When Is the Best Time to Start a Business?

Start a Business When You Are Ready, Willing and Able to Meet the Challenge

Starting a Business
Hero Images / Getty Images

Question: What's the best time for starting a business?


Starting a business is similar to starting a relationship; the best time to start a business is when you have the time to devote your attention to it.

This isn’t to say that there's anything wrong with starting a part-time business or starting a business when you are still working at a job. People have different energy levels and different capabilities.

It’s just to say that to give yourself the best shot at starting a business, you have to be able to focus on it.

So it’s the wrong time for starting a business if you are already experiencing a lot of turmoil or stress in your life. (Starting a business will be stressful in itself, even if everything goes smoothly.) If you are in the process of getting a divorce, have just lost your job, or are moving, for instance, it’s wise to put off starting a business until your life is once again on a more even keel.

The best time for starting a business has nothing to do with how old you are; it’s a matter of where you are in your life and whether you’re ready and able to face new challenges.

Should You Become an Entrepreneur?

Should you even start a business and become self-employed? There are many issues to consider before deciding to start a business:

  • Your Personality - not everyone has the required personality traits to thrive as a business owner. Aside from extensive knowledge about the particular industry, to be successful as a business owner requires self-motivation and a variety of organizational, management, and marketing skills, as well as the ability to deal with customers and vendors. See Do You Have the Characteristics of an Entrepreneur? for more information. Think you’re ready for starting a business but are concerned about whether or not you have the “right” traits and attitudes to be an entrepreneur? Read Want to Start a Business? Here are the 6 Traits You Need to Be Self-Employed.
  • Your Financial Situation - your financial situation is a key consideration when determining whether to start a business. How much risk can you tolerate? If you are currently in a stable employment situation and have a family do you really want to strike out on your own? (Providing you have a good relationship with your current employer one way around this is to see if they would consider a contract arrangement; see The Advantages of Being a Contractor). Starting a new business can also take significant amounts of startup capital if you have to purchase equipment, rent/lease business space, and hire employees - do you have savings or access to funding from family, or the ability to secure debt financing from a lending institution or equity financing from angel investors?

Ideas for Businesses

Decided you want to start a business but not sure what type of business to start?

 Here are some ideas :

15 Inexpensive Business Ideas

The Best Business Ideas for Working for or with Seniors

Top 10 Home Business Opportunities

12 Unique Business Ideas

Best Business Opportunities for Retirees

7 Small Businesses You Don't Want to Start

Best Business Ideas for Students

The Best Business Opportunities 2016

Chosen your idea and are ready to start? Doing a business plan is the first step.

Continue Reading...