This question irks many daily who have the eagerness and ability to start their own business – but are intimidated by the unknowns attached. Here are 8 reasons why there is no better time than right now to begin a life of an entrepreneur:
Reason #1: You Have the Vision
If you have a vision for your business, it will fuel the enthusiasm you need to stay motivated and on task during the preliminary planning and logistics stage.
Ask yourself these questions:
- Is my business valuable? If you offer a quality product, you’re in the clear.
- Is there a demand for my product/service? Specialized markets may succeed in smaller populations – or they may not. Functional, necessary services are always in demand, regardless of the economic trends.
- Can I offer my product at an affordable price? Overpriced products and services rarely sell (exception: brand name products). Make sure your business can offer something valuable at a price the average consumer can afford.
- Do I have the time & money? If your business venture requires full-time attention, make sure you have enough in savings to tide yourself over through the start up venture. Starting up may be slower than anticipated if you have other life demands (full or part time job, a family, etc.), so set a reasonable timeline for yourself.
Reason #2: You Can Start Small
Businesses can be as small or large as you need them to be. You might be the sole worker in your company – or you can hire 10 staff members to help you get your business off to a great start. Financial risk taking is required when it comes to being the owner of a business – but the risks should be well-researched and thought out.
If you have a business model ready to support staff (including payroll accounts, healthy or liability insurance as required by law, and a hiring process in place), you are off to a great start. Of course, it is better to start small and grow when needed than overestimate the workload and ending up with inadequate profits and losing your employees.
Reason #3: You Have Something to Give
What is the product or service that you have to offer to the world? Is it high-end, specialized art? A functional, easy to use car wash? A bakery? Determine the functionality of your business product and be confident: if there is a need for it and the size of your venture corresponds with the population of your area, you can’t go wrong. A useful service will always be in demand.
Reason #5: There are Resources Available to Help
Not sure whether your business format should be set up as a sole proprietorship or a complicated S Corporation? A simple trip online and meeting with your local business law attorney are both viable resources. Resources are readily available for you to use, and many highly successful entrepreneurs have written easy-to-follow volumes about the basics of running your own startup.
Reason #6: The Economy is Ready
The economy is currently in a stable place – albeit with fewer jobs than there are qualified individuals. The good news for business owners is that there are many highly qualified employees who are currently searching for work through no fault of their own. You have the ability to hand-pick your staff, pay them a fair raise, and contribute to the country’s employment rate.
Reason #7: There are Mentors Available
Similar to Reason #5, there are many, many talented entrepreneurs out there to connect with. Use online networking tools to start meeting like-minded professionals who can give you advice and support in your business venture.
Reason #8: The Internet
Marketing your own business is just a mouse click or two away. There are many software programs for you to use when setting up a website for your business and starting an online marketing campaign. It doesn’t have to be fancy, but every little bit helps when it comes to getting your business name out there.
After all, people will only seek after the services you offer if they know you exist!
The question is not when is the right time to start your own business. The real question is: Are you ready?
If you are, take a deep breath and go for it!