September 19TH, by Jason Tiemeier, No Comments

When is the Right Time to Start a New Business?

The success of any new undertaking—whether it’s a relationship, a personal project, or a business—depends largely on the effort you put into it. You don’t want to go into anything worthwhile without thinking it through. That means you’ve got to be willing to put in whatever it takes to make it happen.

That doesn’t mean that starting a part-time business when you already have a job isn’t a good idea. Everyone has different capabilities, different levels of tolerance for stress, and workload. As long as you have adequate time to devote to it, you’re probably fine.

The right time to start a new business is when you have time

Figuring out the best time to start a new business is complicated, but if you can answer one simple question, you might have part of the answer: do you have the time?

For your new business to be successful, you need to be able to focus on it. If you are going through some stressful times in your life, you might want to postpone it.

Starting a new business is stressful enough. But, if you are facing relationship or family problems, financial issues, illness, or any kind of disruption, it might be best to put your venture on the back burner until everything levels out.

Age, education, and money are not an issue

Launching a new business doesn’t favor any particular age group. Whether you’re 25 or 55, it doesn’t matter much in the big scheme of things.

According to recent statistical analysis, 35 percent of new business owners are between the ages of 50 and 59. People between the ages of 18 and 29 only make up four percent of the total. Most are male, and the largest percentile has a high-school education or GED.

Money doesn’t seem to have a huge impact either, as a third of all new companies launched are started with less than $5,000.

Are you prepared?

Being prepared is easily the most significant prerequisite for business success. The more organized you are, the more you know about the market you are entering, the better your chances of success.

Here are some of the things you will want to have in your back pocket before you launch:

  1. A great business idea. Do your research and be sure there is a market for what you’re selling.
  2. Time and energy. Be sure you’ve got plenty of time to give your business its due.
  3. A business plan. Flesh out your business plan well before you launch.
  4. A good support system. You must have the support of the people closest to you.
  5. A gut feeling that you’re ready to do it. Don’t discount what your gut tells you. If you have an undeniable sense that it’s the right time, just do it.

 

Once you’ve got your business plan together, you’ll need a place to make it all happen. Heritage Office Suites has convenient locations in Georgetown and Round Rock, each equipped with everything you need to start your company on the right foot. Drop by for a tour today, or reach out to us directly to learn more.

Written by: Heritage Office Suites

Our mission is to provide entrepreneurs, freelancers, startups and businesses of all sizes with a collaborative office environment, along with the on-demand services needed, to be more productive and innovative. Our all-inclusive workspaces are a cost-effective alternative to traditional office space that allows your business to thrive while staying lean and nimble.