Have you ever wondered what would be the best time to start a business?
When it comes to business timing is everything. Figuring out the best time to start a business is no small task.
My wife, Monika and I, started our first business after I was laid off my job. I have been thinking about starting a business since I was 17 years old. When I was 17 I needed money which I didn’t have to invest. My uncle was all gung ho about my business, he told me that he would invest in my business, but when it came down to it he bailed. Then, all kinds of other things happened in my life like moving from one country to another, then from one continent to another. Then, I was learning a brand new language and culture. Then, I started and graduated from university. Then, I got a job, then another that paid more than the one before, then I got several other jobs that paid more than the one before. So an and so fort.
My story is not that unique. We all have distractions in our lives that change our plans for us. For one reason or another, I didn’t get around to starting a business until 2003.
2003 was the right time for me. But, what makes it the right time to start your business in your own life?
Some of the most obvious times to start a business are:
- It depends – If you want to start a business that requires board certifications, licenses, etc, you have to follow the required path set by the appropriate regulatory body. If you want to have your own dental practice, there is a process you have to follow. Go to dental school, graduate, pass the board, etc.
- Just got laid off – You have been thinking about starting a business for a while. Getting laid off just gave you one more reason to take action to start your business.
- Just quit your job – If you quit your job you had time to plan your next step. The best way is to keep your job while you plan your business. Ideally, you would start your business part-time. That way you reduce the risk you take on. There is less pressure on you to make a profit immediately. Your job could finance the early period of your business.
- Just got a new job – Often, when working in a new job you are required to learn new skills. Your new skills could help you start a business. The best thing about this is that your employer essentially giving you free training.
- You were passed up for a promotion – This happened to many of us. Let’s face it. Getting passed up for a promotion is a frustrating experience. It might just be enough to give you that extra push to start a business. Being mad at your boss is not enough of a reason to start a business. I hope you have a real plan if you decide to quit your job.
- In school and need more money – School is expensive and so is life. It is a great time to start a business when you have relatively few commitments.
- Just graduated from university – You have learned and you ready to put your knowledge to test. You could get a secure job, but want the thrill of entrepreneurship.
- Got out of a bad relationship – Your partner was a drag. You are done with him/her and ready to seize the moment.
- Got involved with the right person – You finally found the right partner who will make everything easier for you, including starting a business.
- Just got married – You are both in agreement that you want to be entrepreneurs.
- Just had a child – You want to spend more time raising a child you love than commuting to a job you hate.
- Just moved – You just landed in a new city with new opportunities.
- Your priorities changed – You used to be happy working for the man. You are ready to be your own boss.
Here are a few myths about the right time to start a business:
- You have to wait until you have a revolutionary idea to start a business. Most of the major brands have done little that’s revolutionary. Starbucks didn’t invent coffee. Neither did Google invent the search engine. Most successful companies are great at improving existing services or products. If you can come up with little improvements to products could help you start a huge business one day.
- All of the stars must line up perfectly. There is just no such a time when everything is perfect.
- The right time to start a business is when you are in your twenties. People of all ages start successful businesses. Your age should not be a factor. There are teenagers and retirees who start and succeed in business. Colonel Sanders started KFC when he was in his 50s. Don’t let your age be a factor.
- The economy must be booming to start a successful business. Great companies are started during recessions, stagnating economies, and boom times. FedEX, IBM, General Motors, Microsoft, HP are only a few examples of companies that started during tough economic times.
- You should start your business before you had your children. It is true that starting a business, especially with small children, is tough, but it can be done. You will have to be a master at time management, but it is doable.
- You have to be a man to start a business. There are countless women who succeed in business. Women might have different business goals than men and they might be starting different businesses than men.
- You have to be rich to start a business. There are many businesses you can start now that require very little investment.
The bottom line about waiting to be “Ready” to start a business. If you are waiting to be ready, you will never start. There is no such a thing as the best time. The sooner you start the sooner will you start learning. You will start, and you will learn, and if you stick with it long enough you might succeed one day.