There are good times and not so good times to implement a business start up. The question that we must ask ourselves is: what is the best time to actually open the doors? What are the implications of starting in one month compared to a different month? Is there a long sales cycle to consider before any revenue is received? Is there any seasonality regarding sales attached to this business? We have all heard that timing is a critical element in life. The same rings true for business start ups.
I once worked in an industry that was involved with retailing Christmas products to the general public. Most retailers of seasonal holiday merchandise place orders for the holiday season in July for delivery in the late fall so that they are well positioned to take advantage of the busy holiday season. If we were to start up a retail business in the fall with the objective of getting a piece of the big retail holiday season, we would be rather disappointed to find that we are unable to purchase any seasonal holiday inventory as the wholesalers have very little inventory remaining. We would have needed to start the process in June. This on the surface may seem rather obvious, however during the planning process this is often overlooked.
Taking seasonality into consideration for deciding when to start is a good first step. In almost every business or industry there are strong months and weak months. Would a strong sales month be a good time to start? Or is the sales cycle so long that we need to start earlier to get our name out?
There are no absolutes here, but what this does tell us is that we need to plan forward and backward, especially if we need product before we start.
Timing is a critical element of any endeavour in life and this includes a business start up. You will want to consider when YOU want to open the doors and compare this to when is the best time based on your research.
The Halton Region’s Small Business Centre is here to help. One of the goals of the Centre is to empower small and medium-sized enterprises and give you the tools to achieve success. For more information about Halton Region’s Small Business Centre resources and services, and how we can help direct you to the right resources, contact us at 1-866-442-5866, www.haltonsmallbusiness.ca, firstname.lastname@example.org or visit us at 1151 Bronte Road, Oakville.