Starting business in 2022 is a bad idea??

[Kimblis]

Hey guys, considering the things that are happening around the world right now- Huge inflation, ads getting more expensive and blocked, war, post covid stuff, possible recesion coming (people are less likely to spend on non necessities and to spend in general), is it still a good idea to start a business, or is it better to dive deeper into the job that makes you salary and education, and wait a bit till things will calm down a bit? What do you reckon?

 

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[MJ DeMarco]

Based on your questions, sounds like you don't have the mental fortitude to be an entrepreneur.

Uncertainty is part of the gig. If you are waiting for uncertainty to minimize or disappear, you'll wait forever.

With this type of thinking, you should stick to the illusive security of a job.

 

[Mathuin]

huge inflation, ads getting more expensive and blocked, war, post covid stuff, possible recesion coming (people are less likely to spend on non necessities and to spend in general), is it still a good idea to start a business,

Giving all the things you've mentioned, it is a BETTER idea to start a business.

MJ has talked about this in his books about how little control and security you have in a job.

Read them.

 

[TheKingOfMadrid]

I would say that the things you're thinking about are sensible economic factors that will absolutely impact the probability of success with your business - thinking about these things is a good sign.

The problem you have, is that if you're facing all of these factors - shrinking economy, rapid inflation and stagnant wages - in that scenario your career is going to be a rough ride - and one company downsize is going to see you panhandling in no time.

At least with a business you're not capped by whatever your daily wage is. You have far more control over what you can do.

One last thing - there's a lot of people currently scared about the situation happening in the world, what if you aimed a product or service at them?

I'm seeing a lot of groups like HU etc are aiming directly at these people and making a lot of money doing so.

Offer people a light in the dark so to speak.

 

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[Kimblis]

I would say that the things you're thinking about are sensible economic factors that will absolutely impact the probability of success with your business - thinking about these things is a good sign.

The problem you have, is that if you're facing all of these factors - shrinking economy, rapid inflation and stagnant wages - in that scenario your career is going to be a rough ride - and one company downsize is going to see you panhandling in no time.

At least with a business you're not capped by whatever your daily wage is. You have far more control over what you can do.

One last thing - there's a lot of people currently scared about the situation happening in the world, what if you aimed a product or service at them?

I'm seeing a lot of groups like HU etc are aiming directly at these people and making a lot of money doing so.

Offer people a light in the dark so to speak.

There are some golden gems here. At least someone understood that I'm not trying to be just negative and scared. All I think is that it might really impact building startup from the ground like you said. Also don't have much money to start from, so yeah, It would mean building it on the side of the full time job with putting nearly all wage to it ( I'm from Lithuania where salaries aren't that big compared to something like USA) . But yes, there is no better time than just NOW whenever it is. However what I'm interested in- what are you doing differently considering all of these things? Are you searching for investors and trying to get money and build fast, or are you doing the opposite and doing all of it alone? Are you trying to keep costs as little as possible even if it means that you grow really slow, or are you going as big and fast as possible? Are you switching marketing sources since ads got so much more expensive? (also getting blocked).

 

[Hong_Kong]

Hey guys, considering the things that are happening around the world right now- Huge inflation, ads getting more expensive and blocked, war, post covid stuff, possible recesion coming (people are less likely to spend on non necessities and to spend in general), is it still a good idea to start a business, or is it better to dive deeper into the job that makes you salary and education, and wait a bit till things will calm down a bit? What do you reckon?

Regardless of what is happening on Wall Street or in Washington, you can make money as an Entrepreneur.

There are always opporunities.

 

[TheKingOfMadrid]

There are some golden gems here. At least someone understood that I'm not trying to be just negative and scared. All I think is that it might really impact building startup from the ground like you said. Also don't have much money to start from, so yeah, It would mean building it on the side of the full time job with putting nearly all wage to it ( I'm from Lithuania where salaries aren't that big compared to something like USA) . But yes, there is no better time than just NOW whenever it is. However what I'm interested in- what are you doing differently considering all of these things? Are you searching for investors and trying to get money and build fast, or are you doing the opposite and doing all of it alone? Are you trying to keep costs as little as possible even if it means that you grow really slow, or are you going as big and fast as possible? Are you switching marketing sources since ads got so much more expensive? (also getting blocked).

Yeah I saw you were from Lithuania, I'm based in EE myself, a lot of people have no idea how it works in these countries - and just how hard it is to get started. I'm originally from the UK - and don't let anyone tell you starting a business is difficult there, compared to a lot of EU countries it's so easy.

