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When to start a business

It’s hardly an exact science, but there are a lot of factors that will come into play when it comes to deciding the right time to start your business. We highlight what to keep in mind when it comes to deciding when to start a business.

When to start a business

Take advantage of the market

One of the main things you need to have researched beforehand is whether or not there is space in the market for your business idea. Are you the first person with this idea in your area? If not, do you plan to offer something that separates you from them and makes you unique?

Specifically, you need to have something about your business that makes people want to use your service over anyone else’s. Plan in advance what your unique selling points will be and if they are enough to help generate business.

The main barrier you will come across is the financial costs involved in setting up a business. You shouldn’t think about starting a business until you have a clear idea of how much the initial start-up costs are, as well as what your overheads and running costs are and if you can afford them.

Starting small?

It’s important that you don’t rush into starting your business because you feel overly stressed or trapped in your current job. Doing so could cause you to rush,  neglecting crucial planning and preparation, which could negatively affect your business in future. Either by failing to consider a key service you need to offer in your sector or failing to set up proper legal protection for your business for example.

You will need to accept that a lot of your time will be dedicated to developing your business, and this can be particularly stressful, especially as you get your business off the ground. However, with the right attitude, planning and support you can lessen the stress of getting a business up and running.

Start small and grow naturally. Certain business ideas can even begin from home, meaning you don’t have to spend time worrying about finding locations and hiring the premises. An accountancy firm can run from a small office in your house, or a fledgling bakery can run from your own kitchen. Once you have consistent cash flow, you can begin to consider upsizing your business.

It might never feel like the right time to start your own business, but having faith in your business idea, understanding the costs and having sensible expectations of your new endeavour can help create a business that you can successfully grow over time.

How can FSB help when starting your business?

When you decide to set up your own business there are a number of different points to keep in mind, how to register your business, how to get funding and managing your finances to name a few.

FSB Business Creation provides people looking to start their own businesses with a range of services designed to help and support new start ups.

These services include access to:

  • A dedicated help and advice line
  • Help with company formation
  • Insurance services
  • Networking support
  • Payment services

To find out more about how FSB Business Creation could help you when setting up your own business get in touch with a member of the team or visit our FSB Business Creation page.