The Best Time to Start a Business
I’ve been in business for myself for many years and people are always commenting to me that they have recently developed a strong interest in doing the same. Of course, they do – they’re Americans! That’s how this country was founded and developed. There were always people who had great ideas or saw a common need and decided to move forward by opening a storefront and going into business for themselves. Somehow, we got off that track but today’s critical economic times are causing our American population to start seriously considering becoming entrepreneurs again.
So, when’s the best time to start a business? My answer is – anytime. There are always bumps and dips in the economy but there are always products and services that will be needed by the general population. Consider the things you personally do well; the things you have a genuine passion about; then consider developing a business around those talents and interests. Money is one thing but if you don’t enjoy or believe in what you’re doing, the money will never come. If you are passionate about your chosen profession then you are more likely to succeed. We all enjoy doing the things we enjoy.
Believe it or not, recessions have traditionally been ideal times to start new business structures. As a matter of fact, some of the largest companies in the United States today did just that. Microsoft was started during the recession and the oil crisis of the mid 1970s. And Southwest Airlines began in 1971 as a regional carrier that offered passengers a new method of flying at a cut rate. Southwest decided not to assign seating or offer any type of food or entertainment on its flights. Its management also determined that it would be more profitable for them not to operate out of expensive major airport hubs where they would have compete directly with established air carriers. So the lesson here is to look for the business signs that are staring you in the face and then develop a business plan that will allow you to take full advantage of the current business situation.
You may know your personal skills very well but as a small business owner you will also have to know much more to keep your new company running efficiently. The problem of finding customers always comes up and it’s not an easy thing to overcome. You’ll also need to know about marketing, sales, business development, bookkeeping, and how this new plan will affect your personal financial life from banking to payroll to taxes. There’s not many of us that can do all of these tasks well so you may need to hire someone to do some of these things for you. For example, get an accountant to handle your banking, bookkeeping and tax issues. Get educated in some of the other issues at your local community college or buy a book at the local book store. Check the Internet – there might even be a class specific to one of these topics offered online via webinar or on CD.
The Small Business Administration (SBA) has a great website that will guide you through a variety of topics to help you receive a solid start. From developing a strategic business plan to handling legal concerns, the SBA can be a big help to you. They also offer a mentorship programs through the Service Corps of Retired Executive (SCORE), small business development centers and a network of training and counseling services to guide you over the rough spots.
The SBA also has a lot of information on franchising which has become a huge method of doing business on your own. Some franchise licenses take quite a bit of cash to initially get involved with and others not so much. Choose the one that fits your abilities and interests and see if a franchise fits your personal business acumen. There are also local SBA offices around the country that will assist you in a variety of ways. The Small Business Administration is a great place to gather some vital information and you can’t beat the cost….FREE.
As I said in the beginning of this article, there may not be a better time than right now to start your own business. I personally know a number of people who have done so already and I couldn’t be happier for them. There’s just something about being in total charge of your personal financial future while helping others with your product or service. Don’t get me wrong, running a business will take up most of your time in the beginning – it’s going to be hard work and you will have to put forth the effort. If you don’t think you’re going to like a 15 hour daily schedule or working on the weekend – running your own enterprise probably isn’t for you. But if the freedoms of personal independence while doing something you enjoy sounds appealing to you – press on! You’ll never look back! America was founded on small business and I’m convinced it’s the American entrepreneur who will ultimately bring the United States back to prosperity.
