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Four years ago, I started my consultancy business. I didn’t question whether it was the best time to start a business. I was unemployed, needed money, and had a service to offer. Looking back, I can see that I was ready four years ago. I was motivated and prepared to start. I had the experience, thanks to previous jobs, to execute my idea.
I’ve started businesses that haven’t turned into anything. Some of my ideas were good, and knowing what I know now, if I had stuck with them, they would have been successful today. Was it just the wrong time? What was it about starting then that set my business up for failure?
I feel there isn’t one “best time” to start a business. But there might be a “best time” for you and the best time for me, which might look very different. That said, there must be some pre-requisites and tell-tale signs that now is the best time to start a business.
In this article, I’ve explored whether there is, or isn’t, a best time to start a business. I’ve spoken to entrepreneurs and business owners from a range of businesses, from consultants to agencies and ecommerce to local brick-and-mortar service-based businesses. We explore whether starting a business in uncertain times is worth it, tell-tale signs that you’re ready, and tips on how to start a business in uncertain times.
Table of Contents
- When is the best time to start a business?
- The Truth About Uncertainty and Entrepreneurship
- Tips for Starting a Business in an Uncertain Economy
When is the best time to start a business?
In this section, I sourced some tell-tale signs that you’re ready to start a business. Before I get into them, I want to caveat that I’m not saying you need all of them in place; I certainly didn’t.
Having all or some of these signs could be a strong indicator that you’re ready or soon to be ready to start a business.
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Your finances are in order.
When I started my business, my personal finances were in order. I worked a part-time job that paid my bills, and in the meantime, I worked on a side hustle. I freelanced, and while I built my rate and client base, my part-time job in a supermarket helped me feel financially safe.
There are benefits to having your finances in order. For example, you might find that orderly finances give you the peace of mind to:
- Turn down work if it doesn’t feel like a good fit rather than taking every opportunity just in case.
- Sleep well at night without stressing about money.
- Bring your best self to the work environment. When I don’t have money worries, I know I pitch better for work and become more assertive and confident.
Ultimately, how you order your finances is very personal. I have a low-risk tolerance regarding finances. My business was profitable from day one since I already owned the laptop and the software to get started. But, not all businesses are profitable immediately or even in the first year.
According to HubSpot’s Entrepreneurship Trends Report, only 28% of businesses report profit within a year, and most businesses (57%) are profitable in one to five years.
While I was happy with my personal finances, I’m no business finance expert, so I reached out to Gary Hemming from ABC Finance. Gary is a highly respected and qualified finance specialist. I wanted to know his thoughts on finance and businesses and how someone approaching the right to start a business might think and manage finances.
Hemming said, “There’s only one reason businesses go under, and that’s because they run out of money. As long as you can manage cash flow, you can survive anything.”
When asked how someone starting a business can prepare, he said, “Having a buffer and managing cash flow is all that matters. You can trade through anything if you’ve got cash to ride out uncertain times. Your emergency budget and managing cash flow are the only things that impact how long you can survive if things don’t go according to plan.”
When I talk to people at the beginning of their business journey, especially those who are considering transitioning from full-time employment to self-employment, I suggest that they save three to six months of expenses.
No matter what happens, I can pay every monthly expense in my personal and business life because I created buffers early on.
You know your risk tolerance.
Dan Wiggins started his business similarly to me. RedCore Digital started as a side hustle, while Wiggins maintained a steady income, which gave him confidence. Then, he transitioned to running his business full-time.
Like me, Wiggins wanted to start on strong foundations with his finances in order. His risk tolerance was fairly low. I understand this approach entirely. While you can take a considerable risk, if you really want to, it’s better to know your personal risk tolerance and work with it.
Wiggins says, “The best time to start a business isn’t about timing the market but understanding your financial position and risk tolerance. I ensured I had a financial buffer to cover personal living expenses for the first six months, allowing me to focus entirely on building the agency without the stress of immediate cash flow.
