Is the Time Right to Start Your Own Business?

Wednesday, April 10, 2013, 8:00 AM | Leave Comment

There is probably never a time when you will feel completely sure about starting your own business. There are so many unknowns involved in this sort of decision that it is easy to keep putting it off time and time again.

However, if you are decided on the benefits of being your own boss then the following are a few of the factors which will help you decide if the time is right.

  • The Money

    One of the reasons why many people don’t eventually go ahead and start their own business is the money issue.

    The fear factor involved in striking out on your own means that you will probably feel the need to have the safety net of some decent savings before you do it.

    This makes sense, as many businesses fail to make money in their first year or two and you will need some cash back up to survive through this potentially difficult time.

    The key is in going ahead when you have the right sort of financial security and not leaving it too late because of money worries.

  • The Opportunity

    What will you do? It is easy to think that everyone who runs their own business is passionate about the industry they are in and is a long term expert in it as well.

    This isn’t always the case, though. In many cases the business owner simply saw an opportunity and decided to go for it.

    A good example here comes with the scissorlift-training which is now popular all over the county. By getting the right training and becoming good at it you could set up your own business in something you maybe knew nothing about not long ago.

  • The Energy

    If there is one issue which defines most successful business people it is the energy and drive they bring to their ventures.

    If you are feeling ready and raring to go then this is going to make a huge difference to your chances of success.

    On the other hand, if you are not entirely sure about how motivated you are then you would probably be best holding off until your energy levels are higher.

  • The Market

    What about the local market conditions? It would seem foolish to go ahead and start out in a new business venture without finding out what the conditions awaiting you are like.

    In fact, this can often tie in with the point about opportunities we looked at earlier. The starting point for your decision to go ahead could be the discovery of a gap in the market which you can fill.

    If this is the case then you will feel confident about having it up and running and making money for you if you strike while the iron is hot.

    If the market is struggling or you realise that you can’t compete with the existing companies in it then it is time to look at something else or wait for the conditions to become more favourable to you.

Author’s BIO

This post was brought to you by Anthony Bendel who writes for

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