When Is the Right Time to Start Your New Business?
So, you want to start a new business?
First, you should know that this is a massive undertaking that is not to be taken lightly. The odds of your success are frankly not amazing. It’s a big risk. It’s going to cost a lot of money. You won’t even see a profit for the first year…
Of course, you already known all of that. These are just some of the negatives that you’re going to hear when you decide you want to create something new. Some of them may even come from your own brain. We are not here to dwell on the negatives. We’re going to accentuate the positives and help you discover when the best time to start a new business would be.
There Isn’t One
Well, that was easy. Thanks for your time…
What I actually mean is there is no universal best time for everyone. New businesses don’t turn ripe every September 21st. The first snowfall isn’t a sign to take out a loan. It’s going to be different for everyone, depending on their circumstances. What are your finances like, what’s the best season for your product or service are you trying to capitalize on a niche or create something timeless? There’s no cookie-cutter answer. We can’t even say something trite like when you’re ready, because the right time for your particular business might be before you feel ready. What we can do is help you figure out when your best time to start a new business might be.
This one is cut and dry. Can you afford to start a new business? This doesn’t just mean the number in your bank account. There are loans and grants available that you can take advantage of in the short term. The issue is that starting a new business is more than likely going to require you to quit your current job. If you are in a position where you’re comfortable taking that risk, then more power to you.
It’s one thing when you only have to worry about yourself. It’s something completely different when you have other people that depend on you. Building something from nothing is not a 9-5 gig. Unless your spouse is working with you, that can put a strain on a relationship. Even if they are working with you, start-ups are stressful.
What I’m saying is this: Sometimes people try to start something new to fix things in their lives that aren’t going the way they hoped. If your relationships are not in a good place, starting a new business probably won’t be the cure-all you may be hoping it will.
Accentuate the positive…?
This one is fairly simple too. You might not want to start an ice cream truck business in the dead of winter. Know your product, know your market, know your potential customers, and act accordingly.
The strongest indicator that it’s time for your to finally pull the trigger on that small business idea you’ve had is when you physical feel like you can’t not. It’s the only way to know for sure. It doesn’t mean you’re going to succeed, but it does mean you have to try.
There are a lot of reasons not to start a new business, which is why the whole ‘accentuate the positive’ thing came up a little short. You’ll know it’s time for you to go ahead when all the accumulated cons can measure up to your desire to make your dream a reality.
That’s pretty hard to quantify.