“I initially ran RedCore with minimal overheads, focusing on high-value services and reinvesting profits into the business. This helped us grow sustainably while keeping financial risks low.”
“While some entrepreneurs thrive under pressure by ‘betting it all,’ others, like myself, prefer a balance of financial stability and calculated risks. Both paths can lead to success — it’s about knowing what works for you.”
You can’t stop thinking about your idea.
Starting a business is a huge commitment, and if you have an entrepreneurial spirit, you might see potential business opportunities around every corner.
Looking for opportunities indicates that you should be your own boss. I have been looking for opportunities to make money since I was a child. I made and tried to sell afternoon tea stands, flipped wedding dresses, bought and sold goods, created blogs and websites, and so much more.
The problem with spotting business opportunities everywhere is that you can start the wrong idea or start too many.
Instead of starting every business idea, write it down, sit with it a bit, and see if the thought pesters you.
I've discussed the notion of waiting for a pestering idea with my fellow business owner and LinkedIn friend, Kendra Noel. Noel is the CEO and Lead Marketer at Boomtag Media.
She says, “I have had many fleeting excitements over business ideas. However, they come and go, and the excitement and drive don’t stick. When you have one that just won’t go away and consumes so much space in your brain, I think that’s how you know you are ready.”
“There may not be the perfect time, but if you have this happen, it makes you willing to push and do what needs to be done to make room in your life and find the motivation to start,” Noel added.
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You’re amazing at what you do.
My friend Kim Dobson owns a hair salon. She is by far the best hairdresser I’ve ever known. Her journey to becoming a business owner was inevitable — she’s far too good at what she does not to go solo with her business.
Like many of us, Dobson doesn’t always recognize her talent. She went on quite a journey (physically and mentally) to build the confidence to start her own business. It all started with an adventure to Australia, which helped her see that she could change her job, find other roles, and, therefore, risk starting her own business; if it all went wrong, she learned she’d just get another job.
I asked how she went from being an employed hair stylist to a business owner, and here’s what she said:
“I was in my former job for 12 years but felt there wasn’t any career ladder for me to climb, so when I had the opportunity to go and work in Australia, I snapped it up.
“It got me out of a rut and gave me the confidence to work somewhere new. When I returned to the U.K., I thought about what I wanted to do and knew I didn’t want to be employed again.
“I had nothing to lose; if it didn’t work out, I would get another job in another salon.”
The beginning of Dobson’s journey to starting a business was a mental one. You need to believe in your ability to start the business, but equally, have a plan B should you need it. Thanks to changing jobs and working in Australia, Dobson knew she could work elsewhere because she is a talented hairdresser, and anyone else would be lucky to have her.
I had a similar realization when I left a fantastic and safe agency to start my business. I had to believe in myself, but what helped me mentally was leaning heavily into the fact that if it did all go wrong, I could potentially get my job back or find employment elsewhere.
In fact, like Dobson, I ended up working in a new role in a new industry between leaving the agency and starting my own business. The job shift helped me feel safe about getting employment elsewhere, giving me a backup plan in case my business fails.
Once you’ve realized you’re great at what you do and can find financial security elsewhere if needed, you might be ready to start your business. But the right time to start the business doesn’t mean it will be easy; there might be sacrifices.
Dobson says, “I bought a cheap car and spent what I earned in Australia to start my business. I started three days renting a chair and two days mobile to build up my clientele; I gathered enough interest that I quickly progressed to five days a week in the salon. Clients were happy to travel to me.
“After two and half years, I converted a room in my house into a home-based salon, so I am completely independent now.”
As time passed, Dobson fully felt the benefits of being a business owner. Now that she has a more established business, she has a better work-life balance. Her freedom from starting the business has allowed her to take three weeks off to honeymoon in America. She takes Saturdays off work (almost unheard of in the beauty world), and now she’s a mum, she works around her daughter’s nursery.
You’re passionate about the product or service.
