Hitting The Ground Running When Things Open Up?

[PizzaOnTheRoof]

I've got a product idea in the outdoors niche I've been chewing on for a while and I am wondering if now is a good time to start development of it. Of course, most of you guys will say "the best time was yesterday", but I'm trying to stay cautious moving forward.

I think we may be going into a recession if not already in one, and am wondering how that's going to affect my idea near term. I don't want to launch into a recession when consumer spending has dried up.

On the other hand, we could very well see a massive upswing in spending on travel, camping, hiking, etc once the restrictions are lifted. Add to it that gas is cheap so recreational travel might see a boom too.

What are your thoughts about developing during this "silence", and riding the wave up to launch a business?

Perhaps I can get a piece of one of the biggest wealth transfers in history...

 

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[ChrisV]

massive upswing in spending on travel, camping, hiking

What's the reasoning to believe that more people are going to go camping / hiking once things lift up? Not saying there isn't good reasoning, just asking.

 

[AgainstAllOdds]

All product development should be getting done now.

You have time to talk to factories. Create moulds. Make samples. Approve the samples.

Opportunity cost is zero since your time likely has a value of zero.

You don't have to work in the business. So it's time to work on the business.

In my business, we're developing about a dozen products right now. Basically lining up as many options as possible so we can grow at a rapid rate when the market normalizes.

For reference: we're making plans for 0 months to 3 years from now. You can't control when the market is normal. But you can control when you'll be ready.

 

[PizzaOnTheRoof]

What's the reasoning to believe that more people are going to go camping / hiking once things lift up? Not saying there isn't good reasoning, just asking.

I mean relative to current spending lol.

Right now things are restricted. Why would I go shopping online for new camping, hiking, outdoor gear right now if my favorite spots are shut down? Or I've lost my job temporarily?

People's love for the outdoors doesn't go away just because they can't go out for 3 months...yet demand is down...

Of course, I could be wrong and I'd like to know if I am!

 

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[PizzaOnTheRoof]

All product development should be getting done now.

You have time to talk to factories. Create moulds. Make samples. Approve the samples.

Opportunity cost is zero since your time likely has a value of zero.

You don't have to work in the business. So it's time to work on the business.

In my business, we're developing about a dozen products right now. Basically lining up as many options as possible so we can grow at a rapid rate when the market normalizes.

For reference: we're making plans for 0 months to 3 years from now. You can't control when the market is normal. But you can control when you'll be ready.

I like this. Kinda like Buffets "Be greedy when others are fearful".

My time IS worth zero now as I don't have a job!

The big bears are hibernating now...time to plan my attack...

Thanks!

 

[Bigguns50]

Keep an eye on the businesses that serve your market. Many will fall. That's why you prepare now. To rise !

 

[AgainstAllOdds]

I like this. Kinda like Buffets "Be greedy when others are fearful".

My time IS worth zero now as I don't have a job!

The big bears are hibernating now...time to plan my attack...

Thanks!

Think of it as a cheat code.

The entire market is paused so you can talk to all the factories, build your website, do your branding, and catch up.

Get moving.

 

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[Bearcorp]

What's the reasoning to believe that more people are going to go camping / hiking once things lift up? Not saying there isn't good reasoning, just asking.

No idea if it will play out this way or not but a staff member and I were discussing the same thing this morning, there's talk of Australia opening up the state borders, but what are people going to do? travel interstate but can't visit much because all public places will likely stay closed for a while yet, maybe they'll go camping!