Question: When is the best time to set up a new business?
12 Aug 2015 | Category: SME's
Answer: 9.36am on Tuesday 15th September!
“When is the best time to set up a new business?” must rank very highly in the top 10 questions that we are asked by people thinking about setting up on their own. While the answer above is definitely ‘tongue in cheek’, you could substitute any time and any date you like and it still might be right.
The truth is that the best time to set up a business has nothing to do with your clock or calendar but more about whether there is a need or demand for what you are planning to provide and whether you are in a position to satisfy it.
To help you decide, here are ten questions that may give you a clue.
1. Are you the right type of person to start a business?
2. Do you have experience in the same field?
3. Do you have enough money to start the business?
4. Do you know what you are going to sell?
5. Who is going to buy from you?
6. Why will they buy from you rather than existing suppliers?
7. How many of them are there likely to be and how much will they buy?
8. How much will they pay?
9. Will this make you as much PROFIT as you need to run the business and to survive personally?
10. Have you taken independent business advice?
The chances are that if you can’t answer ‘yes’ to question 10, you may not be best placed to answer the other nine – in which case, please let us help you (free of charge!).
We have a team of experienced business advisers who cover Hampshire, the Isle of Wight, Surrey, Sussex, Kent and South London. They have helped hundreds, if not thousands, of people to identify if the ‘time is right’ and would love to help you answer the question too!
Andy Pringle – Adviser Manager