Many entrepreneurs start their businesses because they’re passionate about their product or service offering. In fact, according to HubSpot’s Entrepreneurship Report, the top two reasons entrepreneurs start their businesses are because they want to a) be their own boss and b) follow a passion.
Following a passion is really important. When you’re passionate about something, you’re more likely to love what you do and do a thorough and great job. This leads to happy clients and opportunities. People love to work with people who love what they do.
The fear of regret is looming.
For some entrepreneurs, the fear of regret surpassed the fear of starting, and this was the tell-tale sign that they needed to take the leap and start their own business.
Abdul Rehman was plagued by the “what ifs” and used this as fuel to start his businesses. Rehman founded SEO Trix, a digital marketing agency specializing in white-label services.
Rehman said, “The pain of not starting manifested in two ways: first, watching others launch and succeed in spaces where I knew I had valuable insights to share. Second, feeling stuck in a comfort zone that was becoming increasingly uncomfortable.
“Every Monday, I‘d tell myself, ’next week is the time,' until I realized a year had passed. That moment hit harder than any startup struggle could. The fear of regret finally outweighed the fear of failure.”
Passionate about his work, Rehman said he was “solving the same problem repeatedly for free” because he couldn’t help himself.
After waiting a year and convincing himself that “the market isn't ready” or that he needs more experience, Rehman took the leap.
On starting a business in uncertain times, Rehman says, “Ironically, the most uncertain times provided the push I needed. When we started, agencies suddenly needed flexible, remote-ready solutions more than ever.”
I was intrigued by Rehman’s story because I think many of us can relate to having what feels like a great business idea but can’t seem to start. Rehman had experienced it all: the fear of starting versus not starting.
I wanted to know if the pain of starting a business was better — or worse than not starting at all. Rehman said, “The reality of running the business actually proved more rewarding than scary, not because it was easier, but because taking action gave me control over the outcome. That fear of missing out transformed into excitement about solving real problems. Looking back, my only regret is not starting sooner.”
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You know who your audience is.
Melissa Pedigo is a CPA and the founder of A CPA Writes. Medigo writes tax, accounting, and finance content exclusively for CPAs, tax accountants, and financial advisors — and she’s also dubbed herself Chief Nerd Officer and tax-writing wizard.
“If you already know what you want to do and are sure there's a market for your product or service, then starting a business in uncertain times is no different than starting one in certain times,” said Pedigo.
However, she warns that if you’re not certain of the demand for your idea, you should wait until a more stable time when consequences may be less impactful.
On the other hand, having a certain idea can negate the uncertainty of the market, economy, and world at large.
Moreover, with a solid support system (like a spouse, friends, or business partners), you're better suited to start a business during uncertain times. “Having a supportive spouse, both financially and emotionally, is underappreciated and under-recognized in providing the security to make big decisions like starting a business,” Pedigo shared.
You have the right partner.
Many starting a business will do so with a co-founder. I wanted to know the signs that you’ve got the right person so I spoke to Forrest Smith and Tom Sanderson.
Smith and Sanderson have an incredible company, Kineon, and a fantastic story to go with it. They are co-founders whom I massively respect. I’ve seen them work and watched their company grow from its early days, and their achievements amaze me. It’s not just the company and the numbers that are incredible, but the values and attitudes instilled within the entire company, which spans several continents and time zones.
Rather unusually, Smith and Sanderson met in person four years after they started working together.
Smith says, “We first met digitally and spent the first two months discussing our mission and purpose as a team before we ever discussed the technology, product, and company building.”
Suddenly, it makes sense that Smith and Sanderson head up one of the most lovely and mission-driven companies I’ve ever worked with.
When asked how to find the right partner, Smith says, “Explicitly discuss and challenge the mission and values. This discussion will allow you to understand intuitively the values you share, where they overlap, where they merge, and what you will have to compromise on over time to work together.”
Smith warns that “expecting zero compromises is unreasonable, so try to actively find these points so you know where break points in the relationship are.”
I might have assumed that the founding partners would be similar, but Smith says their key strengths are their differences. “We are very, very different in our key strengths.
