Start up Business Series: When to start

I tell you what, I’ll list those for you right now:

• Your partner just got a new job
• Your partner just gave birth
• Your partner just got a promotion
• Your partner just lost his/her job
• Your partner just cooked a delicious roast dinner
• Your son just started a new school
• Your daughter just started dating
• Your daughter just stopped dating
• Your dad just started dating
• Your mum just started da.. (too far?)
• Someone died
• Someone you hoped would die, didn’t
• You just got a promotion
• You’re really busy at work and wanted to set up the business ‘in the background’
• Your best friend told you not to
• Your best friend wants to go on a trip first
• Your best friend is about to get married
• Your best friend is your dog. Why is he getting married and what kind of trip is he even taking you on?!

They will go from serious concerns to damn right ridiculous, but there will always be reasons stopping you from starting your business.

Whole-ass one thing

I’ve always been a fan of whole-ass one thing rather than half-ass a few. If you’re starting a business, you need to be all in. DO NOT start your business when you still have a job. Leave that job. I know this means you may not have ‘security’, but being a business owner isn’t about security. It’s about living your life like most people won’t, so you can go on to live your life like most people can’t.

The security will come. The tough times will turn to good times.

3 stages of a small business

I like to talk to our clients about the 3 stages of a small business.

The first stage is when you need to look after the business. It’s a newborn which requires most of your time and energy.

The second is when the business will take care of itself. You’ll be able to take a wage, have some security back in your life, and maybe work normal people hours again.

The last is when the business takes care of you. Aside from top level decisions, you’ll hopefully be almost redundant, and the business works and pays you handsomely without time or effort. This is your reward for the little bastard baby who just wouldn’t go to sleep!

There is no ideal time, other than right now

I started my business when I was 21; I swiftly left my job, had no income, no savings, no house, no car, no kids, nothing (although I did have a Playstation 3). I still lived with my Dad, who lent me £5k which I used to get a small office, desk, computer, software etc and off I went. I realise, this was an almost ideal time for me. It didn’t matter if I totally flopped, because I had no kids to feed, or mortgage to pay. Most others will not be in as fortunate position as I was.

However, I still had at least 20 reasons why I should not do it, and had many friends & family adding to those reasons.

The point is, there will never be an ideal time, so you may as well do it now – before someone steals your idea and does it themselves.

What to do now?

Start your business!

Don’t forget, look out for our next blog in the series: Who will you sell to and how?

If you missed our previous blog in the series, Creating your Vision, take a look here.