When Is A Good Time To Start My Business?

You may have been dreaming of starting your own business for years but there are so many road blocks including financial concerns, family issues or possibly your own self belief. There are also external factors like the economy and the lack of credit available for business start ups in the wake of the global financial crisis. However, there are a number of reasons why it could be the right time to start your own business.

Most people aren’t passionate about their job and are singing, “I can’t get no satisfaction”, in their heads. When you are passionate, you immediately raise your personal energy and become far more attractive to other human beings. As the law of gravity states - the inter-attractiveness of a body to another is determined by its mass, and your passion increases your metaphysical mass. You will stand out from the crowd and others will notice you more readily. If this is the case, it could be time to pursue your dreams.

Try Before You Buy

Increasingly people are ‘testing the water’ and launching their business venture on a part time basis. The digital age makes it so easy given you simply need a website not a shop front. You can retain your job and cashflow while exploring your business on the side. It provides a safety net because you have a fall back position.

Test your business concept in your spare time and see if your marketing can attract customers and orders. Research your competition and listen carefully to customer feedback.  Also starting on a part time, small scale means your business model is flexible and can be altered to reflect a change in technology or customer habits. Before too long you might be faced with the dilemma of resigning from your job and going full time in your business which is precisely what you want.

Lower Set Up Costs

Start up costs have fallen over the past few years so the financial risk is also lower. You might simply need a computer and website with a shopping cart to kick start your business. The cost of technology continues to fall and with free cloud-based applications like Dropbox to store your data it has never been easier to get started. The marketing landscape has also changed courtesy of social media channels and the Government even provide various grants in sectors like clean energy and tourism plus they also offer assistance and incentives for research and development costs.

Templates for legal documents like trading terms, contracts and shareholder agreements are readily available for free on the web. One word of warning, while the process of getting an ABN and registering your business name is relatively easy you need to consider issues like business structures, accounting software, tax registrations and insurances before you take the plunge into entrepreneurship. There is no substitute for professional advice.

Think Big and Quick

The internet has changed the business landscape. Your website provides an instant global shop front and your customers can now be anywhere in the world. Your online ‘shop’ is open 24/7 and social media means your marketing message can go global and viral in no time. ‘Gangnam Style’ exploded on the back of a YouTube clip and in fact, YouTube is now the second most popular search engine behind Google. Some brilliant business automation tools and outsourcing opportunities mean you can now get more done with less effort.

If you’re thinking of turning your idea into a business, talk to us today. As business start up specialists we have mentored numerous clients through this important phase.