The title of this post is actually a trick: there is no perfect time to start a business! And yet so many would-be entrepreneurs put off launching the business they’ve always dreamed of, looking for the ideal moment. It’s easy to let excuses get in the way, but in reality, just diving in is often the best way to get started in the world of small business ownership. That being said, there are a few things to consider when starting your business.
Not every time is ideal
I tell people that if you’re going through a major life change, such as moving or having a baby, starting a business probably isn’t a good idea right now. After all, your focus is on that major shift in your life, and you probably don’t have a lot of time or energy to devote to something as big as launching a business. If this describes you, stay in the planning phase and keep doing research on how to make the biggest impact when you do start your business.
You should be able to focus 100 percent on the launch of your new endeavor, and not be distracted by anything else in your life.
Make sure everything’s lined up
No, everything won’t be perfect when you do start your business. But you will be responsible for ensuring you’ve done all the research and work you need to beforehand to make your business a success. This list includes (but is not limited to):
- Doing market research to understand your audience and demand for your product
- Securing six to 12 months’ worth of expenses, both for your business and your personal expenses
- Having your business and marketing plan in place
Some loose ends can be tied after you’re in business, but others you can start before you even launch your enterprise, like setting up your website and social profiles.
Let your marketing be your guide
When you do start your business, you won’t just wake up one day and decide “today’s the day!” It’s imperative that you get your marketing aligned with your projected launch date so that you can have the maximum impact with the opening of your business.
For example, setting up social profiles ahead of time and following your target demographic gives you an audience to announce your launch to. So does distributing a press release the day you open. You can advertise your grand opening day to drive traffic to your store, if you run a brick-and-mortar location. The more marketing you prep beforehand, the more successful your launch will be.
Don’t let fear of failure paralyze you from even attempting to start your small business. If you keep waiting around for that “perfect” moment, it will never come, and the opportunity for success will have passed you by.