When is a good time to start a new business?

Paul Gardner, of Nwes.
Paul Gardner, of Nwes.

This is probably the most frequent question we hear, is now a good time to start a business? And it’s certainly the first question you’ll ask yourself if you’re thinking of setting up a new venture.

The answer I prefer was given by an successful entrepreneur who I met a few years ago, who said: “If there are enough people that will buy your product or service at the price you need to charge, then now is a good time.”

As a starting point, it doesn’t need to be more complicated than that. Note however, the word “need” not “want”.

Your business must generate a profit, so what you need to charge might be very different to what you want to charge! Getting pricing right can be hard, without under or over pricing.

There is no substitute for research. Having a really good understanding of your market, potential customers and your competitors makes it easier to answer the question above. Identifying the sources of your competitive advantage is also central and needs careful thought – something Nwes can help you with.

Innovation drives many start-ups, although it’s not all about being the next Apple or Uber. Opportunities such as online trading mean it has never been easier to connect with customers, but remember this applies to any start up, not just you.

Marketing is still a key consideration, and social media platforms are increasingly being exploited to grow sales and interactions with customers. Along with mobile technology, customers can interact with your business 24/7. Keeping these up-to-date, current and relevant is also important to ensure you take full advantage of these opportunities, which are often extremely low cost routes to market.

So if you’ve thought about starting a business or need help growing a business, talk to Nwes for free, impartial advice that can help you develop your ideas and profits. Contact Nwes on 08456 099 991, or visit www.nwes.org.uk