02 Jun When Is The Right Time To Start Your Business?
So, you want to be an entrepreneur!
You may have a great idea for a business, or know that you want to break free from the daily humdrum of working to fulfill someone else’s dream.
If you’re seriously considering starting your own business, you likely have the desire and initiative, but is it the right time for you to take the plunge? Is entrepreneurship the right path for you?
One of the common causes of startup failure is the lack of planning and careful preparation.
If you’re currently working, don’t quit your day job just yet! Most savvy entrepreneurs pursue their business as a side project, testing their ideas before they dive in full-time.
Some important questions you need to ask yourself are: Do I have enough money to support myself? If you have a family, are they ready to commit to the dream, emotionally and financially? Is there a need for my product or service?
For some entrepreneurs, the sense of urgency to start right away provokes a willingness to put everything on the line – the house, the jewellery, and other personal collateral – win or lose.
If you have a family, however, it’s important they fully understand the emotional and financial sacrifices that come along with business success.
If your family complains that you’re spending too much time working on your business instead of enjoying quality time with them, it’ll be tough to make your business work, particularly when you’re in the critical stages of starting and growing your business. Ultimately, if you and your family aren’t on the same page, this may not be the right time to do it.
So, what drives potential entrepreneurs to grab their dream of becoming a business owner by the horns and take action?
For most people, it’s not one isolated event that flips the switch, but rather, a series of frustrations that leads to the ultimate desire to take control of their destinies. A desire so strong, they are willing to risk everything – family, future, and careers – to be their own boss.
The thought process is usually filled with the notions of feeling unhappy working for someone else. They are convinced they have an idea that customers will flock to. The idea of a strict corporate structure doesn’t lend well to creativity and ultimate fulfillment.
But how do you know when it’s time to open the door when opportunity comes knocking? Is it when potential customers are calling you? Is an existing business floundering that you think you can improve?
Once you’ve made up your mind to start your own business, there are many things you need to do before you take the next step. Some of these include: Conducting thorough market research. Make sure you have your finances in order to support yourself and your family – over and above the finances you need to start your business and keep it afloat. Make sure your family is as committed to your goals as you are.
It’s important to continuously remind yourself that the rewards and benefits of small-business ownership take time to reap. You need to remain patient, persistent, determined, and willing to make sacrifices to ensure those rewards and benefits come.
Preparing yourself for the heavy-duty responsibilities is key, particularly when things are going wrong. This is your vision, your goal. You are the one steering the ship when the storm breaks out. If you’re not in it for the long haul, and only interested in getting rich quick, you probably won’t last long.
Check out this video, featuring renowned women entrepreneurs, such as Rebecca Minkoff and Alli Webb, who offer up practical tips on when you should take the plunge and start your business: