When is the best time to start your own business?
This can be a great time of the year for reflection and consideration. Has this been a good year for me? Is there any way I could make improvements next year?
Many of us will answer ‘yes’ to questions like this, reflecting on career matters as celebrations come to a close. Writing for The Guardian in 2012 careers blogger Lydia Stockdale said “If all you want for Christmas is a new job, then get prepared to put the festive period to good use. While you're busy eating and relaxing, you can be doing some valuable reflecting”.
For a lot of people, this reflection leads them to conclude that they want to work for themselves - and start their own business. But is the Christmas break a good time for making such a big decision?
When is the best time to start a business?
Most of us get at least a few days off around this time of the year, so even with a full time job you should be able to make headspace for some business planning. Aside from retail, most sectors experience something of a lull, so reflection can usually be done within a relatively peaceful atmosphere. And although it’s psychological, the new year is synonymous with making a fresh start, and also makes for a neat annual milestone in the future. There’s no better time for marking, and making, a change.
So yes; Christmas can be an ideal time to start planning your new business career. But depending what sector you currently work in, there may be other times of the year that will give you the breathing space you need to gather your thoughts. Spring is a great seasonal metaphor for renewal and new growth, and the summer is generally more laid back. So with longer days and a warmer climate you might find yourself with more motivation and inspiration. In other words, any time of the year can seem like a good time.
There's no time like the present
Generally speaking, the right time to start planning for your new business is RIGHT NOW!
It’s a fact of life that the period between deciding to set up a business and generating any revenue from it is usually longer than you expect. There’s always a lag. Sadly, all those enticing ‘overnight success’ stories tend to overlook the months or years of planning and experimentation before they achieved their overnight success.
Just because you decide in January to start a new business, this doesn’t mean that you have to leave your job in January. But neither do you need to wait to get the ball rolling.
These days you can form a company in about 3 hours. You can buy and register a domain name today. And you can even set up a decent-looking website using a web builder in a day or so. Laying these basic foundations has never been easier, quicker, or more affordable.
And, once you’ve made your decision to start a business, forming a company and registering a domain name are great ways to start making your dream feel real. It also creates that all-important momentum, and means that you can begin telling people about your idea, and tell them what it’s called. Forming a company also creates a sense of credibility early on, which can be helpful if you’re looking to attract investors.
If your decision is made, there’s no time like the present to get things moving. You may be concerned about broad economic issues, but the reality is that all economies experience rise and fall, and there's no ‘best time’ to form a company. You certainly shouldn’t sit around waiting for the next economic upswing.
There are always reasons not to start a business, the judgment is whether these outweigh the positive reasons why you should.
If you’re feeling inspired over the holidays then grab the opportunity, harness that enthusiasm, and turn it into some positive action. Don’t wait until this time next year.
Company Formation MadeSimple is an approved e-filing partner of Companies House. To date Company Formation MadeSimple have registered over 400,000 UK limited companies and offer a number of online formation services for first-time formers and serial entrepreneurs alike.