When is the right time to start a new business? The answer to the question might revolve around the economy and whether it makes good financial sense to begin a new venture. The answer might center on whether you feel like your family is in a position to support and sustain something that can be so challenging and time-consuming.
While not rushing into something and making sure you are prepared is important, there’s not necessarily a perfect time to start a new business. Sometimes, you just have to go with your gut. Here are some tips and questions to ask to help determine when to start your new business.
Tips and Questions for When to Start Your Business
1) Is it the Right Time Economically?
As of the time we’re writing this; there are pros and cons to this economic season. If you’re reading this later, things might have changed, but the principles here will remain true.
Cons to Starting Your Business Now:
- After a boom in discretionary spending in the last few years, there is a chance the economy will slow.
- If you need to borrow money to start your business, it might be more challenging than it has been in the past.
- Real estate prices are high, especially in growing places in the South. If you need office or warehouse space, it could be expensive.
Pros to Starting Your Business Now:
- If the economy does slow down, it would be great to have multiple streams of income.
- Some businesses and industries thrive in the lean times.
- Good ideas transcend good and bad economies. With the right business, you may not be impacted by the recession.
- If you’re in North Carolina, you know the state has a history of weathering recessions and tough times.
- If you have a great idea, you could be missing out on potential value by delaying your start date.
Here are some quick tips for making your business as recession-proof as possible from a previous article:
- They reach a variety of audiences or are something niche so that certain audiences can live without them.
- They are effective when online is the only option.
- They provide family fun activities.
- They are scalable.
- They market effectively.
- They provide an excellent product.
2) Is it the Right Time for Your Family?
You have to weigh every decision against how it will impact your family:
- What does your family think about starting a business?
- Will your new business be something you’re doing on top of your career?
- Will it require hours away from your young children?
- Will it add stress to your hectic schedule?
As you work with your family to try to determine if now is the right time to start your business, you might find many ways in which it will positively impact your family dynamic:
- Starting your business now might mean your family spends more time working together on a fun new venture.
- Starting your business now may be the path to gaining more financial freedom for your family to travel and do fun activities together.
- Starting your business now may help you gain more freedom with your time.
- Starting your business now may reduce your stress when compared to your career.
Is the vibe in your family positive or negative? If it’s positive, it might be exactly the right time to start your new venture.
3) Is it the Right Time for Your Career?
Do you like your full-time job now? If you do, starting a new business could be distracting and cause your work performance to summer. Are you ready for new scenery and can afford to make a change without stressing out your family? Now might be exactly the right season in which to begin a business that could change your life.
4) Is it the Right Time for Your Idea?
The key to making any time the right time for starting your new business is having a great idea! You don’t necessarily have to invent something that will change the world, but something you believe in that is marketable and has a high-profit margin can be successful.
GellyBall is the Right Idea
GellyBall has high margins, with dealers operating at potentially 98% profit margin. Whether you engage as a side hustle or full-time business, these high-profit margins inspire confidence for success.
Despite being only a few years old, GellyBall is expanding quickly. It began in Texas but has since spread internationally, with more than 800 merchants in 22 other nations. Each week, almost 30,000 players participate in GellyBall. Age is only a number when it comes to how much fun it is for adults as well as children as young as five.
The game is fun! You can grow at your pace. A lot of the work will typically be on weekends, so it can be a side hustle or completely replace your income.
GellyBall is expanding quickly but gradually. In practically all of North Carolina’s major cities, as well as the majority of its smaller towns, there is an opportunity for more GellyBall dealers. Contact NC GellyBall right away to learn more about how to launch your GellyBall business in North Carolina.