Why Now Is the Best Time to Start Your Business
You’ve considered running a business but keep wondering whether conditions are right to support your winning idea. Or perhaps you have been dabbling with something on the side and can’t yet convince yourself that it’s the right time to take the leap from safety.
There’s always risk in starting a business. But the present is a great time to do so.
Technology has become your pal.
A modern business needs technology. Even if you’re not creating the next hit app, you’ll want customer relationship management, accounting, website, and email hosting, and possibly design software, or other tools. Cloud computing lets you get needed services on a monthly basis without laying out too much cash at the start. Also, hardware is relatively cheap, so getting an upgraded PC or tablet won’t cost a body part or two.
Your current job isn’t a path to happiness.
Having a career is a fine goal. But placing faith in a job as a way to advance is a poor strategy. As someone recently pointed out, mediocre bosses typically get ahead in corporations, because they are the most likely to make “safe” choices. When you work for such a boss and company, you won’t get a chance to shine, either, or learn what you need to grow.
Entrepreneurship has been on the decline.
As researchers at the Brookings Institution have shown, entrepreneurship has been on a decline in this country for decades. The rate at which new businesses start has fallen below the rate at which they close. The reason isn’t exactly clear, but it doesn’t have to be. Fewer startups mean less competition for money, people, attention, and customers.
Competitors are your friends.
Even though potential competition has dropped, it hasn’t gone away. But that’s no matter, either. Competitors help create and enlarge markets, acting as a marketing multiplier and giving credibility to an endeavor. In addition, you can make competitors work for you. Welcome them.
Waiting won’t help
The biggest reason that now is the right time is that later almost never is. You can wait yourself into old age and regret, but you don’t need to. Even if your business doesn’t work, it won’t be the end of your life. Many entrepreneurs go through multiple businesses before they find the one that works for them. In the words of playwright Samuel Beckett: “Ever tried. Ever failed. No matter. Try Again. Fail again. Fail better.” But do it now, realize your dream.