If I were starting right now I'd be looking to solve a need that people have and sell an emotion - like fear/escapism/legit rapid income streams etc. Then I'd do everything myself - locally and then regionally to sell this idea.

The HU I said about is literally access to a discord group - the amount of people buying access to that for 50 Euro or whatever it is - is insane.

You could just do courses, or locally tell people how to be resilient in the changes to economy etc or do a mental health spin etc.

All you need for that are a website (go cheap and do Hugo+Github pages) and then advertisement can be done yourself via social media + affiliate OR if you just want to get up and running instantly - hire someone cheaply on Upwork to passively run your socials and help you with marketing strat etc.

It sounds really simple - but where most people fail is their idea never gets seen. But like in your situation you could corner the Lithuanian Market to start with, which has far less competition - create quality inbound content if you're selling an information product (i.e courses etc) and then build a following and go from there.

Information products are a good idea for beginners, as all you need is time.

Sėkmės my friend.

 

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[Kimblis]

Yeah I saw you were from Lithuania, I'm based in EE myself, a lot of people have no idea how it works in these countries - and just how hard it is to get started. I'm originally from the UK - and don't let anyone tell you starting a business is difficult there, compared to a lot of EU countries it's so easy.

If I were starting right now I'd be looking to solve a need that people have and sell an emotion - like fear/escapism/legit rapid income streams etc. Then I'd do everything myself - locally and then regionally to sell this idea.

The HU I said about is literally access to a discord group - the amount of people buying access to that for 50 Euro or whatever it is - is insane.

You could just do courses, or locally tell people how to be resilient in the changes to economy etc or do a mental health spin etc.

All you need for that are a website (go cheap and do Hugo+Github pages) and then advertisement can be done yourself via social media + affiliate OR if you just want to get up and running instantly - hire someone cheaply on Upwork to passively run your socials and help you with marketing strat etc.

It sounds really simple - but where most people fail is their idea never gets seen. But like in your situation you could corner the Lithuanian Market to start with, which has far less competition - create quality inbound content if you're selling an information product (i.e courses etc) and then build a following and go from there.

Information products are a good idea for beginners, as all you need is time.

Sėkmės my friend.

That actually touched a really interesting point that would need a separate discussion itself, but it is really important- If you go into a local market, you most likely to use local language there. This will make it way harder to reach outside the country (for example if you have a huge course on something, you would have to remake the course in English or any other language if you would like to go outside Lithuania boundaries). How you deal with that? Do you still start within your country and then take all that huge time needed to create a separate product in different language (or in case if you have a website in lithuanian just to add translations with some decent package), or do you start with more widely acceptable language like English and offer that to Lithuania market by also trying to get some reach from other countries as well from the start?

 

[TheKingOfMadrid]

That actually touched a really interesting point that would need a separate discussion itself, but it is really important- If you go into a local market, you most likely to use local language there. This will make it way harder to reach outside the country (for example if you have a huge course on something, you would have to remake the course in English or any other language if you would like to go outside Lithuania boundaries). How you deal with that? Do you still start within your country and then take all that huge time needed to create a separate product in different language (or in case if you have a website in lithuanian just to add translations with some decent package), or do you start with more widely acceptable language like English and offer that to Lithuania market by also trying to get some reach from other countries as well from the start?

The thing with going local is competitors outside will never have the reach and connection you do - even if they hire an upwork translator and copywriter - I have been around that field for a long time as I previously ran a translation studio - and business models like dropshipping and SaaS that tried to expand into the countries where I keep a watch often failed unless they had the money to hire multiple full-time people for each expansion.

So that's the benefit.

The other benefit is so long as you've done your socials correctly - when/if you expand into the English-speaking market you aren't doing it alone you're doing it with the 10/100/1000+ people that are now loyal to your brand.

This is how some brands feel like they 'come from nowhere' because suddenly they have all of this social proof behind them.

Another way to do it is to continue to corner EE countries where true English speaking is low and utilize your loyal followers to help dominate these countries.

It sounds counter-intuitive but the thing is people massively overlook the fact that large swaths of these countries have low % of B2 level English speakers and many have aversion to foreign companies over local perceived offerings.

For me, I like this way.

If you start in English and offer to lithuanian I think you become like a small fish in the huge sea, hoping to get a bite.

 

[Guest-5ty5s4]

Generalities like this aren’t very helpful. Life is specific. Your life is happening now, not in five years. You don’t have time to wait for the conditions to be optimal - they never will be anyway. Do or do not...

 

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[Angler]

Some of the biggest regret you will ever have a few years from now, if you don't start building something, is that you should've started years earlier, make the mistakes then, and be on your way to something bigger.

