You've been thinking about launching a company for a long time, but then the COVID-19 pandemic hit, and now you're hesitant to make the giant leap.
As you mull the perfect time to leave your job and start a business, you might consider that the optimal time to launch may never come. The best way to find out whether or not your business idea will work is to launch. Award-winning author Karen Lamb notes, "A year from now, you'll wish you had started today."
Here's an example of how to choose a business idea that might work. You notice a service your company could use that no local businesses provide. Even better, you know just what it takes to fill the need, which got you thinking about starting a business in the first place.
Your research shows that other companies like the one where you work could also use the service. But, you keep thinking about your recent promotion and a regular paycheck. As you hesitate, keep in mind that other people might have the same idea as you, and if you wait too long, someone else might launch a company and become the preferred brand, making it difficult for you to enter the market.
If the idea of financial instability is holding you back, consider taking some steps to launch your business while you still have a job. Some of the things you can do to drive your entrepreneurship efforts while working include:
- Creat a search engine optimized website
- Launch social media accounts to begin conversations with potential competitors and clients
- Fine-tune your business plan
Being in business for yourself comes with risk — that's a given in these challenging economic times. With that said, the next time you think it might not be the right time to go ahead and launch, consider the words of entrepreneur Oprah Winfrey, "I believe that one of life's greatest risks is never daring to risk."