When Is the Best Time to Start a Business?

The Best Time to Start a Business Depends on the Person Starting It

Starting a Business
When is the best time to start a business?. Hero Images / Getty Images

Question: What's the best time to start a business?

Answer:

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. People of any age can start a business and you may be surprised to know that most small business owners in the U.S. are older; 51% of owners of small businesses are 50-88 years old, 33% are 35-49 and only 16% are 35 years old and under. It's not a matter of age - it’s a matter of where you are in your life and whether you’re ready and able to face new challenges.

The Best Time to Start Depends on Your Readiness to 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.

    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

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    12 Unique Business Ideas

    Best Business Opportunities for Retirees

    7 Small Businesses You Don't Want to Start

    Best Business Ideas for Students

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