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When is the Best Time to Start a Business?

by on March 29, 2018 in Funding The Biz Tips Uncategorized

Businesses are very similar to relationships in the sense that timing matters. Most people will argue that NOW is the best time to start a business. But there are a few things to consider to give your business the best shot.

 

ENTREPRENEUR READINESS

Your readiness is arguably the most important factor to consider when kicking off your business. Once you feel you can handle the stress and the pressures that come with running a new business, you are golden and can go ahead. But don’t wait too long. Usually, the younger you are, the better because you usually have less responsibility.

FINANCIAL READINESS

Starting a business regardless of the size needs money. You do not necessarily need to be the one financing the whole business but once you have an initial source of capital, you are good to go.
If you are saving to finance the business, once you meet your goal, you are free to start but again, if you expect funding from investors, make sure that you have a business plan that will best improve your chances.

MARKET READINESS.

Some businesses do not necessarily have a shelf life on the products they deal in but those that do need to consider this when setting up. You need to be ready with a go to market strategy before you even begin production so that your products do not waste away.

UNSTOPPABLE DESIRE TO SOLVE A PROBLEM.

There comes a time when you are completely unable to ignore what is happening around you, particularly when you know that you could be doing a lot better compared to the systems that are currently in place. This is a great time to collect yourself, sit down develop a business plan, secure your channels to the market then jump in.
When you feel this constant incessant need to start something specific, it’s a great motivator for new businesses but it will not get you too far. You need a sort of support system that will keep you going even when things take a turn for the worst.

Once these things mentioned above are in place, then go ahead, start your business and do not procrastinate, your gap in the market grows narrower as you delay.

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