When do I know its right to start a business?

Knowing when to start your business can be a very difficult decision to make. Later you will often think “Why didn’t I do that earlier?”. The truth of it is that there is no right time to start a business but in this show we go throug the important factors in making that deicsion.

In Show 025 – When do I know its right to start a business? originally broadcast on Facebook Live on Monday 23 October 2017 we explore this interesting topic.

Show Notes

When is the best time to start a business?  Starting a business is a lot like starting a relationship.  If you aren’t willing to put the work in it’s probably going to fail.  There may be no perfect time to start a new business but there are some criteria you should consider.

TIME

First off, you have to ask yourself if you have the time to commit to a new venture.  If you can’t commit 150% to this thing it’s going to fail.  If you are going through a divorce or having a child or planning a wedding you might not be able to do this.

PERSONALITY

It takes a certain kind of person that will be successful operating a business.  You have to have a number of different skills.  From managing and organization to marketing and advertising – you have to wear a lot of different hats.

FINANCIAL

You might have the best idea in the world but if you don’t have the money to back it up you’re going to be in trouble.  Many businesses are going to to struggle for at least the first few months and you will have to have the money in place support the operation at the start.

FAMILY

The stress of starting a new business is going to take a toll on you but also on the people around you.  Your family will be affected by your decisions both financial and in terms of the time you have to spend with them.  You need to have enough time set aside for them or you are going to be unfulfilled.

More about this Show

We started Business Legal Lifecycle to create a simple way for you to understand complex legal terms.  Most importantly we want to help you to develop a plan to take your business successfully into the future.  There’s a startling statistic the underscores the importance of developing a solid plan.  The majority of business owners are just seven months away from losing everything.  A single aspect of your business that is not set-up correctly can shut down your whole operation very quickly.   Legal advice is not cheap and even when you can afford it there is often a divide between lawyers and their clients.  We want to close that gap once and for all.  We want to put legal knowledge and tools into your hand to prevent the worst from happening to you.

Twice a week we are going to deliver those tools right to your home or office with Business Legal Lifecycle TV.  We’ll start the week with Fast Fix Monday, a short 5-10 minute video that will tackle a single issue that businesses have to deal with.  Then on Wednesday’s our main show will feature with more fulsome discussions and interviews all delivered in a straightforward and easy to understand format.