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Saturday, May 28, 2022

When is the Best Time to Start a Business?

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Have you been dreaming of starting your own business?

Maybe you want to create financial freedom for yourself, maybe you have a million dollar idea you’re ready to share, or maybe you’ve finished studying and you’re ready to put theory into practice.

Whatever the reason, starting a business requires careful planning and consideration.

Outside of tax help and financial support, one of the most crucial aspects to take into account to ensure your long-term success, is when to start your business.

Whether you’ve had a hobby for years now, and your friends have finally convinced you to take it to the next step, or you’re continuing your history of entrepreneurial success, what’s the next step? 

According to the financial experts from Metro Bookkeeping, “As with any major decision or life change, a key element to the sustainability and overall success of a business is timing. Timing can determine the market audience, your passion and potential commitment to it, and the demand for the product or service around which your business revolves.” 

So if you’re ready to launch your business, here’s the most important factors to take into account.

Effect on those around you

Running a business can be extremely time-consuming and draining.

This means it may not align with your needs if you already have a busy lifestyle or pressing concerns in your personal life.

With that said having a young family or pressing time commitments isn’t necessarily a barrier to launching a business. But the impact that a hectic schedule and uncertain work hours may have on those around you should always be taken into account.

According to the experts at Mindset Mastery, having family members may actually benefit you when launching a business, explaining “in certain situations having close family members or a partner to help carry the workload may actually make it easier for you to share responsibility.”

Financial Position

financial advise to start a business

The next thing to consider before you start a business is your own financial position. 

In this area, it’s important to assess the amount of risk that you can potentially handle if your business were not to immediately succeed. 

How high-risk is the potential damage? How large is the circle of people that may be affected if your financial state were to be compromised at the potential failure of your business? Do you have loans or start-up investors that would or have been willing to invest in your business or help out if something were to go wrong? 

All of these factors depend on timing. At times, your financial position could be far more optimal to the starting of a successful business, whereas at other times, it could not only decrease the success of your business, but also increase the potential damage if it were to not succeed. 

Personal Passion and Commitment

So, you have the finances and the time to fund your business. 

Another factor to consider is your own passion or drive to see the idea through. This doesn’t refer to the timing of external circumstances, but internal circumstances. As Renee McDonald, life coach and business development trainer, explains “launching a business and guiding it through infancy is an immense challenge. The obstacles that arise may feel insurmountable, and it is your passion and drive for success that will help you overcome them.”

Necessity

reasons to start a business

Now that we’ve looked at immediate external factors and internal factors relating to timing in starting a business, let’s look at the societal and wider economic factors that you need to look at when starting a business. 

Is there a market for the product or service you are selling? Is there a necessity for it? Is it a widespread product or is it something that a lot of people don’t have access too? And most importantly, are you bringing something new to the table? 

Like Eiran Trethowan, entrepreneur and owner of life coaching business Open For Life, explains, “outside and external circumstances can often affect your passion for your business. It’s vital you see the necessity of your products and services in the market. If you can clearly see WHY you are important, you’ll be able to marry your passion with a purpose and push your business forward.”

Are you ready to turn your dreams into reality?

Ultimately, these are all factors which you must look at before deciding to start a business. 

Although the existence of these factors don’t guarantee success in the business market, they will help to create the personal drive that will help you see your business through.

So, when are you going to pull the pin and get your dream business off the ground?

Let us know in the comments!