I’ve had people ask me when is the best time to start a new company.
-“I better wait until after the election.”
-“This sequestrations business – better to see how this all pans out.”
-“I heard that crowd funding for startups will be legal soon. That’s the perfect time.”
There’s always that “perfect time” around the corner. Past that big uncertain event, or after something that will make things more advantageous for you.
Don’t buy into that.
The right time is now.
The first is that you starting a new business can be exciting and terrifying all at the same time. You want to wait either because of some important external event like ones listed above. Or it could be something internal – the product’s not perfect yet, you need to get the intellectual property nailed down, or that key partner/employee needs to be locked into place first. There’s a huge difference between doing the prep work for you new company. It’s all too easy to keep putting off actually starting your company, and to find a rationalization.
There’s never a perfect time. You’ll never find all of the internal and external stars all aligned perfectly. The universe just doesn’t work like that.
The second reason is that if you have a great idea for a new company, a truly great idea – it needs to be a novel solution for an existing market problem. If the market has a need for your idea, it needs it now. In these days of lean startups and fast and furious flowing information, you simply don’t have the luxury to wait – the market will promote other solutions. Your idea has a very short shelf life.
So don’t wait for that new tax law or until you get that first big contract. Start your company now. Today. That doesn’t mean you have to throw all caution to the wind – quit your job, and pour all of your savings into your company immediately, but you need to commit – because once you actually start it, you’ll think about it in whole new way. And with a little luck, it won’t be too late.