When is the Best Time to Start a New Business?

Posted in - Business Advice on February 4th, 2015

At Level Up Mentoring, we often get asked the question, “When is it a good time for me to start a new business?” The answer to that question, very simply, depends on you. However, there are many considerations to evaluate before making the commitment that will position you best for success. At Level Up Mentoring, we encourage our followers to first examine their personal skill profiles, their financial position and their tolerance for risk.

Personal Skill Profile

Each of us has gifts or strengths that are unique to our own personalities. Many of the professional women who have participated as speakers at our Level Up Mentoring seminars agree that most of their personal success can be tracked back to something as simple as leading with their strengths. Naturally, we all have parts of our jobs or life in general that we don’t enjoy doing because they require us to do things that weaken us more than energize us, but are nonetheless necessary in order to move forward. However, if we focus and lead with our strengths, the positive energy that flows from those activities will help to fuel the other jobs that weaken us.

Never Stop Learning

Once you have identified your top 5 strengths, at Level Up Mentoring, we believe that when you are in the midst of success, one of the keys to keeping the momentum alive is to Never Stop Learning. According to research conducted by Jack Zenger and Joseph Folkman, “self-development is one of those areas where women outshine men.” Reading books and publications, seeking outside advice from mentors and participating in professional development and networking groups are all positive ways to set yourself up for the best odds for success.

Understand Your Financial Position

Even though according to Continuum “women control 80% of all US spending,” that represents only one side of the financial spread sheet. At Level Up Mentoring, we understand that starting a successful business requires financing; and there are lots of different ways to secure that financing. Accessing crowdfunding, Angel investing, an SBA loan or even the credit card in your wallet depends on a responsible personal financial record. We encourage you to access Mentors who can help you navigate that process.

Sometimes the Best Time to Start a New Business is Now!

At Level Up Mentoring, we believe that sometimes the best time to start a new business has nothing to do with you personally and everything to do with market conditions and timing. We think that time is now! 2014! The US was ranked No.1 of 17 countries on having the conditions that foster high potential female entrepreneurship according to GEDI (Gender-Global Entrepreneurship Development Index). Forbes Magazine agrees. If you are interested in 11 reasons why now is the time for Women Entrepreneurs, continue reading .

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