“One thing that has happened in the past with companies I‘ve founded is that the overlap of strengths is too high. This is comfortable because you approach issues in a similar way, so it’s easier to agree on issues that arise.
“When you do this, it‘s much easier to develop major blind or weak spots in the business. When your strengths and perspectives are more divergent, it’s less comfortable to start because you‘ll challenge each other’s views on different issues that arise. This builds friction early in the business, but if you are committed to accepting respectful challenges, you will synthesize a more effective outcome from these different perspectives.”
Sanderson agreed with all of Smith's points and added, “The month we met was the same month we shipped to 25,000 customers worldwide and crossed our first-ever $1M month.”
As I’m sure you’ll agree, this is an incredible achievement for any company, but Kineon did this with a founding team that hadn’t met, and they did it with only one product.
I’ve adored watching Kineon grow: the business, the team, the product development, everything. It was years before I realized that Smith and Sanderson hadn’t met, and I couldn’t believe what they’d achieved considering their distance.
It’s taught me that unconventional setups can work, but I can only imagine the role the right partnership has played in this incredible feat.
The Truth About Uncertainty and Entrepreneurship
As aforementioned, you may not have all the tell-tale signs you’re ready, but I’d expect some to resonate if you’re ready to start a business. The point is that there is no certain time to start a business.
The fact is that uncertain times make it harder to build a business, but if there is no certainity, eventuallly, you just take the leap.
If you’re considering starting a new venture, evaluate your life, relationships, and bank account and decide if they’re sturdy enough to ride the waves of entrepreneurship.
If they are, and you’re prepared for the ups and downs of business-building, then there’s likely no better time to get started.
Take this note from Joe Clarke, a freelance writer who launched his business in very uncertain times: "Should people start businesses in uncertain times? It depends on the uncertainty. If it‘s a personal situation rife with instability, I’d say it‘s probably not a great idea to add more to your plate. If there’s instability in the world, then you'll be waiting for a long time for the right time to start your business," he said.
"Do what you can to add safety nets before starting your business (whether that‘s having X months’ living expenses saved, a healthy pipeline of leads, etc.), but know that risk's always involved.
"But the thing about risk? Reward usually comes with it.”
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Tips for Starting a Business in an Uncertain Economy
If you’re still feeling unsure about whether or not now is the right time to start your business, let’s go through some tips from business owners and entrepreneurs; maybe they’ll give you the motivation to get started.
1. Just start.
I met Crystal Waddell on LinkedIn and joined her SEO podcast as a guest a year ago. She hosts a podcast discussing eCommerce, SEO, and entrepreneurship. She also runs her own business, which allows her to work from home, spend quality time with her son, and make money.
Waddell perhaps provides the most straightforward yet hardest-to-execute tip: Just start.
She says, “When my son was born, teaching middle school while paying for childcare would cost more than my salary. But I still needed to make money — so I started an Etsy shop that turned into a small manufacturing company of niche products.
“While the ideal path would be to create a business plan, get investors, and raise start-up capital, all the entrepreneurs I know just did the thing. And figured it out on the way.
“The motivation wasn‘t to make millions of dollars; it was just to get some control back over life. So, I think the only right time is when you wake up and say: I don’t want to be doing this anymore; it doesn't make sense.
“In our materialistic world, it‘s a tough jump. You’ve got to say no to a lot of material things and be humble enough to do other work as you figure out how to get customers and make money.”
Why I liked this tip: I loved everything about this tip, and it’s a tip I share with others, too. In a TikTok, sharing tips on how I started freelancing, my first tip was, “Just start.” Wadell and I are in complete agreement with this one.
I’m conscious that a tip like “just start” may sound patronizing, but it is the hardest step. We’re all capable of dreaming up ideas and talking about them, but the magic happens after you get started.
Waddell recognizes that starting is a tough jump and says, You've got to say no to a lot of material things and be humble enough to do other work as you figure out how to get customers,” I love that she added this. When I started my business, I started writing for $10/article, a fee way below minimum wage, but I loved it.
