When it’s Best to Start a Small Business
Posted on February 22, 2016 by Bert Seither - The Startup Expert, One of Thousands of Entrepreneurship Coaches on Noomii.
Bert Seither explains when it's best to start a business.
They say timing is everything. It’s amazing how some people do something at a particular time, and when they look back on it, they realize how fortunate they were to have done something at a particular time. Starting a small business is also about timing. Although circumstances vary from one entrepreneur to another, there are still some factors to take into account on when the best time is to dive into a new company. Small business specialist Bert Seither suggests considering these factors:
1) When you have enough experience in a line of work
Although lots of entrepreneurs may not have any experience running a small business, they should have a substantial background working in a particular industry prior to setting up their own shop. Small business owners are typically experts in their lines of work, which is why they believe they can go out on their own and get enough customers to support a company. Let’s say you have worked for an employer for over 10 years in the auto repair industry. During that time, you’ve learned all the tricks of the trade and have an excellent understanding of everything related to working on vehicles. With this backbone of experience, you would be a good candidate to potentially run your own auto repair business.
2) When you have enough time to devote to it
The startup phase of a business often involves night-time and weekend work, along with the occasional sleepless night, Bert Seither says. The schedule you’ll be on during this timeframe may seem a bit overwhelming, but it is generally necessary to cover the wide array of responsibilities involved in getting a company off the ground. This is why you should have a significant amount of time ahead of you in order to devote it to this process. If you hold a separate job, be sure getting the business operating won’t interfere with it. If you are married or have children, be sure you’ll still have enough time to spend with your loved ones. Overall, don’t be shocked when you realize how much time it’ll take in the initial stages of doing business – and on an ongoing basis.
3) When you have enough money to fund it
According to Bert Seither, one of the biggest reasons startup companies fail is because they aren’t funded properly. Whether you plan to personally fund a company, take out a loan, use crowdfunding, or use any other capital-raising strategy, it is absolutely essential to ensure your financial projections are within reason. You have to be sure that you have enough capital to finance your startup costs and other countless expenses.
4) When your motivation level is high enough
Until you’ve finally convinced yourself that running a small business is exactly what you wish to do, then your motivation level and entrepreneurial spirit are probably high. This is the best time to set up a company due to the incredibly hectic schedule you’ll find yourself with as time goes on. If you aren’t motivated enough to take on this challenge, the chances of your business succeeding will be greatly reduced.
5) When you have a solid business plan on paper
Getting a business off the ground that has a good chance at being financially stable goes back to having a solid business plan to work with. This plan of action should contain specific details about what the company is, what it will sell, how much money it will make, and other relevant information. Once your business plan is in great shape, you should feel confident about moving forward and turning your idea into a reality.
