If you’re a mom, you have probably, at some point in your life, asked the question, “When is the perfect time to have a baby?” The answer is inevitably, “Never!” We can never be 100% prepared to do something we have never done before. It’s true with starting families and it’s true with starting businesses. However, there are a few things we can do to wisely evaluate the timing of a startup to maximize our likelihood of success. Here are some questions to consider if a startup is in your future:
1. How about those finances? It’s all about the money, honey! Okay, so maybe it’s not ALL about the money, but let’s be honest—we’re not just cultivating a new hobby here, so we’ve got to talk about compensation. How much do you want to make? How much do you NEED to make? This is different for everyone, so take stock of your particular circumstances. Does your husband have a good, stable, full-time job? Can you pay the bills and keep the lights on with his income alone? Perhaps you have the freedom to develop and grow a startup right now without the pressure of needing a large amount of profit immediately. On the other hand, if your situation is such that your number one priority RIGHT NOW is financial gain and security, then it may not be the right time for a startup, unless you can hang onto your day job as a safety net.
2. Are you established? This is a HUGE factor in whether or not now is the right time for a startup. Do you already know how to do what it is you are planning to do in your business, or are you starting up a business that is totally new to you? You may already be working in your niche and with your target audience. If that is the case, it may not be much of a leap to starting your own business in that market. If you are just entering your chosen field and are not already acquainted with your ideal client, that doesn’t necessarily mean that now ISN’T the time for a startup, but you will need to factor in the extra time and energy it will take to build your business from the ground up. It can be done, but be realistic and understand the level of commitment it will take to be successful over time.
3. Do you have the support you will need for a startup? Support comes in many forms. Maybe it’s having your spouse or partner’s buy-in on how you’re spending your time, what resources you’re using, and how much financial contribution you are able to make when you hit the ground running. Perhaps it’s having friends or family who are able to shoulder some of the childcare needs you may have so that you can devote time to the business. Who is going to help you run your life, your family, and your business when you need support in these areas? If you’ve got these helps in place, now may be a great time to get started. If not, take the time to put these supports in place before you launch your business. It will give you a better chance at success when you are ready to get moving with things.
So these are just a few tools you can use when deciding when the time is right to start your business. I hope they help you find the clarity you need to confidently move forward when that time comes!