When Should You Start a Business?

If you choose to start a business, bringing that idea to life can be tough, it’s a big step which is why many people put it off and wait for the ideal time to launch. There are two ways to approach this, the first is following the statistics.

The Statistics

According to the statistics, March is the best time of year to start a business with small businesses lasting roughly four years. March also provides the benefit of aligning with the financial year-end.

A close follow-up is in June, with roughly 430,000 businesses formed in June each year. According to these statistics, September is the worst month to launch a business, with only 35% of businesses being considered successful.

The Alternative Option

The second option is to ignore the statistics, stop worrying about what might happen and just do it!

Get going

The best way to test your business idea is to get it going – you still have to do market research and preparation but don’t use this as an excuse to delay. Perhaps consider the Lean StartUp approach.

Don’t wait for perfection

Don’t get stuck trying to make an idea perfect, there is no perfect idea! The best way to perfect your idea is to get started and learn on the job, improve, and grow with experience.

The longer you delay, the less chance you have of launching anything at all. If your idea is strong, and you have a quality business plan there is no reason to wait for the ‘right time’.

Even if your initial business does fail, taking it to market will give you an incredible amount of knowledge and insight which will help you when it comes to improving your idea, or starting on a new one.

Don’t worry about the world

In today’s world there is a lot to worry about, there are several things that can cause you to pause your plans, but should you?

From the pandemic and recessions of recent years, we have learnt a lot about how things work, and surprisingly we picked up that a recession is actually a great time to start a business!

New products launched during a recession tended to be more successful than those that waited until later. This could be because people get resourceful and creative when things get tough, people concentrate on solving problems with clever solutions.

Over 50% of new business owners start their businesses because of the financial need, while one third lost their jobs and took a chance – if the opportunity arises maybe it’s a sign to start your dream business!

For further tips on forming a company see our previous blog - Five Steps To Take When Building Your New Business

If you’re ready to start your business and would like help look at our company formation packages or call 0800 0198 698 to speak to our professional team.