Like Waddell the goal for me was never financial. I just wanted to prolong my travels and increase my daily travel budget. Somehow, my $10 articles grew exponentially, and now my business makes six-figures.
I agree that you need to say no to material things and humble yourself along the way. Writing for $10 was not something I needed to do, and even back then, I was more qualified. You could say I deserved to make at least the minimum wage, but I simply didn’t mind.
It all started with one blog, $10, and a leap into the unknown.
2. Get clear on your audience and their problems.
Doug Davidoff is the founder and CEO of Imagine Business Development. Davidoff and his team enable companies to orchestrate all elements of their sales, marketing, and customer success efforts to generate more impact.
When asked about starting a business in uncertain times, Davidoff said, “Asking if one should start a business in uncertain times infers that there's an option to start them at certain times,“ Davidoff countered. ”In my experience, there is no such thing as certainty, especially when it comes to starting and running a business."
In fact, Davidoff believes that uncertain or difficult times are, in fact, the best times to start a business — for three reasons:
- Tough times (like recessions) have a greater impact on larger companies. If you’re a new company, there are still plenty of opportunities available for you.
- Companies and people alike are more likely to be actively considering change in turbulent times than they are in smooth times.
- Good decision-making pays off far more in difficult, uncertain markets than in good, solid ones. Companies don't become great when times are good — they become great when times are difficult.
"Businesses should be started in uncertain times because if they weren‘t, they would never be started," Davidoff stated. "I do believe there are exceptions for who should start a business in uncertain times, but it would be the same answer if times weren’t uncertain — starting a business is not right for everyone."
One tip from Davidoff is that you should "Be clear on who your target audience is — and equally clear on the problem you're going to solve better than anyone," explained Davidoff.
He encourages new business owners to know the answer to these three questions on behalf of their audiences:
- Why should I change?
- Why should I change now?
- What should I change with you?
Tamara Sykes, SEO Strategist at Next Level Presence, agrees. “You need to ask yourself if there's a need you can provide a solution for,” she stated. “If the need is apparent, go ahead and start the business because you know the market exists. But if it isn't, starting your business during an uncertain time is unwise — particularly since it will take more time to get traction.”
Why I liked this tip: Firstly, I loved Davidoff’s comment about how starting a business in “uncertain times” infers that there is a certain time. There simply is not. Secondly, I resonate a lot with Davidoff’s comment about being clear on your audience and the problem you’ll solve better than anyone.
I firmly believe that solving problems better than anyone is one of the main reasons my business has succeeded. Even from the beginning (when I was writing articles for $10), I wanted to
- Provide the best possible service.
- Slightly over-deliver on my promise to the client
Both of these tactics have stayed with me today, and I use both of them for every client and every project. For me, providing excellent service is a passion project. It’s important that my clients feel special, know, and feel that I care. I always have something that I’ll over-deliver to my clients.
For example, back when I was writing articles for $10, I’d include one or maybe three social media posts that the client could use. I promised them an article, and I over-delivered conscientiously. It was always appreciated.
With this, it is important to over-deliver only to the point where you’re happy. A social media post, for example, was easy to execute but of value to the client.
4. Be real with people.
Brendan Hufford founded SEO for the Rest of Us as a community dedicated to helping people stop learning (and start doing) SEO. His community has helped his members’ businesses grow during the most uncertain times, and Hufford describes this as a “privilege.”
Hufford’s community helped businesses during the most uncertain time. Hufford said, “When times are uncertain, being a rock for others and supporting them outside your core business is crucial.”
For Hufford, SEO for the Rest of Us offers a second income stream. The community became a vehicle for his now full-time business, Growth Sprints. Hufford says, “Our world is farther out of our hands than ever imagined. Multiple income streams can provide security and a level of freedom that, in a way, make things more certain.”
