jump start on that business and make 2023 the year for you.
Questions to ask yourself
- Do you believe it’s best to start a business during bad economic times?
- Are you concerned about the potential economic downturn?
- What’s holding you back from launching an online business?
- Will 2023 be the year you finally take that step into entrepreneurship?
Final Words
We’re already one quarter into 2023, so this year is far from over. Don’t let the news or current events hold you back, or stop you from starting that business.
There are far too many people who put that off- or even worse. they don’t start at all.
Don’t let that happen to you, so get ahead of everyone else.
As I mentioned before, make 2023 the year of “you”.
Your turn: Is 2023 your year to start a business?
I would like to get your thoughts on this topic. Do you find current events to discourage you from moving forward in life?
Do you think it’s best to start a business during challenging economic times? Or, do you think it’s the best time to take that leap no matter what?
Do you see a lot of opportunities coming about? If so, what will you do to take advantage of them?
Feel free to share your thoughts by leaving a comment below. I look forward to receiving your responses, and I’ll gladly respond promptly.
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Eric is the owner and chief editor of notimekillers.com. He takes great pride in helping people manage their time and grow their businesses. Eric is a firm believer in financial and time freedom, as he believes in financial independence and taking ownership of your time. “Time is your most important asset. It can be your best friend or worst enemy. How you use your time can shape the future you desire to have.” In his leisure time, Eric loves to write and read whenever possible. He enjoys going for long walks outdoors while doing in-home workout videos every week. You can also connect with Eric via LinkedIn.
Great article! I believe that there is no better time than now to start a business.
With the advancement of technology, access to resources, and current market conditions, the possibilities are endless.
While starting a business can be challenging, it can also be incredibly rewarding. It takes a lot of hard work, dedication, and perseverance, but the potential for success is worth it.
I have personally assisted many entrepreneurs and business owners with generating ideas, research, and planning. It’s always inspiring to see individuals take the leap and pursue their dreams of entrepreneurship.
I agree that 2023 is a great time to start a business, and I encourage anyone who has an idea or passion to pursue it.
With the right mindset, preparation, and execution, starting a business can lead to a fulfilling and prosperous career.
Hello Dave,
Those are some great remarks. I couldn’t agree with you more on that- that’s very true.
Thank you very much for sharing your thoughts. Wishing you continued success moving forward- your thoughts are greatly appreciated.