09 Aug When Should You Really Start a Business?
I’m always asked when the right time is to start a business and to be honest, there may never be “the perfect time”. Starting a business, even when you are the most prepared comes with an inherent level of risk. Just how much risk you can take on is what likely drives when you should start a business.
If you’re considering starting a new business venture, consider these three important questions. The key is to really reflect on your answers and be honest with yourself. The last thing you want to do is to rush into a decision when you know deep down inside you are not ready or do not have the resources you need to be successful.
1) Why do you want to start 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. In the beginning, you likely won’t have more time than your standard 9-5 job, in fact, you’ll often be putting in long hours and doing more work than ever before. You want to be passionate about your business idea so that you will be easily motivated and dedicated to making it work. Otherwise, you’ll run the risk of burning out very quickly and not being committed to executing at your highest level.
2) What are you really good at? Knowing your strengths and weaknesses before you start a business is key. Are you great at staying organized? Do you excel at being a salesman? Or, are you more of an idea person but struggle with the execution piece? Unless you are a seasoned salesman, you will need to have a team of people to help you start and grow your business. Taking the time now to consider what resources you’ll need to be successful will help you better gauge when you are ready to start your business.
3) Are you financially ready? Depending on your business idea, you’ll need access to start-up capital immediately. 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. Whether you’re spending time every morning working on your business, or devoting time on the evenings and weekends, having a reliable source of income can dramatically reduce your stress level. Trust me, you do not want the added stress of creating the business and producing income at the same time.
I encourage you to reflect on your answers to these three questions. If you are confident in your responses and have the tools you need to be successful, then now may be the right time to start a business. Remember, to be a peak performer, it is not in what you know, but in how you execute.