When is the best time to start a business?

Launch

For many of you that may be considering starting your own business it can be hard to know when the time is right. You may well get mixed advice on the subject. Whilst some people would say you need to do it now whilst you have the desire and drive to do it, others may be more cautious and urge you to be financially stable first.Watch Full Movie Online Streaming Online and Download

So is there a right or wrong answer?

There are many things you need to consider before you take the plunge and whilst we can’t make the decision for you here are just a few things to think about first.

Do you have a family to support?

If you have a family that depend on your salary and bills to pay every month, you need to make sure that you can cover the bills between the period of leaving your employment and starting your own business. If you aren’t currently employed this won’t be an issue but for many it is a factor.

Is the business seasonal?

It might seem obvious but if you are thinking of starting a business in window cleaning, landscaping or gardening you will need to consider the time of year. You won’t get much work in the middle of December if you are starting up a gardening business. Spring is the time to start getting your name out there – just before people start considering what the outside space around their house looks like.  Use the winter months to prepare and plan and get your business ready to go. Think about the types of jobs you can do during the winter to keep generating an income.

Do you have start-up costs?

This can be a barrier for many start-ups. If you need investment to start a business you must make sure you can secure this before making any commitments. It may be that you need to continue in your employment a little longer so that you can save more money.

How are you going to secure customers?

Do you need to advertise first to get customers? Do you want to give up what is currently generating an income in the hope that your inbox will start pinging or the phone will start ringing? Perhaps you can set aside a few hours each night or outside of your normal working hours to work on a marketing plan, establish contacts and secure work before you take the plunge.

Think about cash flow

If the lead time from starting the job to getting paid is going to be a while, you may want to think about what you can do around your current employment to start “filling up your pipeline”. Take estate agency as an example – it takes around 3 months from the point of getting an offer on a house accepted to completion of the sale. This means that you are waiting for 3 months before you see any money. Make sure you plan for these first few months whilst you are building up your cash flow.

There is no easy answer as to the right time to start a business and whilst you may be desperate to get on with it and launch your business sooner rather than later, it is important that you are prepared and that you are minimising the risk in your first few months.