When is it a good time to start a your own business?

Business start up

Should you start your new business now?

Many want to be entrepreneurs will spend hours pondering whether this is a good time to start their business. Typically they will be considering such factors as time constraints or demands of the family. Perhaps they are waiting for a year end bonus to help fund their new start up. It is a really difficult question to answer.

As so many answers to small business questions are simple “it depends”. This is a frustrating answer but the subject of business and entrepreneurship is a very wide one and so your particular circumstances, your product or service, your experience, your customers and many other things are all what will eventually determine the answer to this question for you, specifically.

In most cases we would recommend you start right now. Why? Well simply because, the first few steps cost you nothing except time and effort. This is where you will start by planning and researching your business idea. So time on the internet and chatting to potential customers whilst getting information from a variety of suppliers is something you can start doing now. So do it.

Take the information you found out above and start writing down as precise a plan as you can. How are you going to make your product? Who is going to provide the service to your customer? Where will you store your product? What will it cost to make your product? Do you have a place for storage? Who will be finding new customers? How will you find customers?

There are many questions to ask yourself and what you want to end up with is a detailed plan of how your business will run every day and every month. Don’t worry about the format for now. This is not something for bankers or investors to see. Instead it is a document to get you thinking about all the possible problems you might run in to. If you manage to write down this business plan in a single day, well done – just make sure you have enough detail. Have you though about exactly how you will deliver your product? Have you considered hidden costs like phone bills, insurance, bank charges and break downs?

Now leave your report overnight and take a look at it again the next day. Do you have fresh ideas? Try again on day three and four. Now you should have a fairly detailed plan for your business and a list of things that need to be done to get it started. This list gives you a much better idea of the time and effort required to get things going. It will also tell you what you can do now and what can wait a bit longer.

External factors affecting your business startup

For many new business owners the question posed by this blog post is mute. They start their businesses because they have to. They need income and can’t find employment. So financial pressure is what forces the business to start.

For others with the luxury of time on their hands, don’t let that luxury result in indefinite procrastination. That is a lost opportunity. You need to come up with very good reasons why you can’t start now, and when you have them, head over to our home page and identify that reason on the page. We’re pretty sure there is a way around it and you are simply looking for an excuse. Follow that link and find a way to remove the reason for not starting. You owe that to yourself.

Good luck,