Friday, July 9, 2010

Is There A Wrong Time In Your Life To Start A Business?

So you have an idea and you have the entrepreneurial bug.The question arises: is this a good time in your life to start a business? In fact, is there a right time and a wrong time to start a business? This is a question we mull over ourselves as we work with various clients. Ours is not the business to deflate people's dreams. However, inherent in planning for success is pointing out potential weaknesses in the plan and developing a contingency plan.

So what is our opinion, you ask?

Whether you are male or female, I wouldn't plan to start a new business if you are in the process of getting married. The same holds true if you are thinking about having a baby within the next 5 years. Both of these events are life changing events. Until you are in the middle of them, you cannot imagine how they will affect your attitude, your energy, your ambitions, your time, and your resources. They are some of the most joyful, yet stressful moments in life. Businesses that start up in the middle of these phases of life often fail.

Go ahead and work on your plan, and do some contingency planning regarding your time and resources, for example, but if at all possible, give yourself time to get through these phases and adjust to your new life before throwing the stress of starting a business into the mix. You will likely have better success in all areas of your life by following this advice.

What is your opinion?

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