When is the right time to start my own business?

Dear Aunty B,

I have worked in retail for close to 10 years and I have been considering taking the plunge and opening my own business for some time.

I have worked for many different managers and I think I have a pretty clear idea of how I could run my own shop better than them, but how do I know when the right time to go out on my own is?

And where do I start? The whole process of leasing a building and then filling my store with stock is daunting, not to mention approaching a bank or another lender for a loan.

I’d love to hear any advice you have Aunty B!

Nervous,

Sydney

Dear Nervous,

It might be cliché, but there really is never going to be the perfect time to start your own business.

Yes, you could wait until the economy appears to be in a better position, but with so many conflicting opinions from economists these days, can we always read what we believe? It’s the same with the property market – some say there’s a housing bubble, while others disagree.

No matter when you take the step, it is going to be hard. But if you put in the work, the rewards will be there for the taking.

How you will know if you are ready for the challenge or not is how prepared you feel personally. This means being prepared financially – explore your options for funding and gather as much information as possible – as well as sitting down and really nutting out what your business will do and how it will stand out from others. It’s all well and good to say you want to own your own retail shop – but does the location you’re looking at really need another retailer?

The best advice I can give you is to look at your existing network of friends and family and go about picking their brains. I would bet money you already know more than a handful of small business owners who can share their experiences with you and give you a realistic view on what the life of a business owner is really like.

Be Smart,

Aunty B

What are you waiting for? Email your questions, problems and issues to auntyb@smartcompany.com.au right now!