Is it harder to start a business right now?

Reader,

Yes, it’s harder to start a business right now.

Of course it is. We’re in a global pandemic. Anyone who doesn’t acknowledge this isn’t being honest with you.

But I want to share a different perspective with you.

Yes, it’s harder to start a business now...and you should consider doing it.

Here's why:

1. Many online businesses have thrived:

I’ve been in touch with many of our students from Earnable, our business program, asking how they’ve built and adapted their businesses. When you’re forced to get creative, it’s amazing what you can do.

2. While others are frozen, you can move. (You don’t have to be perfect)

In the early days of coronavirus, I launched my Fireside Chats, a nightly show where I talked about money and business and shared what I knew. They weren’t perfect — I didn’t have a full camera crew, I didn’t have the perfect lighting — but I did them and people loved them.

Right now is an opportunity to be experimental and creative. Nobody cares about perfection right now. It’s the ideal time to try something new and adapt quickly.

3. People are still buying!

There’s a common myth that nobody is buying anything, that everyone is hunkered down spending $0. It’s not true.

We know this from history: "Past downturns produced some high-profile American companies: Airbnb, Disney, General Motors, Hewlett-Packard, Microsoft, Slack, Uber and Venmo, to name a few."

I’ve seen it with my own customer data and I’ve talked to so many CEO friends. For thousands of years, we’ve paid money to clothe ourselves, to entertain ourselves, and for pure desire — we just want to. As an example, if you have children, think how much money you’d pay for your kids to learn something — or for you to just get a few minutes of peace and quiet!

And to show you what I mean, I asked my high-earning students how they’re spending and earning money right now. As you read this, remember: You can start a business right now — we can show you how to find an idea, and people are still buying.

* * *

Who are you?
"38-year-old toddler mom in Virginia"

If you made money during coronavirus, how did you do it?
"My yoga studio folded, but a corporate connection I made there reached out to me and asked me to write for her company’s blog. I also reached out to an old employer and asked if they needed part-time help. Turns out they did! And I moved the failed yoga studio online, under my own brand, almost no overhead."

How much did you make?
"$7,000 and just signed a contract for $1,400 more"

What surprised you about making money right now?
"How easy it was and how fast it happened."

* * *

Who are you?
"42-year-old male, Dallas"

If you made money during coronavirus, how did you do it?
"I started an online art gallery as a side hustle before coronavirus hit, and as a result was ahead of the social distancing curve in this industry."

How much did you make?
"$5k profit (and $15k passed on to artists). First show/launch/commercial offering"

What surprised you about making money right now?
"That people still spent significant money on original art at all."

* * *

Who are you?
"28-year-old man, Portland, OR"

If you made money during coronavirus, how did you do it?
"Shifted from being a real estate photographer to teaching new/low price realtors how to efficiently photograph their first listings, how to outsource editing, and what to look for when ready to hire pro photographers/high end listings."

How much did you make?
"19,500"

What surprised you about making money right now?
"That real estate agents were open to spending money on a photographer that didn't take photos for them and instead taught them how to kind of replace myself in their workflow."

* * *

Who are you?
"37, mom of two, Davis, CA"

If you made money during coronavirus, how did you do it?
"Launched a food concept the first week of SIP in our small college town with my husband. We deliver scratch made, plant forward, individual meals that our customers pre-order on Saturday for delivery Tuesday through Friday."

How much did you make?
"$35,000 gross"

What surprised you about making money right now?
"The biggest surprise is that we finally started something but during a crisis. We thrive when the world is burning."

* * *

BTW, I also asked these readers, "If you took a time machine back 6 months and told yourself you'd be earning money this way, how would (past) you have reacted?"

Here's what they said:

• "That it was not gonna happen as investing in real estate requires too much down payments, bank loans and knowledge I did not have"
• "I would be shocked that my business closed but thrilled I was bringing in actual money again instead of just paying overhead"
• "I really conceived and began executing this in January, so, I don't think I'd be that surprised"
• "Annoyed I didn't start sooner"
• "Not too surprised! We moved here 6 months ago because we knew there was a market for our product and no competition. We didn’t realize it would be this easy"

As you read the responses above, ask yourself one question:

Why not me?

Why can’t I, Reader, be one of those stories?

You know what? I actually want to hear your answer. Write me back and tell me one reason you CAN’T be like those stories above — what’s holding you back? But I want you to also tell me one reason you CAN be like those stories.

Tell me both. I’ll read all your emails to me.