Whenever we talk about timing in business we usually quote that he or she started with so and so venture at the right time. Now I am sure the next question which would pop up in your mind would be who decides this so-called right time.
Having said that In my last blog I emphasized doing thorough Market research to narrow down your niche and concluded that there is no such thing as the right time to start.
Now I would like to compare both the thought processes and maybe together we can arrive at a conclusion.
To start with this current year 2021 we all know that while many Indian families suffered financial losses in the pandemic, on other hand, the food industry saw a huge rise in the number of new startups and companies.
For the food industry, it was the right time to use the pandemic and to position and promote their products for profit. Companies started focussing on nuts for protein, raw cacao for antioxidants to teas for immunity. Typical of the food industry to play with our fear of immunity and the health of our loved ones.
A second example of timing being important is my own Dad’s business, as he tried to sell Frozen Food products in 1990-1995 and was unsuccessful as nobody could imagine spending Rs.200 on a mere 250 gm of potatoes while the other factor could be that most women were not working at that time as well. And we all know the success story of such Frozen Food companies in today’s era.
Now if we were to conclude on the basis of these 2 examples we could say that since these products were not necessary products and for consumption by the upper-middle class launching them at a specific time could play an important role as people don’t only buy the product but they believe in the story you are selling them with that’s why they buy a certain product.
Coming back to our second notion about ‘Now is the right time to launch and start your business”
I guess everyone realized courtesy pandemics what we actually need and our requirements are very basic. Also with a giant population like ours we still need more players in agriculture, grocery, credit, insurance, manufacturing, food processing, retail, wholesale, distribution, labor, education, medical etc.
Here I would like to clarify that someone dealing in a product that comes under the category of a necessity product then I would say, any time is the right time.
Besides these 2 conclusions that timings play an important role depending upon the nature of the product, we can also have a 3rd notion that business should be done when you want and understanding customer requirements or needs is more important than timings. For any new business to be launched we need to understand the latent needs though it might not be an explicit need.