With multiple businesses, Hufford seems to be the biggest advocate for starting one's own business, but starting a business isn’t always the right decision.
Hufford says “no” when asked if everyone should start a business, especially in uncertain times. You shouldn‘t start a business if you’re gambling on more than yourself,“ he says. Adding that level of stress to your relationship with your significant other or children isn't something I'd ever advise doing.”
Why I liked this tip: I really liked Hufford’s authenticity and I believe in what he’s saying. As a business owner, being your true, authentic self and a pillar of strength is valuable. In my experience, people value confidence and assertiveness.
Having two income streams is an incredible privilege; I’m working on it myself. It’s common for people to assume that employment is safer than entrepreneurship, and sometimes, it is, but there are many ways in which entrepreneurship offers more security than employment. For example, I have multiple clients and can afford to lose many before I can’t cover my expenses. For people who are full-time employed, this may not be true.
Finally, Hufford recognizes that not everyone should start their own business, which is a balanced and appreciated view for someone with multiple income streams. Hufford lists reasons for not starting, which include stress and its impact on relationships. There’s no point in being successful in business if your personal life is suffering.
5. Track your expenses and have a plan.
Melissa Pedigo already gave me a tell-tale sign that now is the right time to start your business (that you know your audience).
She also gave a top tip regarding finances. She says, “Keep track of your finances, and I‘m not saying that because I’m a CPA," said Pedigo. You need to know where every dollar goes and make sure you're invoicing for all your work in a timely manner. Cash flow becomes more important in times of uncertainty."
“Additionally, create a thorough business plan for starting and growing your company. This will help you stay focused on your goal when things inevitably get tough. It'll also help you attract investors and financial support when the time comes.”
What I like about this tip: I can’t express the importance of being diligent with your finances. I track every single income and expense. I make it a habit to do it daily. If you don’t, you will forget what you’ve paid for or what you should be paid for!
You simply can only run a successful business by diligently tracking your finances. Plus, if it comes to the end of the year and you haven’t worked on your finances a little and often, you’ll find yourself stressed, and business brings enough stress without you adding to your stresses.
6. Remember: It’s a marathon and not a sprint.
Sam Browne is a serial entrepreneur and a LinkedIn pro. I love Browne’s posts and have always loved reading his thoughts on entrepreneurship.
When asked for a tip for people starting a business, Browne says, “New entrepreneurs need to realize that building a successful business is a marathon, not a sprint. It's going to take time to reach success.
“Your first one to two years as an entrepreneur will push you to your limit. You‘ll need to become a jack of all trades and embrace building new skills on a perpetual basis. You’ll work harder than you ever have but make less money. You won‘t know what systems and standard operating procedures to build. You won’t know what to invest in now, later, or not at all.
“This is all completely normal on your first go around. These are the skills you need to build as an entrepreneur, and there's no shortcut to building them. When you build your second business, and your third, and your fourth, all these things are much easier.
“Hang in there, be willing to grind, and be patient. “
What I like about this tip: What stands out within this tip is that you’ll need to become the jack of all trades, and you won’t know what systems to build. Both of these things are very true no matter when you start your business. You will enter the steepest learning curve about what it takes to run a successful business. Systems are incredibly important because they speed up processes and enable you to consistently deliver work to the highest standard. I recommend building systems as early as possible. You can always edit them later.
7. Be brave.
Running your own business is not for the weak. According to research by Voronoi, most startups fail within ten years.
Research shows that the first year of business is the hardest, and 20% of businesses fail within that first year.
Running a business alone is challenging, and life's challenges are often impossible to anticipate.
Tom Rankin, a freelance writer for WordPress businesses, deals with various health issues. “Big, bold decisions are tough to make, whether it’s business or life,“ he says. [But now], I have work, personal time, and life balance—the things I originally set out to achieve.”
Megan Sayers, founder of Make Good Design, has also relied on bravery during these times. “We're not out of the woods yet, but there's something comforting about knowing that so many are in the same boat — it's almost given us permission to fail, which has, in turn, made us feel braver.”
