We believe that there is no perfect formula for a successful problem-free business, because at some point you will encounter failure and hardship. The pre-work of launching a business is stressful, even more so when you start to make it available for the public.
So, when is the best time to start a business? Is there really a right time to launch your business? If so, how would you know?
There were 6.0 million private sector businesses found in the United Kingdom at the start of 2020. As we know, 2020 has placed not just the UK in distress but other countries in the world too because of COVID19.
Given this situation, should business minded people like you stop? If quitting is not in your vocabulary, how could you tell if it is the right time to start a business?
So, you ask when? As soon as possible! According to Ries; Lean Startup philosophy, trying to launch a perfect product is a fool’s errand and wastes critical time.
Instead, the right question to ask would be, ‘what are the things to be fixed before launching a business.’
- Reanalyze your business plan – should you have any missed opportunities, then you can have time to fix them. Conduct a SWOT analysis, where you can strategically evaluate techniques to help you decide on whether to launch or to take longer time.
- Reidentify your source of capital – of course, starting a business involves not just skills and hard work, but money as well. DO you need to fix your budget?
- Review the regulations needed – before you officially start your business, make sure you have secured all the legal papers you needed to legally operate. Fix your compliance.