Don’t make excuses to put off starting your business


As we settle into the heat of summer months in the northern hemisphere, we find the question comes up a lot from prospective franchisees: Is summer a bad season to start a business?

It’s a great question. After all, the kids are out of school and demanding more attention from prospective entrepreneurs and potential clients alike. People are going on vacation and generally trying to relax a bit. But, there are some significant benefits to starting a business in the heat of the summer months as well. 

Benefits of Starting Your Business in Summer

Though there generally more vacations and social affairs during the summer than the rest of the year, there is usually a bit more flexibility in schedules. You may find that you actually have more time to focus on the start of your business in the summer than any other time of the year.

Further, a 2018 study by task-management software company called Redbooth found that people are far more productive during autumn than any other season.

Now, you may be thinking that this is an argument to start your business in September or October. But think about your timing for a moment. If you get your business started in the summer, you have a lot of administrative tasks to accomplish. You have to file paperwork, perhaps secure business financing, maybe set up your office, or go through special training. Then, you have to start building your prospecting list and set up your marketing. 

If you have all (or most) of these things done in the summer months, you’ll be perfectly positioned to “hit the ground running” with the really valuable work you need to do to get your business off the ground. You’ll be able to dedicate your (presumably) most productive season toward not just starting your business, but building it.

Best Time to Start a Business

Studies indicate that there is no clear winner in the question: What season is the best time to start a business? 

Each season ultimately has its own pros and cons. There does seem to be a general up-tick in the number of business filings at the beginning of the year. This is likely due to budding entrepreneurs getting a start on their New Year’s Resolution, and is not an indicator of business success (or lack thereof). 

Ultimately, the best time to start a business is when you’re ready to. 

Starting a business takes a lot of work and a lot of time. You have to have the will and the availability to dedicate to your business. The amount of time (and energy) you need depends on whether you’re about to go all-in on business ownership or you’re looking to dip your toe in with a side-hustle. 

Do a search for “am I ready to start a business” and you will find a ton of resources and articles on this topic. Perhaps the most important factors are: time, passion, market. If you have the time to dedicate to a venture that you are passionate about, that other people need and/or are passionate about as well then you’re ready.

Season is Not a Predictor of Success, But This Is…

OK, the season that you start your business is not a predictor of business success. So what is?

There are many factors that contribute to the success of a business. Here are a few of the top predictors:

  • Experience & Passion: Entrepreneurs who start a business based on something they have deep experience in, and passion for, are more likely to succeed than those that don’t.
  • Market Demand: It should go without saying that there needs to be demand in the marketplace for what you’re trying to sell. It’s true that there have been plenty of innovators that created their own demand. It’s not impossible, but it’s infinitely more risky, time consuming, and expensive.
  • Cash/Capital: Simply put, you need to have the cash to sustain your business, particularly through the first year or so when you’re still trying to build the business and likely aren’t operating at a profit.
  • Business Finance Understanding: Entrepreneurs that have a clear grasp of the difference between making money and turning a profit are more likely to be successful in the long run.
  • Sales Ability: Sales skills can be learned and honed, but there has to be some level of coachability and approachability to make your business grow. Particularly for solopreneurs, you need to be able to sell yourself as well as your product or service. Being trustworthy and agreeable, as well as focusing on continually improving your sales skills, will give your business a huge boost.
  • An Excellent Product/Service: Even if people need or want what you’re selling, if it doesn’t ultimately solve their need it won’t do anyone any good. With a high-quality product or service, you’ll be more likely to produce repeat business and referrals—both cost much less to produce revenue than cold sales.

 

As July burns into August, you may be spending more time sitting by the pool or lounging at the clubhouse. But if business ownership is a goal of yours this year, right now is the perfect time to get things started—no matter what time of year it is!

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