You have a fantastic business idea, you’ve done your market research, and you know your business is going to be the next big thing…but you keep telling yourself that now just isn’t the perfect time to start your own company. Maybe you just bought your first home or had a baby, or maybe you feel you’re too old (or too young). There’s never a perfect time to start a business. Learn why nowis the right time for you.
1. You Can Limit Risk
If you’re not ready to gamble it all on an untested business idea, you can limit your exposure to risk by starting your new business on the side. Although this route requires hard work and sacrifice, it allows you to pursue your dream while drawing a salary. Remember to set up your business in a way that protects your personal assets.
2. The Government Supports Small Businesses
The Small Business, Enterprise and Employment Act of 2015 has improved access to finance, cut through red tape, and encouraged public sector procurement for the UK’s more than five million small businesses. You may also be eligible for a government grant to start your small business. Use the government’s Finance Finder tool to learn more about the schemes available.
- Technology Is Affordable
Technology is becoming increasing affordable, so you don’t need to spend thousands to set up your business. Basic hardware no longer costs an arm and a leg, and cloud computing allows you to pay for software and services monthly. You can find everything from customer relationship management to accounting to payroll software at a fraction of the cost of traditional packages.
- You’re Not in Control of Your Own Destiny
You may feel secure in your current position, but you have little control over your future when you work for someone else. The company could begin trading at a loss next week or next month, leaving you powerless as you watch your job security dwindle. Yes, a small business may also fail, but you can learn a great deal from failure while staying on the path to success.
5. Help Is at Hand
You don’t have to go it alone. With the current focus on small business growth in the UK, you have a plethora of resources at your disposal. Industry organisations, mentors, government bodies, and business coaches can help you with everything from developing your idea into a product to doing market research to writing a business plan. If you feel you need to brush up on a few business skills before taking the leap, contact Business Owner Coaching for guidance and advice.
6. You’ll Regret Missing Your Opportunity
It may seem sensible to wait until you feel that the perfect time has arrived to establish your company, but what if that day never comes? As American author H. Jackson Brown, Jr’s mother once told him:
Twenty years from now you will be more disappointed by the things you didn’t do than by the ones you did. So throw off the bowlines. Sail away from the safe harbor. Catch the trade wind in your sails. Explore. Dream. Discover. (P.S. I Love You, 1990)