When to start or not to start – that is the question asked by emerging entrepreneurs

So I have my business name, my ABN, and domain all registered, I’m clear on my offering, and potential customers are ready and waiting… but am I ready to launch? There is no doubt that starting* a new venture is a leap of faith, and like anything requiring a leap it takes courage to take that big step. However, there are so many mantras and inspirational quotes spouting for people to JUST DO IT and figure things out along the way, adding to the pressure that entrepreneur is no doubt already putting on themselves. Now I’m all for adaptability and learning as you go but when it comes to starting a business, I’ve learned through my own experiences and hearing those of others that having a basic but strong foundation to launch from can be the difference between a business going well and going not so well. Which brings us to the most common question that entrepreneurs will ask themselves - when am I ready to start?

The short answer is that there is no right time to start, and the right time will be dependent on each individual. Some women choose to start a business when they are pregnant and/or still raising highly dependent little people (I bow down to these women – they are my heroes) and while this is a brave decision it doesn’t mean that you need to do the same – but on the flip side you shouldn’t be waiting until everything is perfectly in place either as you’ll be waiting a long time. Life is always going to get in the way and the conditions will never be completely ideal, BUT there are a few key things that I would recommend having in place as a minimum before you make the jump.

(*by starting I’m referring to being ready to commence trade as a business)

Get the support you need to be as emotionally ready as possible.

The right time for you emotionally won’t be the same as it is for others, and being emotionally ready won’t mean that you are without fear – being emotionally ready is to feel that you have a strong foundation from which to make the jump, and which will make the inevitable hiccups you experience along the way less painful to manage. Your new business is going to take a great deal of your energy and resources so you want to be in a good place on a number of levels, and you don’t want to put off starting just due to fears and procrastination. Getting a mentor or business coach can help to break down the doubts or fears you might have about starting, they can support you through the scary launch process and they can set some goals to keep you on track and accountable to yourself. Following the tips below will also help you to achieve a sense of psychological comfort that having a strong supportive foundation can give you.

Have enough cash in both your personal and business bank accounts.

You will never (or very rarely) have enough cash reserves to launch a business without worrying if you have enough, or if you do it’s because you have been lucky enough to receive an upfront grant (or more likely, you have won the lottery *cue knowing eyeroll*). But regardless, as the saying goes, cash flow is king, and you can save yourself some enormous strain by doing a budget forecast for your business to get a sense of what you can comfortably manage. You can use a simple spreadsheet (there are stacks of templates available on the web), or if you have set up accounting software there will likely be a template in there that you can use (with the added bonus of generating reports to compare budget vs actual as you go). Whichever format you choose to do it in, select a timeframe (I recommend 6 months minimum) and do your absolute best to estimate the costs you will incur, and a conservative estimate of income over that timeframe. I know how hard it is to estimate the costs of running a business before it happens, but do your research, speak to a business coach or work with your accountant to develop a realistic budget forecast. If the margin is very small or well under breakeven it might be an indication that you aren’t ready to launch, and that you may be best to focus on building your cash reserves to a point where you have some room to breathe. I would also recommend undertaking this same process for your personal finances, especially if you are considering leaving a day job. And please (seriously PLEASE) keep run your business account separate to your personal account even if you are a sole trader – it looks more professional when invoicing and it makes managing your business finances a lot easier.

Test your offering and don’t forget to test your customer experience.

You should have thoroughly tested not only your product or service to ensure it delivers what you say it delivers, but identified and tested the processes which underpin your transactions to ensure the customer experience will be as smooth as possible – this includes the payment systems, website links, account settings, auto-emails, delivery services, follow up communications and more. Recruit your business coach, mentor, colleagues and people who will tell you what you need to hear (not what you want to hear), and utilise human-centred design tools to help you capture the customer insights that can really make or break your offering. It’s amazing how many entrepreneurs don’t consider this, and sometimes a tiny tweak in the customer experience can make your business standout from the crowd and make customers much more forgiving if the product or service they purchased malfunctions. Testing prior to launching is a great way to smooth out the inevitable bugs without losing credibility, and you can even get a few testimonials and early reviews out of it to add to your website and social media pages.

Get your branding schmick and materials ready to go.

At an absolute minimum before you launch you should have a business name, logo, business cards, a website and these days, business accounts set up on the social media platforms that best suit your business. My advice on branding, particularly for startups, is to put some real thought into it - think adaptable and think long-term in the design – go for a name, logo and branding that is general enough to allow for the pivoting that often happens in startup land. When coming up with the name for my social enterprise (Harvest Fair) I knew the food industry would be a tough market and our success in that industry was not guaranteed no matter how much people loved our product and purpose. So I ensured the name we chose wasn’t limited to representing food in case we wanted to investigate other models without changing our brand. I also considered whether long term the Harvest Fair model might replicate to other minority groups which might include males, and so I ensured the name and the branding colours weren’t gendered. Invest in a good graphic designer to develop your branding, be specific in your design brief and don’t compromise if the result isn’t in line with your vision.

Establish your point of difference and tell as many people as possible.

If I had a dollar for every time I heard someone say ‘I have a great idea but I don’t want to share it in case someone steals it’… argh! Firstly, the more people you tell about your idea the greater your claim to the idea is. Secondly, every good business should have a point of difference that makes their idea difficult to ‘steal’ regardless. The point of difference might be your product, or the way the service is delivered, the type of material used or the price point, or the social and/or environmental benefit it offers the community, or it might even be you – something not easily replicated no matter how good the concept is. Find where your target customers are and network your butt off there, including online platforms and traditional face to face networking events. Get on social media and get active – follow, like, comment, blog as much as you can and shout out your point of difference. Make people know that you exist and that they are aware of your offering. Don’t be afraid to build the momentum and get prospective customers excited. Building a brand and an awareness of your offering takes time to grow beyond your immediate network – so the sooner you get started, the further ahead you’ll be come launching time.

If you’ve ticked yes to having all of these things in place then you’re in a good place to launch – the journey still won’t be completely smooth, and you will learn, adapt and refine as you go, but these tips will give you a strong foundation to launch from. So go forth and share your magic with the World!

"Start by doing what is necessary, then do what’s possible; and suddenly, you’re doing the impossible" - Saint Francis of Assisi