Starting a small business is no easy feat. No matter how much you want to or how frustrated you are at your current job, it can be challenging to decide to leave the comfort of a stable position in a company. Taking this kind of leap will always present a risk. For those afraid of risks, there are even startup concepts that do not require an investment. However, if you already have a vision for your business, you may be wondering what the best time to start a small business is. In the end, this will differ from business to business and from person to person, but there are certain milestones that you want to hit before you start your own enterprise.
Why do people start small businesses?
Before you ask yourself, “When is the best time to start a business,” think about whether or not this is something you really want to do. There are various reasons why people embark on this often fraught journey. As mentioned above, one of the most common reasons is feeling frustrated with your current situation at work. Many people suffer burnout as a result of inadequate pay and too much work. Others find fault with unprofessional management, they feel they have reached a dead-end professionally, or they have been let go. This, in turn, makes them move towards building their own small business. People do this in hopes that it will provide them with something more sustainable and fulfilling than working for the proverbial man.
Another reason why you might want to start your own business is if you feel passionate about your profession but are finding it difficult to find work. Creating your own small business will provide you with an opportunity to build something from the ground up. Not only that, but you’ll be able to do it exactly how you want. Furthermore, this origin story often becomes part of the brand. It can even end up being what draws clients or customers to you. One of the great examples is statetostatemove.com and similar moving companies pride themselves on being a business owned by multiple generations of movers.
When is the best time to start a small business?
You need time
The best time to start a small business is when you know you will be able to devote your time and attention to it. This does not mean that you cannot start a part-time business while working full-time at your current position. However, you need to be aware that you will need to spend a lot of time on it, especially at the beginning. Try to streamline your everyday life as much as you can before starting this adventure. You should also be prepared to make some personal sacrifices – like the amount of time you spend on a hobby or hanging out with your friends.
If you are going through a particularly stressful period at work or in your personal life, it might be a good idea to put off starting your small business until you enter a quieter period. Even in ideal circumstances, starting your own business will bring a lot of stress and worry into your life. You want to be able to tackle all of the challenges that come your way. For some people, the founding of their business will coincide with them moving to a different city. While thinking of all of the things to remember when moving and making sure you have everything covered, it will be very difficult to focus on tackling a million tasks involved in starting a business, however small it might be.
Obviously, getting the money ready is what will determine the best time to start a small business for you. Firstly, you need to make sure that you have enough money saved up. You want to be able to quit your job and focus full time on starting your own thing. Alternatively, you could keep working and treat your business idea as a part-time endeavor. This may take up much more of your time overall, though. Secondly, you need to save or raise money for the business itself. Experts suggest saving up double the money you have planned on needing, just in case. The chances are that it will take you longer to get the business up and running than you have thought initially. And not only that but many expenses you haven’t anticipated can pop up unexpectedly.
You want to be careful with your budget predictions and calculations. Make sure you know where the money will be coming from. You need to be able to cover both your own and the expenses of the business before it starts making a profit. One good way of giving yourself a confidence boost is booking your first client before going all in. Obviously, this will not be possible for all businesses, but it would also provide you with a bit of a financial buffer.
What is the best time of year to launch your business?
It is hard to say if there is really the right time of year to launch a small business. For what it’s worth, some research points towards spring. In the UK, owners who launched their businesses in spring did better overall than those that launched during the rest of the year. Summer is the key season for certain companies, as most seasonal businesses are reliant on summer. Autumn is said to be the season when people are most productive. However, is it really the best time to start a small business? Making New Year’s resolutions can often be what finally prompts people to take the leap they have been considering for a long time. No matter when you decide on launching, be aware that the first few months of a business are crucial.
No time like the present
If you are wondering when is the best time to start a small business, chances are you have already thought it through sufficiently. No time will be completely perfect. However, if you feel somewhat comfortable with your vision, you might be there already. You should start looking into what steps you need to take next to get it off the ground. Try not to let fear make you overthink things and put them off indefinitely. If you feel restless and have already put some thought into it, you should move forward with your plans.