What I like about this tip: Running a business certainly requires bravery. You will have to make uncomfortable decisions and take risks.
In a Guardian article, citing the Voronoi, the writer Gene Marks discusses why businesses fail and what it takes to keep one going. Marks concludes: “My advice when people ask me about starting a business? I say don’t unless you are really ready to leave your corporate job and face a cold, harsh, uncaring world.”
While I don’t agree entirely with Marks’ statement, it does have some truth. Running a business is hard, and you will undoubtedly have to work hard – very hard – for periods of time, but in my experience, bravery pays off, and you will be rewarded greatly.
8. Trust yourself.
Mersudin Forbes at Forbes Digital entered my life as a LinkedIn connection, and I finally met him this year. We work in the same industry, so we had a lot to talk about. One thing I love about Forbes is how he thinks about and articulates his knowledge of business.
When I started writing this article, I knew I wanted his insights. Forbes shares the importance of trusting yourself, the value of starting now, and the fact that there is no best or worst time to start a business.
He says, “There is never a best or worst time to start a business. You just have to trust that you will put in the effort to make it work. That is where the magic is.”
Forbes believes everything, including standing still, is risky, and I agree. We’ve heard this sentiment in this article; remember, Abdul Rehman said he started his business when the fear of regret surpassed the fear of starting.
Forbes says, “There is never a good or bad time to start. But you have to feel positive about the thing you want to do. It has to get you out of bed in the morning. Otherwise, it will just be another job, not your own business.”
What I like about this tip: Forbes justifies starting a business by taking a risk assessment. Ultimately, it’s a risk to start, and it’s a risk not to. I strongly agree with this, though it was a journey to get here! This narrative played a role when I first started. Like many young business owners, I was nervous when I started, but I knew I could solve problems. I’m very conscientious and always make things right for my clients. Ultimately, I convinced myself to trust that I would make it work, and like Forbes, I did!
9. Make sure you have the time, energy, and resources.
Running your own business can be draining. Research and hundreds of personal accounts have documented the exhaustion of entrepreneurship. So seriously consider whether you have the time, energy, and financial backing to be your own boss. This includes how you want to spend your time and how you're planning to fund your business.
It's smart to build a business budget and map our income and expenses. You also want to consider your savings, credit score, network, and capital. Who may be willing to invest in your idea? How much money can you secure to get your product off the ground?
As you work through these details, remember to keep your mental health in mind.
In her article, How to Overcome Startup Failure Stress and Anxiety, Jessica Pedraza lists reasons for stress, including:
- Financial uncertainties
- Competing in fierce Markets
- Legal challenges
- Work-Life Imbalance
- Fear of falling
The tips for overcoming stress include:
- Asking for help
- Managing stress properly
- Enjoy life outside of work
- Foster a healthy company culture
Pedraza recommends mindfulness, meditation, deep breathing, and yoga to manage stress properly, as well as exercise, even just a daily walk.
What I like about this tip: I’d love to tell you that I’ve perfected this part of running a business; naturally, I don’t. However, I know that I function best when I follow some of these best practices.
I prefer my work-life balance when I’m up naturally, hydrating first, then walking early in the morning, and getting the sun on my skin.
Recently, I joined a sports class so I have something to look forward to in the evening. It keeps me moving and fit and gives me another layer of purpose.
Is now the right time for you to start your business?
From what I’ve learned about starting a business, there is a right time or a best time, but the truth is, you won’t know if you started at the best time until you get moving. Life simply doesn’t give us all the answers in the present day, but as I discovered when writing this article and speaking to business owners, there are signals that now might be the time for you to start a business.
No one mentions annual trends, seasons, or even the economy. Successful entrepreneurs and business owners recommend focusing on one thing: you. The tips provided were more about your life, mental state, financial order, and things within your control, like business partners, market research, and more.
The right time to start a business is less about external factors and more about your readiness for the exciting journey ahead.
So, if you’ve got a burning feeling that
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