I'd smack my 18 year old self to pieces if I had a chance for giving up things halfway, not having the balls to build a brand, or calling local businesses.

 

[Andy Black]

Hey guys, considering the things that are happening around the world right now- Huge inflation, ads getting more expensive and blocked, war, post covid stuff, possible recesion coming (people are less likely to spend on non necessities and to spend in general), is it still a good idea to start a business, or is it better to dive deeper into the job that makes you salary and education, and wait a bit till things will calm down a bit? What do you reckon?

1) Keep the job *and* start a business?

2) “Overthinking is the art of solving problems you don’t have.”

3) Some businesses do better when times are tough anyway.

 

[mikecarlooch]

I’m not one that is yet qualified to talk much (im in my building phase of entrepreneurship), but I did hear a good quote I can’t remember where from but someone said

“it’s never a bad time to start a good business”

Hope this helps

EDIT; I think it was Gary vee

 

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[James007Hill]

During a recession and tough times, money doesn’t just disappear, it simply changes hands and transfers. There are arguably even more opportunities during times of turmoil. More problems to solve means more opportunities.

 

[Johnny boy]

You're right, better to just be a powerless employee and get laid off when the economy goes to shit.

lmaoooo

 

[Itizn]

Possible recession coming?

We've been in one for a bit now.

 

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[BAUCE]

1) Keep the job *and* start a business?

2) “Overthinking is the art of solving problems you don’t have.”

3) Some businesses do better when times are tough anyway.

#2 is genius and certainly hits home

 

[MJ DeMarco]

2) “Overthinking is the art of solving problems you don’t have.”

Yea, I didn't mean to be so terse in my response. But as I stated, if these are the questions on someone's mind, they likely aren't cracked up to be an entrepreneur. Timing is rarely right for anything. When people wait for "good timing" what they're actually doing is giving themselves an excuse to never act. It's mental gymnastics to make themselves feel good.

To parallel another question that I find equally a waste of time...

"Is it a good time to get into shape and prioritize my health? There are a lot of fast food restaurants in my city, my family eats all junk food, and it's hard to find healthy food."

 

[Albert KOUADJA]

Hey guys, considering the things that are happening around the world right now- Huge inflation, ads getting more expensive and blocked, war, post covid stuff, possible recesion coming (people are less likely to spend on non necessities and to spend in general), is it still a good idea to start a business, or is it better to dive deeper into the job that makes you salary and education, and wait a bit till things will calm down a bit? What do you reckon?

Finding these factors as excuses for not starting a business as such is like refusing to live for fear of dying. A true entrepreneur sees opportunities in every obstacle. .when a situation arises whether it is good or not, he must do so that the balance weighs more on his side.

PS: I never wait, I always do with what I have with what I have where I am. I never wait..

 

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[LiveEntrepreneur]

Based on your questions, sounds like you don't have the mental fortitude to be an entrepreneur.

Uncertainty is part of the gig. If you are waiting for uncertainty to minimize or disappear, you'll wait forever.

With this type of thinking, you should stick to the illusive security of a job.

Hey MJ I was curious, what is your opinion on people who don't currently have the mental fortitude to become an entrepreneur or the right qualities, like discipline, focus etc. Would you suggest that they don't get into the entrepreneurship game at all because it's probably not for them, or would you say it's worth working on all those problems to achieve something bigger?

 

[MJ DeMarco]

Hey MJ I was curious, what is your opinion on people who don't currently have the mental fortitude to become an entrepreneur or the right qualities, like discipline, focus etc. Would you suggest that they don't get into the entrepreneurship game at all because it's probably not for them, or would you say it's worth working on all those problems to achieve something bigger?

I created a new thread with your question because I think it warrants its own discussion. And it is a very good (and tough) question.

 

[Keith15203]

I'm seeing a lot of groups like HU etc are aiming directly at these people and making a lot of money doing so.

@TheKingOfMadrid

I've been thinking along these lines lately. Thanks for your perspective on this!

 

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[Kevin88660]

Hey guys, considering the things that are happening around the world right now- Huge inflation, ads getting more expensive and blocked, war, post covid stuff, possible recesion coming (people are less likely to spend on non necessities and to spend in general), is it still a good idea to start a business, or is it better to dive deeper into the job that makes you salary and education, and wait a bit till things will calm down a bit? What do you reckon?

If you believe that economy is going down this also means that some sectors will thrive.

When people are on survival mode their consumer pattern changes and bargain goods such as cheap gadget, cheap food and 2nd hand goods will thrive.

Divorce lawyer will have more business, unfortunate for the society as a whole.

