There is no such thing as the perfect time for it start a business. I know. Growing up in a family business, I always thought I would enjoy owning my own business, but I waited for the perfect time. Then, I got fired from my broadcasting job and had to decide what to do. Was I ready to be a business owner? Did I have enough experience? Where would the initial funding come from? Did I want to own one, or was I just in love with the American dream of being a business owner?

The hard truth is that most people have no business starting a business because they do unrealistic expectations and have not done the hard work to ensure its success. Statistics prove this. According to US Bureau of Labor Statistics“20% of new businesses fail within the first two years, 45% within the first five years, and 65% within the first ten years.”

I have been in business for over 35 years, which puts me in the category of only 25% of companies that have been doing it 15 years or more. Am I smart or lucky? Or a bit of both? I believe that small businesses can significantly improve their chances by starting the right business at the right time and taking the right steps.

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The right business

Ideally, there are two things to consider. First, the type of business. The right business for one person is very different from the right business for another. In my case, the broadcasting experience was a great foundation to start a media production company. I had worked for several television stations in various roles, so I understood both the production aspects, what could be compared to operations in other businesses and the financial considerations.

When starting a business in an industry you know have an advantage, you see the opportunities and pitfalls. You can become a recognized leader faster than someone who is just starting out. You may also have recognition or awards that give you instant credibility. In my case, I have won over thirty broadcasting awards, which shows that I was a seasoned professional.

A side note: I know people who have been very successful starting businesses without a specific product or service background. However, these are well-educated businessmen who can successfully lead an operation and have found others with the skills and understanding of the industry. Being a franchise is another way to start because the franchise owner has put in place the products, systems and training to start ownership.

The second thing to consider is the business owner passion and level of engagement. Even knowledgeable and prepared individuals must work hard during the first few years to lay the foundations. Business owners know this means missing family events, long hours, and plowing money into the operation instead of putting it in their own pockets. If you have a passion for business, it's easy to share it. If you don't, resentment grows and business suffers.

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right time

You might think that time has something to do with it : Age: in which you start a business. Its not. Entrepreneurs start businesses at all ages. Over the years, we have seen many young people and their parents on Shark Tank trying to find an investor for their businesses. One could argue that the business is indeed the parents' idea, but not always.

At the other end of the scale, there are second entrepreneurs. These are successful business owners who sold their businesses and couldn't settle down or who left corporate America and struck out on their own late in life. Of course, many of those who are starting businesses are millennials and Gen Zers. The right time is at any age.

What is more important is whether or not the product or service is market-ready and in demand. Media production as an industry has been constantly in DEMAND since I started, but I was even more popular during and after the pandemic as people needed to communicate but didn't want to travel or meet in person. Many side hustles have grown in popularity and there is still room for new entities. But others have crowded fields. It's important to look at the competition and see how your offering measures up. Is it different, a better value or a better fit?

One last thing to consider: Sometimes, you are so far ahead of the market that you need to do more than just sell; you need to educate and create demand. Think about it. Things like computers, meatless hamburgers and even kitty litter changed or created a whole new industry. The timing here is complicated. Get in too early and it takes huge resources to get noticed. Too late and you can't make it.

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The right steps

Benjamin Franklin said it best: “If you fail to plan, you plan to fail.” To be successful, you need to take the proper planning steps. You have to do the tedious work of creating a business plan. This is the guide on how to start, operate and grow the business. There are many different templates and resources for creating a plan, whether you're starting a traditional business or a lean start-up. Just choose the one that meets your needs. You should also find and surround yourself with a great team of advisors, including a business attorney, financial professional, insurance and risk management team, and more.

Do not rush these steps. They laid the foundation to beat the odds and grow a great business.

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