Entry Time to the Market plays a crucial role in the growth of any startups. Entry Time can be defined as launching the product or service to the market at the right time and at the right place. Time and location play a pivotal role as it defines whether the product or service has arrived too early or late to the market. In case it is too early it means that the people are not ready to accept the product yet. In case you are too late, it means you have quite a few competitors to face.
So, Market timing is a critical element in the growth and defining the success of the business in startups. So how do we come to this right timing? Well, it does not have any ready formula to arrive at it. But following factors can be considered to fix the timing.
By conducting the market research, you can understand what is missing or what the discomfort or pain which on addressing can create a niche for you in the market. In other words, it is knowing the pulse of the market. This also gives you a fair idea of the kind of customer base you can create and to what scale you can grow.
The second most important factor would be to check the competitors in the business. In case they do, to check how they are doing, their strengths, weaknesses, and the duration since they are in the market. If the product in design has USP (Unique Selling Proposition) and the market is not crowded with competitors, then it is the right time.
If in case the above two factors are going in your favor then it is time to plan for the economy. Initially, most of the startups are bootstrapped in the earlier stage which avoids the undue burden of debts.
Startups demand your inspiration, time and dedication. You are ready to dedicate every waking moment to the startup for coming testing times then do go ahead without second thoughts. In case you are not able to make up your mind then it certainly is not the right time.
There are no tried and tested formulas to arrive at the right time. It is the combination of the idea, final product and realizing the need existing in the market. For example, Airbnb which started during the recession with an idea of renting their houses to travelers clicked for them.