One of the key concerns when starting a business is always going to be ‘is this the right time?’ Start-ups are truly on the rise with much technology and opportunities available to facilitate the growth of the small business or turn your side-hustle into a full-time gig. Regardless of this, there are certainly things that one needs to consider before starting a business.
You should consider how much of a priority you can allow it to be at this moment in your current life. There’s no one-size fits all when it comes to start-ups, but having a good gauge of your life priorities before you jump on in will certainly stop you from falling. We have gathered some of these pointers together that may help you weigh up your wants and options.
Real estate or business?
If your looking to get on the property ladder, yet you’ve also got a hankering to get a start-up off the ground, it’s worth assessing which of these you should prioritise first. Both are real milestones, so trying to juggle them at the same time or prioritising the wrong one first could end up causing you some setbacks that you could do without.
If you’re looking at homes for sale and weighing up whether it’s the right time to take the leap, then you’ll probably be thinking positively about the investment opportunity to be had. Buying a house can be an excellent investment because house prices will tend to rise as time goes by. Also, you will be putting money into an asset of your own instead of essentially paying someone else’s mortgage via renting; thus gaining this asset to sell on.
On the other hand, many people are opting to start a business before they buy a house. Investing in business now may set you up better for a future time whereby you are more steadily able to afford the purchase comfortably. You may save yourself from, for instance, having a beautiful house but struggling to have much spare for leisure, savings, or business investments. The decision will depend on your personal financial situation and what is important to you the most. It doesn’t have to be one or the other, it’s more about what will work best for you now.
The right time?
Naturally, this concept of ‘the right time’ will differ for everyone depending on your circumstances. Generally speaking, the best time to start a business is when you can make enough time to focus on it. Yet this is easier said than done when you’re working full-time and juggling personal life commitments too.
One of the best pieces of advice is that, before you chuck in your job and start eating into your savings, begin working on the foundations of your business as a side-hustle or via freelancing. If you can work on your portfolio, contacts, marketing plans, and website, etc. while you are still working in your 9-5 job; then when you do quit you’ll likely be off to a much better start. You’ll naturally feel more confident if you’ve already done some of the leg-work before your out there on your own.
With technology on your side, it’s entirely possible to get an inexpensive start to your business via free website design tools and utilizing social media for your marketing needs. Of
Make sure that you plan a budget and stick to it while also putting limits on what you spend in the beginning phases when you are generally going to have less cash. Set yourself financial goals to facilitate your growth; these don’t have to be overwhelming goals to put you under pressure, just achievable targets that help you to gain some momentum.
If you’ve been unhappy in your current job for some time, and you can see viable options to break away and go-alone, perhaps it’s time to thinking about taking the plunge? Many people report being happier in their work life whereby they are working for themselves, pursuing a passion, and learning new skills as an entrepreneur.
It’s never going to be easy taking a risk, but you could come out on top. Worst-case scenario you end up back in a job you don’t like, but best case scenario you’ll end up with a successful start-up to call your own! Succeeding every time around just isn’t possible; getting up stronger and trying again is how so many successful people came to be where they are today.
As with many things, the more planned you are, the more ready you become. If you’ve been working on a business plan for some time, and you have assessed your finances, budgeted, and worked out your target market; then you are well on your way. If your planning hasn’t come into its own yet, this is okay, and you just need to sit down and get organised before you dive on in. Branding is everything these days, and the more you know about what the personality and image of your business
When you are making these assessments, try to ask yourself questions about your current life goals and where you see yourself in terms of your career and personal future. Doing this will make it a little easier to establish exactly what you want. Remember, it doesn’t have to be a one woman/man show. Many entrepreneurs take the leap collaboratively with business partners, finding that this is financially and creatively an option that’s better suited to them.