When is the Best Time to Start a Business?
Author: Russell SmithDecember 23, 2015
Have a big business idea but don’t know when to start working on it? Our small business accountants from Leeds have some advice for you.
I remember when I first had the idea for my specialised small business accountants firm in Leeds. I was wondering down the beautiful Bondi Beach in Australia when a lightbulb just went off inside my head. I knew this was what I wanted to do.
It was an exciting moment, a life-changing moment, but it posed a big question: When should I start this business?
It’s a tough question to answer, as it varies depending on your personal situation, specific industry, business experience and more. However, generally speaking, there are a few times that are better than others to start a business. Our small business accountants from Leeds, experts in helping you start a business, explain.
Between Christmas and New Year
It’s the most wonderful time of the year! Not just because of Christmas presents, turkey dinners and family; because now is the perfect time to plan and start your business.
Over ten years ago, in the week between Christmas Day and New Year’s Day, I spent time planning what the year ahead had in store for me. My primary goal was to start my accountancy firm — and that is exactly what I did.
Why during this holiday period?
It’s a quiet time when other commitments often fall silent for a few peaceful days. You have time to really think and plan. It also means you are ready, at the start of the year, to go for it. The further you get into the year, the more stuff that keeps cropping up and the more likely you are to avoid starting your business.
When You Have Fewer Commitments
As our small business accountants in Leeds know all too well, starting a business takes a lot of work. What you need more than anything is time and dedication.
The more commitments you have — family, other work projects, holidays, social plans — the less time you have to devote to your business and the less time you have to start it and make it great. Starting in a business when you have a lot on your plate is a surefire way to failure.
A new business is like a baby. It needs nurturing and love sure but, more importantly, it also needs almost constant attention and support.
Start your business at a time when you know you have the ability to make it a priority. This could be before you start a family, just after leaving full-time education, or simply at a time when things in your life are quieter than normal — the kids are at school, you have no time away planned, you’ve just lost or quit your job, etc.
Once Your Business Plan is Complete
Jumping into business headfirst, without any idea of exactly how you want things to go, is not a smart move.
A great idea is a good start, but you need more than that to see real success. Take time to create a sturdy business plan. Look at your customer base, how you are going to attract consumers and investors, analyse your competitors and more.
If you don’t know where to start, Entrepreneur has fantastic resources on how to create your business plan.
When You’ve Achieved Appropriate Funding
You must prepare for the possibility that your business will not be profitable for its initial startup phase. Depending on your industry, this can be anywhere from weeks to years.
First, get an idea of how long it will probably take you to start making money, then ensure you have funding to last that period and longer. When the money runs out, the business collapses, so you simply cannot start a business until you know you have the capital to see it through.
Starting a business is exciting, but it can also be stressful. Putting yourself out on the wire like that, opening yourself up to new obligations, responsibilities and vulnerabilities, means many potential business owners keep putting it off and putting it off.
If you’ve got the basics sorted — funding, a business plan and time to do it — then it makes no sense to keep looking for the ‘perfect time’. In truth, there is no ‘perfect time’; just better times than others.
In order to see success, you have to do what I did when starting my small business chartered accountants firm in Leeds, Just take the plunge.
Need help starting your business? Get in touch with our small business chartered accountants in Leeds today!