Industries That Have Thrived During Recessions

With the U.S. economy on the brink of a recession, we're looking back at what companies managed to thrive during the last recession for guidance.

www.investopedia.com

 

[Yogi_Fastlane]

You're mindset is not yet into Entrepreneurial way of thinking.
All entrepreneurs have gone through this,
it's not the dearth of opportunities, it's your inability to find the gaps and the courage to pursue them, you've to think like a leader and abolish the herd mentality.
The context you've provided is the ideal scenario for many entrepreneurs, I would argue that the biggest wealth transfer have all occured during Recessions and Depressions.

The recent Covid induced recession created the most Billionaires and Millionaires in recent memory.

If you do not have the opportunity given the family responsibilities or anything else of that kind, you shall continue with the Job, it may give you comfort and make you feel secure for the time being and it's absolutely fine if you can live life in the slowlane.

Entrepreneurship is tough and it's for people who can make tough choices, persevere in the face of adversities and failures and still continue to fight determined to come on top.

 

[LiveEntrepreneur]

I created a new thread with your question because I think it warrants its own discussion. And it is a very good (and tough) question.

Awesome! Looking forward to reading that.

 

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[Matt33]

Hey guys, considering the things that are happening around the world right now- Huge inflation, ads getting more expensive and blocked, war, post covid stuff, possible recesion coming (people are less likely to spend on non necessities and to spend in general), is it still a good idea to start a business, or is it better to dive deeper into the job that makes you salary and education, and wait a bit till things will calm down a bit? What do you reckon?

There is always opportunity to start a business. Focus on solving people's current problem; that is what is most on their mind.

Think of advertising. If you want to grow and advertise a new business, to aware people of how you are solving their problems, you will need to advertise to maximize your growth speed. When the cheap money party ends, and interest rates go up, inefficient businesses lose their ability to get cheap easy funding, and are culled, other firms will be cutting their brand advertising, and CPMs in everything will go down, and it will be a great opportunity for companies whose products are those which people truly need. They will be able to grow their brands with cheap advertising, albeit at a lower CVR because of the recession, but still an opportunity for the right company.

Right now, I'd see opportunity selling survival food in bulk, branded so that it looks like a good deal. And give them a good deal, but make the AOV nice and high.

Or, you could create a business which addresses an inefficiency in the food or commodities market, which would bring down prices for the consumer. You could use technology to achieve this.

Or, sell leads for people looking to offload their houses quickly, before the market turns.

Or, create an eCommerce store selling USDA Organic certified dry goods, like rice, beans, cereal, etc. in bulk. There is growing demand for Organic certified food, and the prices have been skyrocketing for this food.

Or, software which helps to save people money by comparing which companies have raised their prices the most among their industry/niche.

Or, an eBook on how to sell your house quickly, before the real estate downturn of the next 3-4 coming years.

Or, energy saving products.

Or, free YouTube videos on how to prepare for the recession, and upsell them an actually useful, need-filling product critical to what your channel is about.

Or, create a website for trading used electronics, which there may be an increase in demand for during a bad, prolonged, inflationary depression (recession hopefully).

Provide value in the things which are most needed in people's lives.

 

[ZCP]

Hey guys, considering the things that are happening around the world right now- Huge inflation, ads getting more expensive and blocked, war, post covid stuff, possible recesion coming (people are less likely to spend on non necessities and to spend in general), is it still a good idea to start a business, or is it better to dive deeper into the job that makes you salary and education, and wait a bit till things will calm down a bit? What do you reckon?

see all these as opportunities and you are ready to start the business.

how CAN you?

 

[Albert KOUADJA]

I created a new thread with your question because I think it warrants its own discussion. And it is a very good (and tough) question.

Thanks you, I can't wait to read it.

 

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[Maliardo]

I think starting a business in 2022 is a great idea.
I will tell you this. if you have an idea to build your business, it's just worth starting.
I too at first sat and wondered if I should start, but then an entrepreneur I know said one thing until you try it, you never know if your business will burn out or not, there are two ways to go.
Either you invest everything you can and grow, or your business goes bust and you start a new business.
Now, I already have my own business, which is going pretty well right now.
I've started to learn a lot that images have a strong impact on end-users because they can provide compelling samples and proof of how certain products and services work.
And I also recently came across a very interesting article https://newmediaservices.com.au/do-customers-prefer-to-use-live-chat-instead-of-sending-an-email/ , it will be very useful for people who have already started their business or want to start one.
It says that customers prefer online chat, with 46% more users finding it more convenient. Email certainly has its charms, too: more than 29% of customers use it instead of other forms of communication online.
I think this will be quite useful information)