Starting a business can be nerve-racking and frightening, but it can also be one of the most fulfilling decisions you ever make. Of course, you want to do it the right way, at the right time…but is that ever 100% possible? Though the timing of your business launch may be affected by market trends and other issues, the answer is usually ‘whatever time is best for YOU’. However, there are some details you can consider to help you make an informed decision.
Here is more information on the pluses and minuses of starting your business in different parts of the year.
Starting Your Business in the Winter
Winter can be the perfect time to lay the groundwork for your new business as they are ideal for doing behind the scenes work like securing funding, organizing logistics, and getting a rock solid business plan. If you do decide to fully launch in the winter, you can expect less competition as few business owners decide to open in January or February. You may also be able to take advantage of holiday deals to load up on supplies, products, or equipment.
Of course, there are some drawbacks to starting in the winter as well. You may find that interest in your business is slow as people return from vacations or are just sluggish during the cold months. This could make it difficult to build momentum for the spring when business usually starts picking up.
Starting Your Business in the Spring
A time of renewal and fresh starts, spring is a popular time for entrepreneurs to start their own businesses. Longer days, warmer weather, and a sense of well-being are just some of the hallmarks that make spring the ideal time for new beginnings. When you start your business in the spring, you can expect a lot of engagement from potential clients or customers, many of whom are willing to try new things. If your business is an outdoor or seasonal business, you have even more reasons to launch it in the spring so you can be in full swing by the time summer rolls around.
About the only drawback of starting in the spring is that there are usually a lot of other businesses also launching so you may experience increased competition or market saturation. Make sure you have a plan to differentiate yourself so you stand out from the crowd if you plan to launch in this busy season.
Starting Your Business in the Summer
Longer days, vacation time, and an energetic atmosphere make summer a fantastic time to introduce your new product or service to the world. This is a great season for networking and taking part in events, festivals, and promotions. People tend to be sociable and want to fill their calendars with activity, so it’s a good time to have an open house, ribbon cutting, or to unveil your business at a pop-up shop or collaborative market.
You should expect that many will be away on vacation during this season, though, which could hamper your business launch. You may also find that parents are focused on their kids when they are out of school and are less likely to do business-related activities during the summer break.
Starting Your Business in the Fall
Sometimes thought of as the sweet spot for opening a business, the early fall months benefit from cooler weather, an organized routine after the summer break, and a new focus on productivity. Consumers are often ready to shop for back to school season and planning begins for the holidays. Businesses also tend to start planning their next year’s budget for this time, so it’s a great time for those who focus on business to business to launch.
On the flip side, this can be the end of the fiscal year for many businesses so it might not be the ideal time to launch if your target market is made up of large businesses.
The Best Time to Start is Unique
There are pluses and minuses to starting your business any time of year, so the right answer is always based on your unique circumstances. If you would like to talk it through with a financial professional who has helped others on their path to business success, consider reaching out to one of our experts at Hayes & Associates. We’d love to hear your story.
