If your wondering when the right time is to start a business, there usually isn’t one. Even if you have a rock solid business plan and plenty of funding, taking the plunge can be daunting. If you are employed you are giving up your steady income to chase your dream. If you have a family you may have to sacrifice some family time to follow your dream.
despite the above there are definitely certain points in your life where it can be less risky to go it on your own. Below is a list of some of those times.
- When you are young
One of the most common regrets amoungst entrepreneurs is they wish they had followed their dreams earlier. When you are young you generally have less responsibilities and a higher tolerance for risk. You can afford to fail! There is no shame in failing on the way to follow your dreams. Once you have a family to support it becomes harder to get out of the 9-5 world of a steady income.
2. Being made redundant
Althought this can come as a blow, it could be the best thing to ever happen to you. Being made redundant will make you re evaluate your life. Sure you can continue looking for another job and with experience you will likely get one sooner rather than later but is that what you really want? If you have an entrepreneurial spirit this can be one of the best times to follow your dreams and see what happens. You can always go back to employment if it doesn’t work out.
3. You dont like your job
If your job is making you miserable then leave. Life is too short and we spend most of it working. Pursue something that makes you happy. Many businesses have been born out of employees leaving to go it on their own. Use your time wisely to plan and build the foundations of your business before you jump in. Sacrificing the odd evening and weekend to plan is key. If you have a good idea or the skills and knowledge to go on your own and your miserable at work now is the perfect time to start planning and building for your future.
4. You have no responsibilities
Many people dream of starting there business but then life gets in the way, mortgage payments, school fees, family expenses. The more responsibilities that you have the less likely you are to go it on your own. So if your free from responsibilities it is the best time to start.
As i said at the beginning there is always going to be doubt and its rarely an easy path to success but if your driven and motivated to make your business a success there is every chance that you will.