Often, I am asked when is the best time to go into business.
My answer is, “when you feel lucky”!
Now, this may seem silly and flippant. But actually it is not.
Let’s determine what luck is. My definition: luck is when opportunity meets preparation.
Given this definition of lucky, then you can readily see that luck is really an illusion. We know of many persons who have been successful in business, and often attribute their success, or at least a great deal of it, to luck or being in the “right place, at the right time”.
It has been my experience, that the luck I have enjoyed in my business career, was due in large measure to being prepared, and when the opportunity presented itself (often created by me), I was ready to “take the ball, and run with it”.
So, what is proper preparation?
It starts with self assessment.
The first, and maybe the most important, consideration is “passion”. Do you have a passion for being in business, being an entrepreneur? Is it just “wishful thinking”, daydreaming, or are you serious. Do you have a passion for the activity (business purpose) that you will be engaged in? If you cannot answer yes to both of these questions, it is not the proper time to “go into business”. Having “the passion” will sustain you during the “tough times”, and be assured; there will be “tough times”.
Once you have determined that you have “the passion” for being in business, you need to determine your likes, dislikes, and skill sets. Compose lists of each.
Determine the type of business you would want to be in (service, technology, manufacturer, distribution, internet, retail, etc.), and the industry and/or niche.
Determine if you want to start a business or acquire a business. Each has it pluses and minuses. Start ups are riskier, acquisitions have track records. Start ups may be harder to finance than acquisitions. Start ups may require less initial capital than acquisitions. List the pros and cons of each scenario.
Once you have made the decision as to start up versus acquisition, and then determine why you would be successful in the market place. What unique qualities will you bring to the business? Examine the competition, and determine how you will compete in the market place.
Determine that you have the appropriate financial backing/resources to carry out your business plan. This should include acquisition or startup capital, in addition to adequate capital to sustain your personal requirements. There is nothing more “draining” on one’s psychological wellbeing than having inadequate capital and poor cash flow.
Support: will you have the support (emotional and possibly financial) from your family? Will they be “cheer leaders” or detractors? No one is an island, and this can be an important factor in making the right decision.
So, there is much to consider when “thinking about going into business”. But, the best time is NOW, and a Franchise may very well be your best choice!
I provide no-cost assistance to entrepreneurs nationwide, helping them identify franchise business opportunities that match their interests, backgrounds and financial means. I offer hundreds of business opportunities in a multitude of categories.
I am an affiliate of the world’s largest franchise network with more than 25 years experience helping entrepreneurs like you find and own their own businesses.
Contact us at 888 701-6413 or firstname.lastname@example.org
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