There’s never going to be a perfect time to start a business. It’s one of those things where you just have to get yourself as ready as possible and then take the plunge.
You might have a startup idea that you’ve been sat on for a while. Or perhaps you’ve recently been presented with a potential opportunity?
Either way, you may be sitting there thinking to yourself if you should wait and see how things play out or just go for it.
New research shows us some interesting things about businesses starting up in the UK. Understanding this information could inspire you to become the entrepreneur you've always dreamt of becoming.
How can I start my own business with no money?
A very good question! Access to money or funding could be an obstacle stopping you from starting a business.
If that’s the case, then why not create a startup that doesn’t require much capital up front. You can do this by trying to monetise a skill you have or by providing some kind of service.
Starting a business these days doesn’t have to mean investing in loads of products or inventory. With the magical world wide web you can create just about any kind of business from your sofa!
The key thing is trying to find an idea that doesn’t need you to put lots of money into it early on. Or do something where you’re paid first. Creating a positive cash flow from the beginning puts you in an awesome position to use revenue to help fund the business.
What does research say about startups today?
According to research from Virgin StartUp there’s been a massive boom in people starting businesses.
Apparently, around two million budding entrepreneurs have started side projects during lockdown.
Not only that but around 20% launched things from their living room and 14% from their bedroom!
So if you’re thinking everyone else is waiting around, think again. There’s always going to be something happening in your life or the wider world. But sometimes you just need to take a chance and roll the dice.
If you’ve been unlucky (or lucky) enough to be made redundant, why not use the opportunity to take a leap of faith.
What is the perfect business to start?
One that makes money!
Apart from that, the best type of business to start depends on quite a few different factors. You should be able to rule certain things out based on your current situation or location.
If you live in Birmingham, setting up a surf school probably isn’t a great idea. Maybe a Zoom surf school? Wait, don’t steal that idea!
For an idea to work, it has to be the right time and place. Not the perfect time or place, just use common sense.
The most important thing is that it’s the perfect business for you. Don’t just pick something you think will be profitable but you’ll hate. If you’re going to do that, you might as well stick with the security of a stable nine to five.
Choose a business or field that you’re passionate about. At least that way there’s a greater chance you’ll persevere. Ideally, try something that you’d be happy doing for free.
Except don’t do it for free, make some cash.