Is it a good idea to launch a small business in the summer when many consumers are on vacation or just taking it easy? Yes! Summer could be the ideal time to launch a startup. Here’s why.
Vacation time is prime time for small business
If you’ve already started planning your new venture and have completed your research, you could launch your new small business during your summer vacation. Two weeks is more than enough to launch a business, according to calculations done by the World Bank, which reports it takes just six days to complete all the legal steps required to start a business in the United States. If your company offers summer Fridays, use those days to handle issues that require you to be there in person, such as scouting a location or opening a small business bank account.
Consumers are more receptive to trying something new
Consumers tend to be more relaxed in the summer, often making them more receptive to trying something new, whether that’s a new store, service, or restaurant. If they’re on vacation, chances are they’re even more open to new experiences—and with today’s technology, it’s easier for local businesses to retain customers from other areas.
Consumers have more money to spend and are more willing to spend it
Consumers tend to loosen their purse strings in summer (good news for your startup), and the recent employment growth means they have more disposable income to throw around. The National Retail Federation reports that income growth will grow between 1.9–2.4 percent this year, while retail industry sales will rise 3.1 percent, higher than their 10-year average of 2.7 percent.
There are some businesses that are ideally suited to a summer launch. Consider:
- The restaurant industry tends to flourish during the warm summer months, especially if you live in an area that’s a popular tourist destination. Get noticed by participating in “A Taste of” events, often held in cities and towns with lots of foot traffic, outdoor entertainment, tourist venues, or summer fairs.
- Services catering to seasonal tasks, such as home improvement and landscaping can also thrive during the summer season. At the start of summer, push seasonal services, such as pool cleaning, lawn care, etc. As the season draws to a close, create a sense of urgency to get customers to act on getting their homes ready for the coming fall and winter. (Think house painting, remodeling, or home repairs.)
- Back-to-school has become a prime driver for summer retail sales, including clothes, accessories, school supplies, and even décor for college-bound students.
- Children’s extracurricular activities, such as summer day care, sports clinics, and music or art programs are sure to be a hit with working parents who need someone to entertain the children while they’re at the office.
- With millions racing to get beach-ready bodies, a personal trainer or other diet or fitness-oriented business can capture a lot of customers this time of year.