It can be tough to choose the right time to start your business. You may encounter some advice that tells you there's no time like the present and that you should just do it, but when it comes to an endeavor like this, looking before you leap really is the best policy.
On the other hand, hanging on to a great idea until someone else gets it too and starts their own business is not a great outcome either. You should keep a number of different things in mind in deciding when to get your venture up and running.
Your plan
First, you need to write a business plan. How detailed it needs to be will depend on what you will use it for. Some people need one in order to get a loan or attract investors, but even if you have no intention of doing either of these things, a business plan forces you to articulate your ideas, your long-term plans and many other important elements, such as how you will fund it and market it, and this can all be useful for your own purposes. Even if you'll be running a small sole proprietorship, you should create a short plan that addresses these types of questions.
Your resources
Do you have the resources to get your business up and running right now? Remember that resources include time as well as money. Even if you're considering a small side venture that you run out of your home, if you are taking care of small children or a caregiver to elderly parents, this might not be the right time to launch. At the other end of the spectrum, you may need enough money to rent office space, hire employees and purchase a great deal of equipment.
In this situation, being specific about the resources that you need gives you a concrete sum to aim for if you are raising money. If your business will include a fleet, you need more than just money to purchase vehicles and hire drivers. You will also need to think about management, so you may need to budget as well for an all-in-one compliance solution that includes tachograph analysis for your fleet. That way you can maximize driver productivity by fitting in more runs.
Timing
Timing is not just important in terms of your own business. You should also take a look at the time of year and the condition of the economy. If you want to launch a plumbing business, this may be less relevant since people need plumbers all year round regardless of the economic conditions. On the other hand, if you are a wedding consultant, you may want to launch in the spring when more people are planning weddings.
Your day job
If your business idea is one that does not take up all of your regular work hours, you may want to consider hanging onto your day job. You need to make sure you will not be violating any kind of employment contract if you do this, but if it is possible, it can take a lot of financial pressure off you in your first year or so as a business owner.