Why Now Is The Right Time To Start A Business (Hint: It’s NOT Perfect!)
Why Now Is The Right Time To Start A Business (Hint: It’s NOT Perfect!)
Starting a business is both a challenging and rewarding experience. More freedom, flexibility, and creativity are all good reasons to start your own company. So, how do you know when is the right time to start a new business? Remember, everything is never going to be perfect, so don’t wait for it to be. In this article, we’ll discuss 6 reasons why now is the right time to start your own business.
Technology
Modern technology has made the process of running a business easier than ever. Most successful businesses leverage technology to grow and run their business efficiently and effectively.
For example, cloud computing can modernize your accounting department by allowing multiple users to edit and update accounting records simultaneously, saving both time and money by outsourcing the work to a virtual bookkeeper.
Here are some additional ways technology can help start a new business successfully.
- Digital marketing
- Big data analytics
- Platforms that facilitate working remotely, such as ADP, QuickBooks online, and Remote Desktop
- Free online resources that help business development and financial preparation, such as online banking and lending
You can see how these advances in technology can make starting a business today easier than in the past, and that is a big reason now is a great time to start your own business.
More Time
The pandemic has undoubtedly changed our typical workdays, with either partial or fully remote work being the norm. Remote work has its advantages, including no commute and potentially more time with family.You can use this time to focus on your new business, even if only for an hour each day. Starting slowly can also help you decide if the new business is the right move without leaving your current job.
You may be surprised how much you can get done within an hour or two. Creating a checklist or schedule for each day’s business tasks can help keep the business on track. Here is a sample schedule you might find useful:
- Mondays – Bookkeeping
- Tuesday – Marketing
- Wednesday – Client calls
- Thursday – Employee or partner meetings
- Friday – Miscellaneous items
If you are not working remotely, consider spending half an hour before and after work focusing on these tasks. Once you get used to your new schedule and your business grows, you can add more tasks as you see fit.
Greater Talent Pool
A business is only as good as the team behind it, and today’s talent pool is brimming with potential. The cost of talent drops during economic downturns and saving money on an employee’s salary can help a business achieve profitability faster. The Great Resignation has also led to many workers looking for better opportunities, and becoming part of a new business may appeal to them.
Companies like Upwork and Fiverr are also valuable resources when starting a business. Both can connect you to freelancers who can help you get started, and remain on call for any other consulting needs you may have. Having access to this type of network is invaluable when you need help quickly.
If You’re Waiting For Perfection – You Will Wait Forever
The journey of being a business owner is never ending but that is the exciting part! You will always be learning something new and finding alternative ways to advance your business. This means things will never be perfect. In fact, the mark of a great business owner is the hunger they have to constantly improve their business.
What does this mean for you? If you are waiting for things to be perfect to get started, know things will never be perfect. A good business owner has an eye for the areas that need improvement and the motivation to act. Your desire to perfect the details of your business is a good thing, as long as it does not prevent progress.
Adaptability
It is widely believed that COVID has changed the way we do business forever. It may seem counterintuitive, but this makes starting a business now a great idea. Businesses today are forced to be nimble and adapt to transforming market conditions.
New businesses have the advantage of being able to respond to new opportunities faster than more established companies, as they can devote more time and resources to them.
Less Competition
An unfortunate consequence of the COVID pandemic is the closure of many businesses around the world. As the economy recovers, the needs those businesses meet need to be filled. This means that new companies must fill the void left by old businesses and is another reason today is a good time to start a new business.
Tips and Suggestions
Now that we’ve gone over some reasons today is a great time to start a business, let’s close with a few tips that can get your business started on the right foot. Here’s a short list of suggestions that can help:
- Create a business plan
- Research your product or service
- Begin to record your start-up costs
- Decide on a marketing strategy
- Start small and then scale
- Celebrate success
- Stay positive!
Starting a business is undoubtedly a challenge, but the rewards of creating a successful company will be worthwhile. If you’d like to talk through these steps and more with a professional, click on the link below to schedule a consultation.