When to start new businesses is about timing. Time is money. Time is precious. Timing is everything. We could fill this post with phrases about time. The point of asking these questions is to help you discover whether you are ready to become an entrepreneur. Starting your own business is stressful but it need not be traumatic.
Mitigate losses and stress with proper planning. Business startup success is all about doing your homework now. Ask when not only understand if there is an optimal time to open your business but also to keep your personal life in balance. Consider these topics for proper timing in business startup success:
Fact: There are millionaires in every major economy, under every political system, in every type of economy. It is also generally accepted that the USA system of government and economics affords more people more chances at personal success. This does not mean that you should consider the economic environment when considering a business startup. The collapse of the real estate market is probably not the best time to start a mortgage brokerage. Conversely, the collapse of a real estate mortgage may be an excellent time to become a rental property manager. For business startup success, study your niche industry and local economy well with the help of a qualified business strategist. Recognize trends to make a more informed decision on when to start your new venture.
Never quit your day job until your dream job is alive and well. Most small businesses fail within a few short years. Someone who quits their day job to chase their dream runs a high risk of not only being unemployed but also devastated by a small business failure. Unexpected setbacks and temporary failure are inevitable. You will need the cushion of a stable job cushion the blow of bad days in in a startup operation. It is impossible to predict what unexpected expenses or delays you will face. Keeping your day job gives you a better shot at staying in the game longer. A good business strategist can help keep you focused. Remember that this is a marathon, not a sprint.
Your personal life is an often overlooked and important step on your ladder to business startup success. Consider your relationship with your spouse, your children, your relatives, and your close friends when deciding on when to start a new business. If your wife is wrapping up nursing school and expecting to re-enter the workforce then give her that time before loading on new stresses. If your child is anticipating a national little league series, wait until after the big events to begin your new business efforts. Prepare the ones closest to you so they know what to expect. Detect and minimize any friction now. You will have plenty of stress after startup. A qualified marketing advisor can help.
Timing could be a critical factor in your business startup success. You may find that there is no better time than the present or you might find that a slight delay is wise. Either way, the process of studying when to start a new business is a process of discovery. The effort will make you a smarter entrepreneur. Talk with your business strategist for help and consult his article at the SBA for more information.
- Is the economic environment ready for a new startup in your niche?
- Should you quit your day job before starting the new business?
- Are you prepared for sacrifices in your personal relationships?