Why it’s so easy to start a new business today
In this episode, I talk about how nowadays it’s so much easier and cheaper to start a new business, whether it’s a technology startup, a brick and mortar store, or an online eCommerce store. Over the years, starting a new business has gotten much cheaper. The reason this topic popped up for me is because a few months ago, my partner and I decided to revamp an app that we launched years ago. We remember how much time and money we spent to build and market it. Now we realize how much cheaper it is to build an app nowadays and get it out there. And this of course, if you’re skilled enough to do it. So listen to the reasons why in this episode!
Listen to the Podcast episode here:
Or Watch the Video here:
Here’s the transcript from this podcast episode, please excuse any typos!
So, back in the day if you wanted to, you know, open up a store or an E commerce business or build an app, you had to spend hundreds of 1000s of dollars on development, marketing, servers, but everything has gone virtual, I mean everything is online now, if you want to build an app you can only find one. You can white label it and use it or you can hire developers pretty cheap online nowadays. E-commerce, it’s a plug and play, Shopify website or you know, WordPress, you can build your own WordPress e-commerce site for stores. Rent in some places for stores has gone down during the pandemic because nobody is opening new businesses right. As a matter of fact, businesses are closing down. So if you have a business idea now that you can open, probably a good time to do it because no one’s really fighting for these, you know, these businesses, real estate properties. But let’s stick with virtual businesses, right apps, websites, e-commerce, you know, maybe you want to buy products from another country and sell them on Amazon.
Again, you don’t have to really do much besides buy the products listed on your Amazon page, And then market, right, it’s all pretty easy back in the day, you would have had to fly to India. Talk to vendors, purchase products, ship it over here in a warehouse, you know create invoices, ship out the products manually one by one in packages and, you know, and so on and so forth, you have to do inventory and all that stuff. Now you just ship the product directly to Amazon and just sell it. They do all the work for you and all the logistics. So I mean, things have changed dramatically, And I do want to say about that is before you engage in a new business, and I’ve done this in a lot of my podcast episodes before you do anything you spend any money any time, make sure you do a ton of research, because, again, this is where things are different once again. 1020 years ago you couldn’t do a lot of research on these businesses because not only did they not exist, but the information was not readily available online. Now, in 2021, the information is everywhere, businesses have done interviews, look at all the, like, look for the top 10 companies in the space that you’re in, like let’s say you’re selling T shirts, look for the top 10 companies look on YouTube for interviews with the founders, look for podcast interviews with the founders, look for news articles with the founders, you guessed it, Wikipedia, with the founders, anything with the people who run these companies and learn from them. Right, what were the mistakes they made? What were their challenges, what would they do differently today, take all that information that you have access to and use it to your advantage. And while this episode may be shorter than I normally post.
It’s because this is really kind of just a piece of information that I want to give you guys is that you are lucky. It’s so much easier to start a business today than it was 10 to 20 years ago. Don’t be so afraid to take a chance. I talk to people all the time who say they wanted to start a business, but they were too afraid. They didn’t want to quit their job, they didn’t want to start a business and fail, and I’m here to tell you to quit your job. Don’t worry about failure, because it really isn’t failure anyway as I’ve said before in other episodes, it’s a learning experience, because the next time you do it you won’t make the same mistake twice. Now it’s a great opportunity during the pandemic especially you have extra time and don’t say you don’t because you do, instead of binge watching another show, do some research on a topic that you’re interested interested in, or an industry that you want to start a business in start learning about it, you don’t want to start a business overnight.
You can start it over the course of a year to a little bit every day. But this is the perfect time to do it because not only do you have extra time and you probably have a little extra money from stimulus, right, and from saving money from not commuting and saving money from eating at home and just basically saving money in general, you can put a little bit of money into a business online, start small, start getting customers start getting feedback, and then grow from there. It’s not a huge rush to do this that’s the other thing too, you can take your time, and everything is so cheap you can get free trials and free months of like web hosting, And Cloud Hosting and database hosting and API’s for different features for your website or your mobile app, you can get free trials and free everything it’s all it’s all up to a certain limit you get free so we didn’t have that back of the day we had to pay for everything. So take advantage of what you have, you live in a world where everything is at your disposal. You do a little bit of work, a little bit of research, a little bit of effort, and you can build pretty much anything you want. This is more of an inspirational episode.
Hopefully I sparked some kind of energy or some sort of positivity in you to get out there and do some research and learn about a new industry or something you’re interested in, and build something new, be it entrepreneur. And if you do it. I want to hear all about it in the comments, tell me what your idea is, I’ll give you some feedback. I can help you through it. And I will see you all in next week’s episode.