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Timing it right for you

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Of course, good timing is not just a question of whether the outside world is ready and eager for what you have to offer. Good timing is also about how ready you are, personally. Consider the following:

 Experience: For example, if you’re looking at buying a nursery, do you have horticulture training as well as hands-on retail experience? If you’re considering going freelance as a consultant, do you have enough consulting experience behind you? In Chapter 3, I explore how you might compensate for a lack of experience, and why buying an existing business or purchasing a franchise may be preferable to starting a business from scratch.

 Planning: I recommend you don’t even consider starting a new business without first drawing up a business plan. In fact, planning for your business is so important that I dedicate Chapters 4 to 7 to this very topic.

  Capital: Don’t start a business without enough capital behind you. (I talk lots more about how much money is enough in Chapter 15.) Starting a business with insufficient capital is like competing in a marathon when you didn’t sleep the week before.

 Age, health and stamina: Age can be a factor at both ends of the spectrum. Most 18 year olds are unlikely to have enough experience to cope with running their own business. On the other hand, a 65 year old may be short on motivation, ambition and energy, especially for new ventures requiring long hours and huge input.

  Your family life: Don’t start a new venture without consulting your family and enlisting their support. The backing of your partner is vital during this time. (Resigning from your regular job to become a self-employed mural painter the week before your partner is due to deliver twins isn’t likely to go down well.)

Small Business for Dummies

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