When is the best time to start a business?

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This is the second in a series about what might be holding you back from starting your own business.

When is the best time to start a business?

Do you keep thinking you want to start a business but the time isn’t right, the economy isn’t right or you don’t have enough free time right now?

The best answer I’ve ever heard to the question, “When is the best time to start a business?” came from Gordon Moore co-founder of Intel. He said “The best time to start a business is when you have a good idea.”

If the current economic situation is holding you back, remember that some extremely successful enterprises were started in a weak economy. There are actually advantages to starting when the economy is sluggish.  You have a greater pool of resources because there is less competition. Vendors are more willing to negotiate and work with you. If you need to hire employees or even virtual assistants, they are hungrier for work right now so you get good rates and choice of the best. Also you have time to start off slowly and learn as you go, get the kinks out and be running at full swing when the economy strengthens. You will be well positioned to take advantage of the recovery.

I often hear “I want to start a business but I’m waiting until my kids start school” or start college, or finish college.  What they don’t realize is that there is never a perfect time. When the kids are in school, there will be more time commitments with after school sports and activities. If you wait until your kids start college, you may be taking care of elderly parents. The best answer I know is to start now so that when your kids are in school or college or you have elderly parents to care for, you will have some years in business already and have the funds to help your  kids and parents and the success to hire help or outsource some of your business tasks.

Not enough free-time? That used to be my excuse for not getting things done too. Then I met Sandy Dempsey of the Dreaming Cafe. And I felt like a wimp saying I didn’t have enough time for a particular project. Sandy has a demanding job, the responsibility for a seriously ill mother and she not only manages to do all the housework, shopping, cooking, cleaning, yard work, laundry and snow removal, she also makes time to write, paint and art journal. With all this, she still started her own business in her “spare time.” In other words, she MADE time.

Another excuse I hear is “I’m afraid to leave the security of my job in this slow economy.” First of all, I am NOT suggesting you quit your job. But think about this for a minute: Is there really any security in working for someone else? My advise is to hold onto your job while you are getting your business up and running. Then you will have real security because you will be the master of your own ship. When you need a raise to pay for college, add a new product and you make more money.

In the next post, we’ll talk about money. Can you start up even if you don’t have start-up capital? If you missed it, scroll down to read the last article about not knowing where to start.

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