Image courtesy of Steve Garfield

Starting a business is something that many people would like to do. Some enjoy the idea of having no boss, others would like to own something and say it is theirs, some feel that it would be the best opportunity to make a lot of money or there could be other reasons too. Some people come up with the idea and get started right away with the business, other people hold onto the idea and do not do anything about it which means that they never do it or someone else does it first. Sometimes it is a good idea to delay but not always and it can be hard to know when.

It will depend on the nature of the business as to whether it is the right time to start it. If the business is free or cheap to set up, then there can be no harm in trying it any time. If you can run it alongside your current job, then it will be able to get started and you will take very little risk whenever you start it. However, most businesses need some investment and you will want to make sure that you do this at the right time to ensure that you do not lose your money.

If you have a specific customer base, the you will need to be sure that they will be willing to spend money on the goods or services that you are providing. It may be that money is tight; perhaps due to a recession or that there are alternatives; due to competition or that they won’t want that sort of thing at the moment. It can be difficult to do market research when you do not have a budget but you can launch a social media page and try to do some on there and also talk to people. Use message boards, forums, talk to local people and family and friends and gather all of their opinions before deciding whether it is the right time. Use your common sense as well and do not  do things unwisely such as investing  in something in a recession which is a luxury, for example, as no one will be able to afford to buy from you.

As well as thinking about customers you need to consider your time in life as well. You need to think about whether you are in a good position to take on a business. A business take sup a lot of time and this means that you will need to make sure that you have that time to give. You may need to work weekends and evenings to fit around a job or you may need to do this anyway just to get enough time to do everything that is required. You also need to consider whether you are in the right financial position to take on a business as well. If you are relying on it for income or you need to put some of your own money into it, you need to make sure that it is the right time for you to be able to do this.