Why Now Is the Right Time to Start Your Business Despite Uncertain Times
In times of economic uncertainty and political upheaval, it’s natural to feel apprehensive about making significant changes, especially when it comes to your career. If you’re contemplating a shift into entrepreneurship but are worried that the current climate might not be the best time to start a business, you’re not alone. Many are asking themselves the same question: Is now really the right time to take the plunge?
The short answer is yes, and here’s why.
Historical Perspective: Lessons from 1968
Let’s take a moment to look back at another tumultuous period in history: the year 1968. Fifty-six years ago, the United States was facing a highly volatile environment, much like today. The country was deeply divided over the Vietnam War, unemployment was high, and inflation was beginning to rise, leading to record levels in the 1970s.
Despite these challenges, 1968 was also a year of tremendous opportunity for those willing to take risks. Several small businesses were founded during this uncertain time that not only survived but thrived and grew into nationally recognized brands. These entrepreneurs did not wait for the “perfect” time—they seized the moment, and their efforts paid off in ways they might never have imagined.
Ten Businesses That Started in 1968
Here are ten examples of businesses that were started in 1968 and have since become household names:
- Subway: Initially opened as “Pete’s Super Submarines” in Bridgeport, Connecticut, Subway has grown into one of the largest fast-food chains globally, specializing in submarine sandwiches.
- Crate & Barrel: Founded by Gordon and Carole Segal in Chicago, Illinois, this home decor and furniture store has expanded across the U.S. and internationally.
- Auntie Anne’s: Although the first official store opened in 1988, the roots of this pretzel shop trace back to a small farmers’ market stand in 1968. It has since grown into a global brand.
- Hard Rock Cafe: The first Hard Rock Cafe opened in London in 1968. It has since become a famous restaurant chain known for its rock-and-roll memorabilia.
- The Limited: Started by Leslie Wexner in Ohio, this small store specializing in women’s clothing became a significant retail brand in the U.S.
- LensCrafters: Founded in 1968, LensCrafters began as a small optical shop and has grown into one of the largest optical retail chains in the country.
- Papa John’s Pizza: Though officially founded in 1984, Papa John’s roots go back to 1968 when John Schnatter’s father started a tavern in Jeffersonville, Indiana, which eventually led to the creation of the national pizza chain.
- Hobby Lobby: Started as a small home-based framing business in Oklahoma City in 1968, Hobby Lobby has grown into a national chain of arts and crafts stores.
- Boston Market: Initially opened as Boston Chicken in 1968 in Massachusetts, this restaurant chain has expanded nationwide, offering rotisserie chicken and other comfort foods.
- Baskin-Robbins (Expansion in 1968): While the brand was officially founded earlier, 1968 marked significant expansion for Baskin-Robbins, helping it grow into a well-known ice cream chain across the U.S.
Additional Examples of Resilience
Beyond these small businesses, 1968 also saw the foundation or significant growth of several other companies that would go on to play substantial roles in their industries:
- Intel Corporation: Now a leading technology company known for its semiconductor innovations and processors.
- Arm & Hammer Deodorant: While the brand itself is older, the deodorant product line launched in 1968 remains popular today.
- Cushman & Wakefield: This global real estate services firm has continued to grow and expand its reach since its founding in 1968.
- LG Electronics: Starting as GoldStar, LG has become a global leader in electronics and home appliances.
- Ralph Lauren Corporation: Launched its Polo brand in 1968, growing into a global fashion empire.
- Royal Caribbean International: Launched its first cruise ship in 1968, and has grown into one of the world’s largest cruise lines.
Why Uncertain Times Are Often the Best Times to Start a Business
The examples above demonstrate that economic and political uncertainty does not necessarily preclude business success. In fact, challenging times can be ripe with opportunity for several reasons:
- Market Disruptions Create New Opportunities: During times of economic turmoil, consumer needs and behaviors often shift, creating openings for innovative products and services. If you can identify and capitalize on these changes, you could be at the forefront of a new market trend.
- Less Competition: Economic downturns can deter other potential entrepreneurs from entering the market, reducing your competition. If you can establish your business during this period, you may face fewer competitors as the economy recovers.
- Talent Availability: During uncertain times, the job market can become more fluid, with talented individuals seeking new opportunities. This could be an ideal time to build a strong team for your business.
- Resilience and Adaptability: Starting a business in a challenging environment forces you to develop resilience and adaptability—qualities that will serve you well as your business grows. If you can succeed in tough times, you’ll be well-equipped to thrive when conditions improve.
- Potential for Lower Costs: Economic downturns can also lead to reduced costs for certain business essentials, such as commercial real estate, labor, and materials. Starting a business when costs are lower can improve your financial position as you scale.
The Cost of Waiting
If you’re waiting for the economy or political climate to stabilize before starting your business, you could be missing out on significant opportunities. History shows us that some of the most successful companies were started in less-than-ideal conditions. The entrepreneurs behind these businesses didn’t wait for the “right” time—they created it.
Fifty-six years from now, will your name be on a list like the one above? It won’t be if you wait until everything feels perfect. The best time to start a business is when you have the passion and the idea. Everything else can be figured out along the way.
Final Thoughts
Starting a business is always a risk, but it’s a risk worth taking if you have the vision and drive to see it through. The current economic and political environment might seem daunting, but it also offers unique opportunities for those willing to take the leap. Just as the entrepreneurs of 1968 found success in a challenging time, so too can you.
Don’t let fear hold you back. Use this time to start something new, something that could one day become a household name. The road ahead may be uncertain, but with uncertainty comes the potential for greatness.
Book a time with James Schrage to discuss your options to a new career path. For more information, click here.