When Is The Best Time To Start A Business?

when is the best time to start a business?

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Podcast by Eddie Eastman
CEO Startup Streams

“We are here to kickstart your ecommerce ambitions by providing you with a range of ecommerce stores in the most popular niches whilst providing you with a fully functioning business complete with products to sell saving you time, money and effort in the process."

Podcast by Eddie Eastman
CEO Startup Streams

“We are here to kickstart your ecommerce ambitions by providing you with a range of ecommerce stores in the most popular niches whilst providing you with a fully functioning business complete with products to sell saving you time, money and effort in the process."

Is now the best time for you to start a business?

Timing is one of the most important, yet underrated conditions for achieving success in business. You need to go to market at the right time, with enough potential customers to understand and adopt what you do. So what can you do now, to make sure that you can achieve the best timing and put the likelihood of success in your favour? Well listen to this episode of the Startup Stream Serial Entrepreneur Podcast to find out…

Let’s begin…


Start when you know your target audience, have a business plan and a marketing strategy in place

Your customers are everything. They have the last say in whether or not your business will be a success. You need to know who exactly you need to sell to, does your product solve the pain point as efficiently as possible for the end consumer, and can you send your target customer to your website - or wherever it is you intend to sell - as cost effectively as possible. Do you have the very real potential to make a profit? Have you done the maths?

For example, the only purpose a business possesses is the ability to solve a problem. As long as you are sure and convinced, ideally with data, that you can create a good enough product, for a big enough problem, in a cost effective manor, you are ready to start a business.

All too often, new businesses fail because there just isn’t a need for what they’re selling. In fact, it is the main reason why businesses fail. You need to make absolute sure there is a real need for your product otherwise you face an uphill struggle to failure. So get out there, be where your customers are, and get to know them as well as you possibly can.

You know the phrase, “The customer is always right”.


Start a new business when your customers are ready

You need to make sure that your customers are in a position, mentally and physically, to want to adopt your product.

Let’s take YouTube as an example. YouTube was not actually the first ever video sharing platform. In fact, there were a handful of YouTube like platforms before hand, all of which failed. So what made YouTube succeed when others had failed? Timing.

This is because the majority of people before YouTube simply weren’t ready. They weren’t ready to adopt. They didn’t have smart phones, filming home footage was trickier and expensive, there was so much effort involved… But once these barriers to creating content were reduced; with faster internet, mobile devices which can play video on the go and the fact that everyone has a camera in their pocket now, means we as consumers were ready to adopt YouTube.

Now, over 500 hours worth of video is uploaded to YouTube every minute, 1.8 billion users visit YouTube each and every month and YouTube is now the world’s largest search engine, second only to Google. All because of timing.

To emphasise the point, what are some business ideas we are too late to start today? How about designing, creating and selling horse drawn carts en masse? How about selling CDs, Blu-ray or cassettes? There isn’t much need for these now. You would be unlikely to succeed.

On the flip side, what are businesses we are too early to want to start today? How about asteroid mining - although I am aware of some businesses already looking into this. So, how about cyborg robotics or being a planet terraforming expert? You get the idea, we’re just not there yet.

Carrying on…


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Start a new business when you have the time, energy and resources

The strain starting a business takes on you as an entrepreneur, both mentally and financially are not to be underestimated. It is important to consider your own personal situation before committing to starting a business.

For example, do you have the time to commit right now to starting a business alongside a busy work day, and still have time to spend with the family, exercise, eat properly and find time to relax?

In our previous podcast, titled “How To Deal With Feeling Stressed When Starting a New Business”, you may have heard all about how stressful starting a business can be. When considering if, and whether now is the best time to start a business, you must take into account the effort you will have to put in and you must be in a good place personally before deciding to commit.

You also have to be super enthusiastic and passionate about your business idea. You need to be able to want to work on it every day, and be motivated to do so. This is why startup investors like a good origin story from it’s founders. If a startup founder has personally experienced a problem, and has decided to solve that problem by starting a new business and launching a new product, they are far more likely to succeed, because the motivation is there. They genuinely want to help people who have the same problem that they, the founders did. You need to be the same - passionate about what you are doing.



I have a few frequently asked questions for you now…

Q1. When is the worst time to start a business?

Well, pretty much the opposite of what has been stated in this podcast. Make sure you are passionate about what niche you want to start a business in, don’t start if you have no plan and no desire to genuinely help people to solve a problem.

Q2. When is the best month to start a new business?

You can start a business whenever you want, but if it is something seasonal, make sure you have plenty of lead time leading up to the time of year you intend to sell. If you wish to sell products as Christmas presents for example, make sure you start planning, buying stock and preparing 6 months before. Many business owners in the US like to start a business in January as there is arguably less red tape. Starting on January 1st for example, keeps bookkeeping simpler. However, be mindful if you sell consumer goods, B2C, as a lot of people are in debt in January after paying for Christmas.

Q3. What is the most efficient way to start a new business?

You can listen to our last podcast, titled “What Is The Most Efficient Way To Start A New Business” to find out.


Key takeaways

Now, here are the key takeaways for today…

1. Make sure that you know who to sell to, and know how to reach them

2. Start a new business if you have all of your own personal affairs in order.

3. It is always best to start a new business sooner, rather than later.

Thanks for listening to this episode of the Startup Streams Serial Entrepreneur Podcast, with me, Eddie Eastman. Make sure you like and subscribe and you can check out more episodes at StartupStreams.com today…

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