4 Tips for Starting a Business in an Economic Downturn

1. Find your niche.

Industry-defining companies like Airbnb take form during recessions. Are you able to address a unique niche right now — offering a solution to help people get through the current crisis? Alternatively, can you adapt your original idea to address that niche?

Take a moment to step back and assess the world around you. Identify the issues faced by friends, co-workers, people in the news. Envision the potential solutions to problems that aren’t being answered by what’s currently out there.

Many such niches are getting carved out amidst the current turmoil. Both healthcare and education — two of the most vital industries in any society — are seeing significant disruption. These industries need innovative reconstruction initiatives urgently. Education hadn’t been disrupted meaningfully in 100 years. Now parents and students are looking to optimize their time, online resources and teacher interactions to avoid losing months of study.

Read More at : https://www.entrepreneur.com/article/351070

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