Now! Right now is the best time to start a business.
You’ve been dreaming about your business idea, researching it, planning it. So what are you waiting for? If you’ve done the homework and believe you have a viable idea for a product or service, you’re probably waiting for the “right time.” But, according to successful entrepreneurs and business experts, there’s no such thing.
And they go further.
They tell us that even in uncertain economic times the best time to start a business is always now. Why? Because, like having a baby, the timing is never going to be perfect. Many successful companies were launched during a recession, such as Microsoft during the Oil Embargo Recession (1973-74) and, recently, Instagram, Uber, WhatsApp, Airbnb, Slack and Groupon during The Great Recession (2007-09).
However, when it comes to uncertain personal times, that’s another story. If you’re going through a period of great personal instability, now may not be the best time to add more to your plate. It’s better to address these personal matters before diving into a new business venture.
While there’s no time like the present, starting a business does require some preparation.
Are You Ready?
Here are 10 signs that you’re ready to start a business:
- You really want it, and you’re willing to work hard.
- You’ve researched and know your target market–the ideal buyers who need or want your product or service and can purchase it.
- You’ve tested your idea on that target market.
- You have the time and energy to devote to your new business.
- You have a business plan that shows it is a realistic and sustainable idea.
- You have a financial plan that includes funding as well as a budget, operating costs, legal structure, etc.
- You have access to a network of people (offline and online) who will back your business.
- You have the support of your spouse, children, parents, anyone affected by the business.
- You have a gut feeling that it’s time to do it.
- You understand that no matter what happens, it will be a learning experience.
Final Thoughts
Starting a business is always a risk. Success is never guaranteed.
To be successful, a business requires a good idea for a product or service and plenty of planning, preparation and dedication. And, yes, maybe a little luck, but that’s beyond your control.
In the end, once you’re ready, the perfect time to start a business is now.
