The most common answer you may get as to when the right time to a start new business is NOW, but let's get real.
There is an actual best time of the year to start a business and for multiple reasons as well--and it's January.
Many may be scratching their heads and thinking about the cold, the dreariness and everything else that comes with January and wonder "Why would I ever want to open up in January?" But, the reasons do make sense.
Starting and ending with the beginning and end of the year makes keeping track of finances much easier than a mid-year start. One could argue that twelve months is twelve months no matter when you open up, but psychologically people enjoy concrete start and end dates which can make financing easier.
January is after the new years, so if you have a product or service that banks off of peoples new years resolutions then you are ahead of the game. Most people do not start slipping away from resolutions until March or April so if you get them in and they enjoy your service they are less inclined to leave once a customer.
Just like cars, real estate is really dead in the winter and you may have an easier time negotiating prices if you are a brick and mortar small business. Also, you will not be up against as many people during the cold months for a specific location, so if you find the perfect spot for your shop, you are less likely to lose it to the highest bidder--because most likely that'll be you.
A slower line of customers may seem like a bad thing, but it also allows you to perfect your product or service when you first start out. Customers know you are new, so an honest mistake or two during the slow season could be a time of making adjustments to make the clients experience the best it can be, while dealing with a smaller percentage of customers--and without the threat of losing many customers.
Now, you can open a business at any time, but January is definitely overall the best month to ease in, perfect and have the best options available to make your small business thrive. If it's July and small business is calling your name though, please don't wait and make it a reality whenever you want to make it one!
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Socially Dedicated, a Philadelphia-based firm, provides marketing, content creation, public relations, business management consulting and social media management to small businesses. Check out our website or locate us on social media using the icons below.