Timing can make or break a new business, but that gives entrepreneurs anxiety, because how do you know when the time is right?
The following are some essential things to know and consider with regard to timing and startups.
How Do People Feel When You Talk About Your Idea?
One of the simplest ways to gauge whether or not the timing is right for a new business is to talk to people and see what their response is.
If you start talking about your concept and people seem genuinely excited and enthusiastic, it might mean there is a demand. On the other hand, if it appears people really have no idea what you’re talking about, your idea cold be too advanced for what people are ready for.
There’s a lot of misconceptions about timing, particularly in the tech industry, that sooner is always better, but that’s not always the case.
If you’re not necessarily walking around and sparking up conversations with people in the street, you can keep your ear to the ground so to speak by looking online. Look at sites related to your idea and industry. Is there a pain point or a problem people are discussing, but aren’t able to solve yet? Would your business fill that need? If so, the timing could be ideal.
A lot of would-be startup founders do research to determine whether not timing is right for them to hit the market based on large-scale macro factors, but what about at the local level?
If your startup is going to have any sort of local presence you need to make sure this is included in your research. It may be that Silicon Valley would be receptive to your small business, but will the people in your small town for example?
How Do You See The Long-Term?
Most small businesses can survive a couple of years, and then after that, they usually end up going out of business. There can be quite a few reasons for that, but timing is usually a big part of their demise.
When you’re considering whether or not the time is right to start a business, don’t just look at the current situation. Try to look at what the future will look like and whether or not your business model as you see it at this moment is sustainable in the long-term.
Something else important to consider when you’re deciding when to start a business is whether or not there is the supportive technology you’ll need to make it work readily available. This is particularly relevant if you are launching a tech-based company, but it can apply to any industry.
If the supportive factors you’ll need to be successful don’t have all the kinks worked out yet, it’s going to impact your likelihood of success.
Having a successful startup is about many factors, but undeniably timing is critical.