Almost everybody you meet nowadays either has their own start-up or is thinking about launching one. The number of people running their own small business has enormously increased in past few years. However, not all the start-ups are guaranteed to succeed. If you are thinking of running your own start-up then you must have spent loads of sleepless nights brainstorming about the idea of business, procurement of financial support and most importantly, about the right time to launch your start-up. You must have asked this question to yourself a million times, but never came up with a satisfactory answer.
Honestly speaking, there is no perfect timing for launching your business but there are few factors that you need to keep in your mind while deciding whether your start-up is ready to be launched. It is quite normal to be worried but it is also important not to be worried for the wrong reasons.
Remember, if you are already under a lot of stress then you should wait till things get a little calm. Starting something new is anyway quite taxing and you do not want to add to your problems. You should be in a stable place in your life financially and emotionally while launching a start-up.
1. Age is not a factor
A very common misunderstanding regarding start-ups is that it is good to start young. It is true that when you are a fresh graduate your mind is filled with new ideas, you have more enthusiasm and you will, of course, be more driven to make it big. Although these factors are important, that does not mean that you cannot think of a starting something new when you have crossed that juncture. You might already have worked on few jobs in your field and now thinking about a new start-up which will deal with something specific in your area of expertise, or maybe you are thinking of doing something completely new. You will obviously lack in the physical stamina and enthusiasm, but what you have gained with age is experience, and that will help you immensely in the understanding market and dealing with people. Practically age is never a factor when it comes to start-ups.
Before taking the decision of starting a small business, the most important question you should ask yourself is, are you ready to be an entrepreneur? Be sure you are not doing it for the wrong reasons, like peer pressure or just because you think it is cool. Just having the capital for it is also not sufficient reason. There are few factors that you should keep in mind before taking this decision.
Being a business owner requires certain specific characteristic traits. Not only you have to be knowledgeable about your area of work, you will also need to have the administrative and publicizing expertise. You have to be able to handle customers and understand the market. Few traits that are needed to be successful as a start-up owner are dedication, confidence, self-sufficiency, and competitiveness. You have to be really passionate so that you can overcome all the obstacles that might come your way. In your own business, you have to take the responsibilities of all your employees. If you think you have all these qualities in you, and you can handle the pressure of being self-employed, just go for it.
3. Economic status
This is the most important factor which you need to consider while deciding the right time to begin your start-up. Usually starting a new business requires quite a lot of investment, especially if your business involves buying new apparatus, renting office space and hiring a workforce. Make sure you have saved enough money to support yourself and the people dependant on you until the time it will take to make your business function. If you have a steady job you can consider talking to your current employer about keep working for them on a contractual basis, rather than quitting it completely. That will help you secure your financial situation a little bit, and you will also have an option to fall back on if you do not get the expected outcome from your start-up. It also helps if you are not the sole earning member in your family.
Your decision of owning a small business does not only affect you but also your family members. Apart from the monetary reasons, time also plays an important role. Start-ups take up a lot more time than a steady job initially and for many years after launching it. The stress of the new venture along with the time factor might adversely affect the relationship with family members. So you should have a clear conversation with the close family members explaining them the situation. On the other hand, it is also useful to involve the family members in the business venture if possible.
5. Idea and the product
The first thing that you need before entering the world of entrepreneurship is an idea, which you will turn into a product and ultimately sell. Although the idea is the starting point, it is not tangible, but the product you are going to make out of that is. The number of sellers is increasing day by day. Hence getting the attention of customers is becoming tougher by the day. Your start-up should have something unique to offer that can place your product miles ahead of the other companies in your chosen area. And you can only show the distinctiveness by presenting the product itself. So do not start your business just with the idea, but only when your product is ready and you are sure that you can offer something completely new to the huge market.
You will need a team to give shape to your idea. You should look for talented individuals who are suitable for your work and create a professional team. If your business lets the employees work from home then you will not have the limitation of location while choosing your team.
No matter how small your start-up is, it is going to take as much time as any business. You should be ready to devote all your time to the business you are going to launch. There are people who can have their start-ups alongside their steady jobs, but concentrating only on this venture can ease the difficulties of starting something new. Start-ups will require you to spend a lot of time in conference participation, discussions with investors, developing your products and various other things. If you cannot give your business the priority it needs, it is better to wait for the time when it can get the most attention from you.
8. Readiness to accept failure
Before starting the business you should ask yourself, am I prepared to accept the failure I might have to face? The positive answer is the indication that you are ready to launch your small business. No matter how prepared you are, how unique your product is and how many good investors you have with you; there is no certainty that your start-up will be a success. It is worthwhile to be ready for all the possible situations since there’s no ultimate formula that guarantees success in your business. You should be capable to handle the rejection and move forward with your life if everything does not go as you expected.