Some sensible entrepreneurs know that a slow growth economy is the best time to launch a new business. Dan Leahy is only 25 years old but decided there’s no time like the present to start a new corporation.
He quit his Wall Street job in 2010 to start VillageVines, an online membership club that helps New York City restaurants fill available tables with last-minute diners. Users jump at chances to dine at high-end restaurants for discounted prices.
Leahy says he found the recession a blessing. Firstly, the economic impact on the restaurant industry revealed a business opportunity. Secondly, seizing an entrepreneurial idea whose time had come was better than facing the lackluster future of Wall Street. VillageVines (renamed “Savored“) has had its ups and downs like any new business. However, after its first year, Leahy reports that’s the business is gathering steam by recently signing its subscriber number 400,000. He plans to start similar websites in other US cities such as Washington, D.C, Chicago, and San Francisco.
Leahy started the business with a co-founder. This permitted them to jointly put together a business plan that addressed all the important considerations. Their objective is to correctly fill a need for both restaurants and diners. They found that small restaurants could use the web more effectively. In addition, customers were eager to dine out despite having to cut back on their budgets. The result is a tool that brings both together.
Leahy reports that starting during a recession gave his new company a better chance to grow. During rough economic times, VillageVines found restaurants more eager to try an innovative approach to attracting patrons. In addition, diners were certainly looking for ways to save money by purchasing at discounted prices.
Most important, according to Leahy, was that the tough economy made his decision easier to leave his job. That allowed VillageVines to have full-time attention from its founders and achieve more immediate success.