Are you a woman wanting to start a business but struggling to determine whether or not it is the right time? Do you need to wait until the timing is more “spot on,” or should you just jump right in and get started? The story is different for each individual, but there are some general guidelines that can help you figure things out.
Can You Quit Your Day Job?
If not, can you start your business around it? If the answer to both of these is no, then you may need to wait. Of course, if you only have yourself to worry about you may be willing to sacrifice and eat only beans or ramen noodles, or whatever must be sacrificed to make the finances work. It is unlikely, however, that you are willing to make that sacrifice for your family. If you do not have the means to make ends meet without your current job, you may need to save up a little until you can.
Can You Get a Loan?
Is your credit good enough? Do you have the needed collateral? Do you now or will you later qualify for funding under a small business loan for women or a women business startup loan? The type of funding you can qualify for or whether or not you qualify for any funding at all can all depend on the timing.
Is the Demand There?
Are you sure people want what you are selling? If the demand is there, you want to jump in before someone else does. If you are not sure, you may need to do a little research first, and maybe even create a little demand. Build a name for yourself and for your product or service with word of mouth marketing and free samples.
Biz2Credit will present The Venus and Mars of Small Business Finance webinar on Thursday, March 6, from 3:00 – 4:00 p.m. ET. Presenters include Biz2Credit CEO Rohit Arora; Lisa Cook, economist and former member of the President’s Council of Economic Advisors, and John Meyer, Director of Education at The Company Corporation. The panel will be moderated by Anita Campbell, founder of Small Business Trends, and will cover topics such as business formation, small business finance, and other topics. Registration is free.