Best Time to Start a Business Many people find themselves loathing their 9-to-5 jobs and wishing that they could be their own boss. Working for yourself gives you the flexibility to make your own decisions and run your business the way that you want to.
Unfortunately, for many individuals, the idea of starting their own business remains a dream. They keep putting off the idea of their own business because life gets in the way. A 9-to-5 job offers financial stability and the idea of giving that up to can be terrifying.
However, if you want to be your own boss and start your business, now is the time to get started!
You’re not getting any younger
Many people put off starting their own business because they assume that they’ll get to it eventually. Maybe after they’re more financially stable or maybe after a spouse gets a stable job or maybe after the children get a little older.
The problem with waiting is eventually it becomes an indefinite goal. You have vague plans to do it eventually, but eventually never comes around.
If you keep finding excuses to put off starting your own business, there will never be a good time. So, stop prolonging and get started. Now is the best time to start a business.
Have a plan in place though
Okay. So before you quit your 9-to-5 to start your own business, take a few deep breaths. While there’s nothing wrong with taking risks, quitting a stable paying job when you don’t have a business plan could backfire. When you first start launching your own business, you may have to find a way to balance your current job with your business.
At first, your business might be more of a side hustle. For example, many bloggers find themselves writing guest posts for established blogs before they can properly launch their own blog network.
While balancing multiple jobs can be hard, it is worth it. Use this time to learn about the industry and develop a business plan. You may want to shadow someone that is operating a similar business. Or, if you’re interested in writing or graphic design, you should develop a portfolio or personal website.
Once you have an established business plan and an idea of where your business is going to go, then you can start thinking about quitting your 9-to-5. You’ll also want to make sure that you have all the necessary permits to launch your business.
Don’t forget market research
Once you have an idea in place, don’t forget to do market research. You’re going to want to make sure there are actually people out there who want to buy what you’re selling.
If you live in a small town that already has five pizza restaurants, you’re probably not going to want to start another pizza restaurant. You’re going to want to do something more original, such as a breakfast cafe!
Market research is just as important for an online business as it is a physical business. If you’re interested in selling e-books, what is going to set your e-books apart from all the other e-books out there? How are you going to make a profit if you can’t keep up with the larger competition?
Whenever you’re going market research, you’re going to want to look at what other companies in your industry as going. Think about what is working for them and what isn’t working for them.
Then, figure out what you can do. Find out what customers need and figure out a way to give them what they want.
Money might be tricky at first
Going from a job where your employer is paying your taxes, providing you with insurance, and providing a predictable paycheck to running your own business can be hard. With your own business, you’re responsible for everything—from finances, to marketing, to actually getting the job down, you get to do it all.
And, when it’s your own business, there is no guaranteed paycheck. You need to be prepared for a client to not want to pay for that beautiful logo you designed for them or for your inventory not to sell.
When it comes to money, you’re going to want to have several months of savings built-up. You may find that you need this money to establish your business or as a resource if your business doesn’t make a profit immediately.
Depending on what type of business you’re hoping to start, you may also need to get a loan. You know the saying—in order to make money, you have to spend money. If you’re establishing an online store, you’re going to need money to buy initial inventory and to launch your first marketing campaign. Companies such as Financer can help your startup.
Chatting with a financial advisor is always a good move before starting a business. Even if you have a background in financial management, getting the outside perspective of a professional can help keep your business from failing.
Scaling up your business
In the beginning, most small businesses start out with only one or two people. You may find yourself having to troubleshoot problems that you know nothing about. Launching your own website when you have no knowledge of coding can be frustrating, but it’s all part of the process.
Once you have a more stable income in place, you might start finding ways to scale up your business. You might decide to hire an administrative assistant or someone who focuses only on creating your marketing materials.
Any time you want to expand your business, you’re going to want to make sure that it is sustainable enough to grow. You don’t want to hire someone only to figure out that you can’t pay them. You also don’t want to promise a client something and then fail to deliver.
Don’t keep procrastinating—if you want your own business, now is the perfect time to start. Launching your business while you also have a stable income allows you to figure out if your business can be your primary source of income. It can be an exhausting journey, but it is well worth the effort.