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Discover the Best Time to Start a Business

by Olufisayo
Best Time to Start a Business

Starting a business is a significant life goal, similar to buying a first home, having a baby, or your first child going off to college.

The problem with one of these events is that you have a lot of control over when it will happen. People often hesitate to start a business because they are not sure if the timing is correct.

Even if you have spent years plotting, planning, and thinking about how your business would operate, you may be hesitant to take the plunge and quit your day job.

Below are a few tips that should help you understand the best time to start a business in the United States.

Begin As Soon as Possible

Even though the statement “there is no time like the present” is a cliche, it does come with a bit of truth. Many successful business owners, such as Patrick Lee from Rotten Tomatoes, believe that you should launch your business as soon as possible.

       

That does not mean you should throw caution to the wind and open up a poor-quality business. You should start finalizing your plans immediately and then determine if you are ready for a full launch.

Starting a business is very scary, but you must not let caution take over your decision-making either. When everything falls into place, you should enter the market, even if there are one or two factors causing hesitation in the back of your mind.

Find Your Ideal Introductory Product or Service

Every new business needs a killer introductory product or service to lure customers into choosing them over established players on the market.

Whether you offer incredible value with low prices or a product with features not seen elsewhere, you must have something that differentiates your business from the crowd.

If you have not quite found that idea, you may want to pause and spend more time researching and analyzing. Only when you have a stellar introductory product or service should you feel confident in launching your business.

       

Remember that how consumers see you in the first few months of opening will determine your long-term fate. Businesses that are open to negative reviews find it very difficult to recover, while positive word of mouth can quickly take you to unexpected heights.

Feel Comfortable In Your New Role

An entrepreneur’s daily life is drastically different from an employee who works a 9 am to 5 pm job. Even if you are a very hard worker who never misses a single shift, your responsibilities change when you are the business owner.

You are the one who must make all the crucial decisions, which means that you set your schedule moving forward. If you want to take a day off, there is no one to stop you. The problem is that having so much freedom can be difficult for some people to handle.

Ensure that you feel comfortable in your new role before you further commit to the business. Spend a week working for yourself and see if you have the motivation and discipline to put in the necessary hours.

Embrace Failure

Statistics show that not every new business is a resounding success. Like how you must fold when you have a poor hand in a poker game, sometimes you must know when to quit a new business.

       

Understand that your start up does have a chance of failing. Embrace this fear of failure and allow it to drive you to tremendous success. Work every day as though your business’s future depends on what you achieve in the coming hours.

Business owners who come up with excellent ideas and execute them to perfection will tell you that failure is always a possibility. Do not go into such a venture with a fear of failure. Embrace the unknown and allow your vision to become a reality.

Launch a Pre-Sale

Being apprehensive as a business owner is an understandable emotion. Perhaps you have some confidence in your product or service, but you are not 100 percent certain the market will embrace what you are offering.

One way to test out your hypothesis is to set up a pre-sale. You can use your company website for the pre-sale, while you can also set up a page on sites like Kickstarter. Such a step allows you to gauge interest in your product at a specific price while getting feedback from early buyers about what you can improve in your offering.

Take Control of Your Professional Life

Owning a business is about more than having your name attached to a commercial project. Being an entrepreneur means you are in total control of your professional life.

       

Rather than spending hours every day working to help achieve someone else’s goals and dreams, you can put that energy into realizing your vision. If you have a stellar idea and the skills to execute that plan, do not hesitate to start your business in the coming weeks or months.

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