Given the high levels of uncertainty surrounding the COVID-19 pandemic, it may seem like the absolute worst time to launch a startup. But according to history, this may actually be a viable business decision to consider.

It’s true that launching a startup during a pandemic can be risky. Yet in the end, it may not be that much riskier than starting a new business during more favorable economic times. A thriving global economy does not mean your startup will be successful, nor does a challenging global health crisis mean your new venture is doomed to failure.

In fact, some of the most successful businesses in history have been forged in trying economic times. The same challenges that cause others to shy away can spur eager entrepreneurs into action. Furthermore, history shows that a global crisis is not necessarily an impediment to success.

A quick glance at the historical record shows that some of the biggest names in business got their start during challenging times. Those household names include General Motors, IBM, General Electric, and even Disney. And while your pandemic startup may or may not become a multibillion-dollar business, it can be successful if you follow the right steps and serve the needs of your customers. Here are some timely tips for making that happen.

Consider the Unmet Needs of Your Would-Be Customers

In the wake of the coronavirus pandemic, consumers have been reexamining their priorities and taking a closer look at their spending. Nonetheless, this does not mean they have stopped buying the products and services they need. Recent surveys have shown that consumer spending has recovered to pre-pandemic levels, so it is clear that some businesses are doing very well in the face of all this uncertainty.

If you want your startup to be successful, begin by considering the unmet needs of your would-be customers. What do consumers need in these trying times that competitors are not currently providing? If you can answer this one simple question, you could be halfway to the successful launch of your startup.

Look for Ways to Ease Concerns in a Time of Uncertainty

Now more than ever, consumers have become quite risk-averse. As a result, buyers are looking for creative ways to purchase the products and services they need. From using curbside pickup at the grocery store to online consultations and buying options, new areas of needs are growing.

If you plan to launch a startup during a pandemic, think about what your customers are concerned about and seek out ways to address those fears. It could be offering sidewalk pickup outside your local storefront, shipping products to customers, or offering to meet online. The startups that will be most successful in this trying time will be those that go above and beyond to meet the needs of their customers.

Seek out Government Grants and Low-Interest Loans

Starting a business is always a risky endeavor, no matter what the macroeconomic conditions. And launching a startup during a pandemic is not cheap either. However, you do not have to put all your capital at risk.

If you are going forward with your plans to launch a startup during a pandemic, you can reduce the risk by financing your endeavor with government grants and low-interest personal loans. Times may be tough, but there is still money available to help you get off the ground. Interest rates are at an all-time low and if you have favorable credit, {Get your free credit score} you’re more likely to qualify for the best terms available.

In some ways, it seems like 2020 might be the exact wrong time to start a new business. However, if you are willing to put in the hard work and think a bit differently, you may be able to make your pandemic era startup a success.