10 Oct The Perfect Time to Start Your Business
I’m always asked when the right time is to start a business, and to be honest, there is NO “perfect time”. Even when you are the most prepared, starting a business is a large and often risky undertaking. The question then becomes not when is the best time, but, instead, how much risk you can take on at that time in your life.
Knowing when the right time is for you will depend on a few key factors. If you’re considering starting a new business venture, consider these three important questions. As long as you can enter into your decision with a level head and a stomach to withstand uncertainty, then now may be a good time to take the plunge.
- What’s your goal for starting a business? Your answer to this question will determine if being an entrepreneur is the right fit for you. If you’re starting a business to have more time for yourself or have more freedom, then I would challenge you to reconsider. Business ownership is not a walk in the part. And you will likely work more than you would in a traditional 9-to-5 job. In order for this to work, you want to be passionate about your business idea, otherwise, you will get burnt out quickly.
- How do your strengths complement your business idea? Knowing your strengths and weaknesses before you start a business is mission-critical. You want to be clear on where you may need help. This is an important exercise to pinpoint what obstacles you may face out of the gate and if you have the available resources to tackle them head-on.
- How much financial risk can you take? Most startups will require some capital to get your business idea off the ground. And even if it doesn’t, you have to consider the time you may have to invest in your business that can’t be invested elsewhere. If you’re going to work other jobs during the launch process, figure out how you will do this. If you are going to dedicate your time 100% to your business, determine how long you can live off of your savings. From my own personal experience, I highly recommend not quitting your day job while you start your new venture. Instead, use your free time to begin taking the preliminary steps like writing a business plan, registering your business, perhaps even begin marketing it to gain customers first, so when you do go full force you’ve already generated measurable traction.
If you’re considering opening your own business, I strongly encourage you to seriously reflect on these three questions. After you’ve done so and you’re still confident that this is what you want to do, then start getting your resources and tools in place to be successful.