I have been asked this question hundreds of times over the past few years, and wanted to provide you with the answer. If you are asking yourself (or me for that matter) when is the right time to start a business? The answer is that ANYTIME is the right time to start a business.
Here is a little secret: You will never have enough money, time, social medial followers, support or perfect business plan before you start. Just like other large life decisions, the right time will NEVER be perfect.
What you can do, is get really comfortable with the variables at play. I’ve created a new eBook and accompanying Online Course to walk you through those variables and get you ready to launch. To give you a taste of what you can do to get ready, consider the following steps:
- Cash Flow – How much money do you have in the bank and/or how much access do you have to investor funds, credit and other sources of funding? Get real with your finances, and determine how much risk you are willing to take (and for how long) to get up and running.
- Team of Experts – Who is going to be your advisor, mentor and have your back as you get started? Do you have a knowledgeable Accountant, Attorney, Commercial Realtor, Financial Institution, and Insurance Agent that you can include as part of your plan and your team?
- Business Plan – There are templates a plenty out there to help you put together your business plan, and I highly recommend putting one together (even if you’ve already launched). Formatting your ideas into a workable, and measurable plan, will not only keep you on track, but position your business for growth.
- Benchmarks – How will you know if you are successful and profitable? Gaining a good perspective on what success looks like for you will be paramount in how you take the next steps.