The best time to start a small business opportunity may seem like the worst time to start. Making the decision to transition out of the workplace to be your own boss, or to work from home if you're already a stay-at-home mom, is a big step. You may already know the many benefits that far outweigh working outside of your home, but you may be nervous about the timing.
The best time to start a small business opportunity is now. Even in the worst economic times, or when the economy is soaring, you have a great opportunity to earn money by meeting the needs of your local or online community. Some of the most successful businesses started in adverse personal circumstances. They ignored the advice of those around them who discouraged them and told them to work for someone else to get a steady paycheck. If you're hearing the same advice, tune it out. Listen to people who have expert advice to share, or can help you turn your passion into income from home.
Writing up a Business Plan First
You should write a business plan to avoid costly mistakes that can lead to small business failure. You should include financial statements and a marketing plan. You don't have to wait until you write a lengthy plan to get started, however. For example, get started based on a one page business plan. It should be a bullet list, that includes:
- Marketing methods you'll use for the first 30 days
- How much money you need for living expenses during the first 30 days
- How much money you need for business expenses during the first 30 days
- Gross sales estimate for the first 30 days (be very conservative)
- A short list of how you plan to bridge the gap between what you earn and your expenses (which is especially important if you're a single mom)
Start with the aspects of your business that you can generate income from quickly. As you get to know your business and make adjustments, you can write a full business plan. Even then, you'll be changing it from time to time. The point is, you don't have to wait until you write the perfect business plan before you get started.
What If You Don't Have All the Money You Need?
If you have a large business venture in mind, that truly requires you to start with a substantial sum of money, then you should choose a different small business opportunity, at least initially. There are ways to start a business working from home with little money. You could work as a independent contractor or consultant with just the money it takes to have Internet access. Seek out those opportunities until you get the income you need to expand into the greater vision you have for your business. Take on projects in a non-related field as freelancer if you have to, in order to build up capital for the business you have in mind.
Don't allow procrastination and fear to delay your plans to pursue a small business opportunity. Start today!
Daphne Mallory, Esq. is the co-owner of Mallory Writing Services and has written more than 100 articles helping home based business owners and entrepreneurs start and market their business. You can learn more about her here.