When is it the right time to get your app startup off of the ground? It can be tricky to plan around the market as there is always so much fluctuation. What may look like an opportunity today could prove to be high-risk tomorrow. It is all about knowing your odds and taking a chance when the time appears right. With the market in its current state, there is a prime opportunity to launch an app startup. Let us dig deeper into why this is the case.
Competition is Not a Peak Concern
One of the hardest parts about launching an app startup is dealing with competition. The great thing about a down market is that competition will be lacking in the space. This is especially true if you’re bootstrapping the startup. During a boom market, securing funding is much easier, but your competition may have money to outspend you. If everyone is on relatively even financial footing, bootstrapped startups who are agile and clever have the upper hand in the marketplace.?
The Talent Pool is Ripe
You need the talent to bring your app startup to life. You can have the best idea possible for an app, but you need people that can do the initial build, support it, and update it over time. A down economy presents the opportunity for an app startup to have a chance at top-tier talent.
For example, the economy today is not what it once was and there are many folks with a lot of talent who are out of work. These individuals may have worked for tech giants in the past but now find themselves eager to build something creative and exciting from scratch. An app start-up like yours can be a prime opportunity for them to get back into the employment field and make a name for themselves in creating a great new app.? With an eager employee pool, you can use top-tier talent while keeping app development costs down.
Technology is Winning in a Big Way
The COVID-19 pandemic is showing the value of being able to do things virtually. We are all working from home more than ever before, doing remote schooling, and so on. This is allowing us to lean on and use technology in new ways. An app startup can take advantage of this as there is little hesitation now to do things virtually.?
Before the pandemic, there was always hesitation from a pocket of folks to buy groceries online, for example. Now it is more common than ever to get a grocery delivery, or order ahead and pull up to pick them up in the parking lot. These types of activities are now common and folks are comfortable with the practices.
An app startup should allow you to take technology adoption to the next level. With your big idea in a market that is more receptive than ever to new applications making lives easier and more virtual, you have a real opportunity gain.
Lower interest rates on loans
One of the biggest benefits of a poor economy is that things are going to cost less. This means lower interest rates across the board. If you need to borrow money to get your app start-up off of the ground, you are in good shape. Interest rates are at historically low levels thanks to the Federal Reserve making adjustments. You can borrow funds and not be in significant debt, paying excessive interest to do so.
Jump on the Recession Opportunity
You may not believe it, but a recession is the best time for a start-up. The big benefit of an app start-up is that you are agile. You do not have the big overhead of a large corporation. You can take an opportunity and what may seem like an unfavorable situation and maneuver yourself in such a way that you can see the light through the smoke. A strong economy favors big corporations, while a recession is what can give birth to the next Amazon.
As an app startup, you want to strike when the time is right. You want to take advantage of the state of the economy, the financial opportunity, appetite for all things virtual, and more. Get off the ground by picking up top talent and bringing your business to the people, at a time where your app is necessary.