You’ve got an amazing idea (or two, or three), but don’t know where to start. But is now a good time to start a business? You’re not alone, many budding entrepreneurs struggle with that first big step. Whether it’s a new app or a career as a creative – that leap is scary stuff.
The truth is that there’s never an ideal time to start your own business. It’s like any other personal decision, if you wait for exactly the right time, you’ll never do it. No time is the perfect time, but there are a few things that can help set you up for success.
So how do you go from bright spark to start-up? Here’s six top signs you’re ready to get out of your comfort zone and into the unknown:
It might have been while you were daydreaming, or it might have come to you slowly over time – but you’ve had that lightbulb moment. Many great entrepreneurs actually started their companies near business recessions and depressions. So if you believe your idea fills a need or niche and the market is ready for it, it might be time to go for it.
At the heart of every great idea is who it’s for. Your target audience are the people who need or want your product or service, and will help your business be a success. Do you know who they are? Knowing your audience will help you reach the right people on social media and where you advertise, as well as give you the best chance of converting potential customers into real sales.
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You truly believe in your idea and running your own business is something you crave. You’re always thinking about it. You’ve even talked to peers, friends and family about your idea and they think it’s brilliant too!
Being excited about your new venture won’t be enough to get it off the ground, but it does mean you’ve got the commitment, enthusiasm and drive to take the necessary risks to make it a success. Maybe you’re so eager to get started you’ve even gone ahead and ordered your new Business Cards.
You know what your business is and who it’s for. But can you get it up and running? The amount of money you need to start and run your own business depends on what it is. For example, someone starting a blog will have very few expenses.
But, someone starting a business with a store or lots of equipment will need more money or credit at their fingertips to get set up. And it’s not just launching and running the business that needs a cash injection – you’ll still need to support yourself too. Think about if you have enough savings to start a company and quit your day job. Or if you should start small as a side hustle and build from there.
It might sound silly, but do you have the skills for your idea? Can you start your business on your own or will you need to employ someone with the skills you’re missing? There are lots of ins and outs to consider when you first start your own business. For example, you might be a talented seamstress ready to launch your own clothing, but you’ll need someone to build your website so you can take orders.
These people could be partners if you need their skills long-term. Or they could be freelancers you only need in the first stages of building your business. Don’t forget basic admin too (it’s so easy to overlook when you’re excited about your idea), like needing an accountant or a business bank account.
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You’ve got a Notebook full of doodles, tables and lists. You’ve done your research and crunched the numbers. Only one big question remains – when do you actually launch your business?
It’s not always a case of “there’s no time like the present”, sometimes there might just be a time that makes strategic sense. For example, some people start businesses at the beginning of the year because of the belief in a fresh start associated with a new year. Others start their business when the market is strongest – a catering business might want to launch in the summer, to get plenty of traction before the busy holiday season.
If you read this and thought “that’s me”, now just might be the right time to start building your own business. So what are you waiting for? Get out there and show us what you’ve got!