If you’re thinking about starting your own business, you might be wondering when you should make the leap. When is the best time to get started – should you do it right now, or wait a while? When should you quit your full-time job and go it alone? Here are a few considerations to help you decide.
1. What is your financial situation like?
Moving from employment to self-employment is a big step, and one of the things that can hold people back the most is worrying about finances. What if everything goes wrong? Do you have savings to rely on, or a backup plan? Our blog post “How To Transition From Employment To Self-Employment” offers some advice on how you can reduce your financial risks when setting up your business.
2. Do you have support at home?
Starting your own business is hard work and often means putting in more hours. Are the people close to you in a position to be supportive and pick up the slack while you’re otherwise engaged? If there are other major events going on in your personal life such as moving house or planning a wedding, it probably isn’t the best time for more upheaval.
3. Are you dedicated?
Starting your own business is a big step and it shouldn’t be treated as a plan B. For example, if you are in a job you don’t like, this alone is not a good enough reason to start up on your own. Being an entrepreneur requires passion and dedication, so don’t entertain thoughts of self-employment as an escape from your current role unless you’re sure it’s what you really want.
Only you can decide when it feels right for you to start your own business, but it’s a good idea to take advice from the people around you and consider how your new venture will affect those close to you. It is not a decision to be taken lightly. One thing you should do once you have decided to start your own business, is to write your business plan. This can put you on a good footing, help you to take your ideas seriously, and motivate you to get started.
If you would like some help with writing your business plan, contact cbm online using the form on the right, or call 01604 420 420.