10 Ways to know if it is the right time to start your business
If you look around your vicinity, you would see lots of young Entrepreneurs who has started their own business or small company. The rate of how this happens makes one wonder if it is competitive, also you start having some feelings and ask yourself, why don’t I do this too? Everyone is starting a business, I want to be my own boss, and I want to start my business. Although it is a good decision to become an Entrepreneur and own your business, but you need to understand that it is not a competition, and if you want to be successful in it, you need to start it at the right time. One would ask then, when is the right time to start a business? In this article, we are going to see the answers to that question. I will be disclosing to us 10 ways to know if it is the right time to start your business.
- Your passion for the business has blossomed – initially you may like a business and wish to engage in it, but it gets to a point that your feelings for that business would increase, and your positivism about it would also increase. You would start feeling passion for it, and optimistic that it would work out for you. When you start having this positive vibes, it is the first confirmation that it is the right time to start your business.
- Your business (service or product) is in demand – when you realize that the products you want to sell or the service you want to render is in demand, that is the right time to start. Normally, demand for business products are not always constant, because there will always be rise and fall in the demand slop, so when the demand for a product is high, that is the best time to supply and make profit from it.
- When you have a business plan – You may have passion for a business and it may be in demand at that time, but if you don’t have a plan laid down for the business, then it is not the right time to start. Before you start a business, you should have a business plan. Your business plan should consist of your vision (business goal), mission statement (a formal summary of the aims and values of your company), product or service description, financial resources, marketing strategies, and selling plan. Once you have a business plan, you would know what to do when your business is off the ground and in the market, so when you have a business plan, then it is the right time to start your business.
- You have capital to start the business – when you have the capital to get the essential materials and equipment for your business, that is when you are ready to start. So you need capital for the business, and money to keep the business running once you have started, at least until you start making profits.
- You possess the essential skills needed for the business – while most business does not require much skills, others may require them. If your choice of business is professional and skilled, you would need to acquire those skills before you can start your business. You need to know the business you are doing, so you would be strong when you start it. Photo by Alexandre Zanin from Pexels
- You understand you are taking a risk – you understand that it is 50/50. It’s either you profit from it or not. You are not bent on making it at that early stage of the business, but you understand that there might be failures and you are emotionally strong to overcome the feeling of failure. The early stage of your business is when you make most mistakes, learn from them, and try to build up your business; when you understand that it won’t be easy, you’ll experience difficulty or maybe failure, and you’re ready to take the risk, then you are ready to start your business.
- You are ready to make sacrifices – like I earlier stated, your business would not always yield much profit especially at the beginning, and it would require emotional stability, investing your efforts, time and resources; it would require you to make sacrifices. Are you willing to make them? If your answer to that question is yes, then you are ready to start your business.
- You have your own standard of achievement – this means that you know your business goal (the vision you have set for your business). It means that you will not be swayed by other’s success and make rash decisions about your own business. It means you are not comparing your business to others based on your level of achievement. You can set a goal that in two months, I want to make 20% profit for example, if you are able to actualize this, then it’s okay, but by the time you get your 20% profit and you see someone that has a 50% profit and start making decisions under pressure, it won’t be good for your business.
- You have good work ethics– when you have good work ethics that your business would require to grow and survive, then it is the right time to start. These work ethics includes being hardworking, time conscious, meticulous (paying attention to details), able to work under pressure, good communication skills, meeting deadlines, and other essential qualities.
- When you are an effective manager – when you know how to manage yourself, time, finances, resources, plans, and the business, then you know it is the right time to start. When you know how to keep your emotions at bay, how to prioritize and do important things first, how to work with time and accomplish set goals, how to handle stress and solve problems that arises, how to draft a budget and follow it, and how to follow your business strategy, then you are an effective manager.
Your business would need a combination of so many skills and qualities (as we have mentioned) in order for it to expand and stand. When you have noticed these 10 facts about yourself, then you know it is the right time to start your business. If you want to start a business and you have not met these requirements, start working on yourself to develop them. When you have successfully done that, then you will be ready and you can finally become an Entrepreneur.