Starting a business is never easy. You’ll need to decide on your service or product offering, what your target audience will be—and when it’s a good time to launch.
According to a study from Vistaprint, 62% of people in the U.S. want to become business owners.1 But how many actually know what it takes to start, run, and grow a business? And is it the right time in their life to begin one?
“Not all ideas are unique, and they are not given to just one person,” said Toni Coleman Brown, founder of the Network for Women in Business, in an email interview with The Balance. “It’s the person who takes action [who] eventually wins. Therefore, as soon as you get an idea, you should act on it.”
Entrepreneurs cite many reasons for starting their businesses, including disliking their current job, needing a creative outlet, or just feeding a desire for more money. Regardless of what motivates you, the timing and reason for establishing a business must be purposeful.
Here are some important steps and considerations to determine if it’s the right time to bring your business venture to fruition.
Research and Find Your Target Audience
At the heart of every great idea is who you intend to serve. Your target audience comprises the people who need or want your product or service, and, in turn, can help your business become successful. A recent study published by startup-focused content site Failory found that 90% of startups fail.One of the main reasons cited was that the product was not a good fit for the chosen market.2
To find out if there even is a market for your business, doing research is critical. According to the Small Business Administration (SBA), the keys to discovering your strengths and unique selling propositions, and ultimately identifying your target market, are: