When Is the Best Time to Start a Business?
June 2, 2021
Let’s get one thing straight: There is no perfect time to start a business. There’s nothing magical about a start date of June 1, for instance, that ensures your new venture will succeed. But there are interesting stats and compelling stories that can help you make the best decision for you. We’ll walk you through a few situations to consider if you’re wondering about the best time to start a business as an insurance agent.
1. When You Feel Most Productive
If you’re following the research, consider September. Task-management software company Redbooth collected data on 1.8 million projects over a four-year period. After analyzing 28 million tasks, the company found workers are most productive in the fall. What is the best month to start a business? September, October and November are most productive of all, the 2018 study found. On average, workers get 20% more done in fall compared to winter.
What makes fall special? School is back in session, the last quarter of the year is approaching, and workers are packing in as much as possible before the busy holiday season.
2. When You’ve Built up Real-world Experience
There’s a lot more to consider than the best time of year to start a business. Consider where you are in life, too.
Think about the word “entrepreneur” and what comes to mind? A brand-new Ivy League graduate? Think again. It takes time to build experience and connections. The first episode of “I Love Lucy” aired when Lucille Ball was 40. Jeffrey Brotman founded Costco at age 40. The first KFC franchise opened when the Colonel, Harland David Sanders, was 62.
If you don’t have enough experience under your belt to know what type of work you enjoy or where you want your business to take you, it may not be the right time to start a business — yet.
3. When There’s a Strong Market
The right idea means nothing at the wrong time. To succeed, you need a market that’s ready for what you’re offering. Fortunately for insurance agents, there’s always a need in your community for the protection insurance provides.
4. When You Truly Believe in What You’re Doing
Starting a business isn’t just about the desire to set your own goals and be your own boss. To succeed, you need to be willing to put in the work to make it happen. Maybe that means putting in extra hours when one of your client/members has an emergency and needs your support or making the effort to save enough money to get your business going. But if you care about the work you’re doing, the tough days won’t feel so hard.
5. When You See the Big Picture
Have you truly thought through what starting your own business looks like? Are you prepared financially? Do you have a strong support system behind you? Do you have a back-up plan? Have you imagined giving your all and failing? Be honest with yourself. These questions are tough to work through, but you’ll be glad you did.
Ready to Get Started?
If you know you’re ready to take the leap into owning your own business as a Farm Bureau insurance agent, we’d love to talk to you! Get in touch with an agency manager today to get started on the path to becoming an agent.