Starting your own business is a big decision that requires many considerations. One of the most common questions people ask is: “When is the right time?”

Although there’s no definitive answer, there are certainly things that can indicate when's a good time to start a business.

For every concern you may have that the business could fail, many of these factors will also be reasons why your business could succeed. In this blog, I’ll take you through my top indicators that prove you’re ready to get started.

It’s normal to have plenty of ideas. But if you’re not excited about them, it’s unlikely that you’ll be driven to make the idea a success or even a reality.

an idea that you’re truly passionate about

, you’ll be more likely to be dedicated, determined and motivated to exhaust every avenue to reach your goal.

 is much more than just an idea. Without a solid business plan in place, it will be hard to run your business and make it a success.

A good business plan is one of the most important steps when it comes to becoming a business owner. Your plan should span the first three to five years and account for goals, milestones, expenses and revenue.

Turn your idea into a reality – join Enterprise Nation for free

There’s demand for your product or service

Before starting a business, you need to research whether 

Make sure you understand what will make your business stand out from competitors and what kind of people will be interested in it.

You’re in a position to take on financial risk

Starting your own business will inevitably involve 

to get it off the ground. There are many funding options, including using your own savings, asking for help from 

However you end up getting together the necessary capital, understand that you may not get it back and that you’ll need enough to fall back on if you don’t. Not only that but be prepared for it to take time before your business starts making a profit.

You’re aware of the realities of success

This might sound strange, but success isn’t always easy. Success brings added pressure, higher expectations and more work.

You may want to start your own business as a 

. But if it grows to be extremely successful, would you be ready to make decisions on how to continue? You might have to start managing employees or take on additional legal responsibility (such as 

You’re ready to work hard and do whatever it takes

Starting your own business may not be as glamorous as you imagine. There will be lots of nitty-gritty jobs that you’ll be responsible for when you’re first starting and can’t afford the help from employees.

Many people also overlook the amount of form-filling, paperwork and 

that are often required, such as keeping records of your expenses, 

You have the time it takes to run your own business

If you want to start your own business because the hours at your current job are too long, you may be in for a shock. While you do have flexibility as your own boss, you’ll also need to put in significant amounts of time as you get things established.

It will most likely affect your personal life and the time you have to spend with friends and family. That said, the 

 and the potential for great reward often drives entrepreneurs to work as hard as necessary to grow their enterprise.

You’ve always wanted to be your own boss

To start your own business, you need to want to be your own boss. This means you have to be willing to hold yourself accountable, make tough decisions and fully accept the outcomes.

Unlike when you work for an employer, there’s no one else to take the reins when something happens that needs reacting to. It can be a daunting prospect, but if you prefer to be in the driving seat it’s a good sign that you may be well-suited to running your own business.

Although you may be planning to run this business by yourself, it doesn’t mean that you shouldn’t enlist help from professionals.

By seeking guidance from experts – such as 

your new business has been set up correctly

It could also take a lot of stress out of doing things you’re unfamiliar with so that you can just focus on achieving your goals for your business.

StartUp UK: Turn your good idea into a great business

 for resources that give you the education and inspiration to get started on your entrepreneurial journey.

I’m Simon Thomas, and I’m the founder and managing director of Ridgefield Consulting, an independent firm of chartered accountants. Like many of our clients, like many of you, I started my business in my own home at the kitchen table. My father is a chartered accountant and I trained with some of the best in one of London’s top 4 firms – EY. Whilst I gained expert skills and experience; accounting to me, is just a skill to be applied, but business is a purpose for where I could apply it to. That’s why I am where I am today, running and growing my own company. Visit my website www.ridgefieldconsulting.co.uk

Managing Director

When is a good time to start your own business?

Find out the key things that can indicate when it’s a good time to start a business.

The Bank of England has cut interest rates from 5.25% to 5%, the first reduction since the start of the pandemic in March 2020.

The Monetary Policy Committee voted 5-4 in favour of the cut. Rates rose from 0.1% in 2021 to a 16-year high of 5.25% in August 2023. 

The cut follows a reduction in inflation, but Bank of England governor Andrew Bailey cautioned interest rates will likely fall slower than they were increased. 

He said that policymakers "need to make sure inflation stays low, and be careful not to cut interest rates too quickly or by too much, before adding: "ensuring low and stable inflation is the best thing we can do to support economic growth and the prosperity of the country."

Commenting on the interest rates reduction, chancellor Rachel Reeves said:

The Conservatives' shadow chancellor Jeremy Hunt said:

Small business reaction to interest rates cut

Enterprise Nation founder Emma Jones said:

 and founder of Atlantic Edge Investments, said:

Chris Yang, personal finance consultant and founder of 

brohmon lager

Access finance via Enterprise Nation's funding hub

Book a free discovery call with a finance expert

I&apos;m a <a href=&apos;https://danmartinuk.com/&apos; target=&apos;_self&apos;>freelance content creator and event host</a> who helps small businesses and the organisations that support them. I&apos;m also Enterprise Nation&apos;s Local Leader for Bristol.
I have 20 years of experience as a small business journalist having interviewed hundreds of entrepreneurs from famous names like Sir Richard Branson and Deborah Meaden to the founders behind brand new start-ups.
I&apos;ve worked for a range of leading small business publications and support groups, most recently as head of content at Enterprise Nation where I was responsible for the prolific output of content on the company&apos;s blog and social media. I now freelance for Enterprise Nation as the website&apos;s <a href=&apos;https://www.enterprisenation.com/business-news&apos; target=&apos;_self&apos;>news reporter</a> and as the host of the <a href=&apos;https://www.enterprisenation.com/podcast&apos; target=&apos;_self&apos;>Small Business sessions podcast</a>.
I&apos;m based in Bristol where I run and host regular events with the local small business community in my role as Enterprise Nation&apos;s Local Leader for Bristol. I also have strong connections with other major business organisations in the south west region.
In total, I&apos;ve hosted over 100 events including conferences with an audience of hundreds for international brands like Xero and Facebook and live web chats from inside 10 Downing Street.
With my partner, I co-run <a href=&apos;https://www.lifestyledistrict.co.uk/&apos; target=&apos;_self&apos;>Lifestyle District</a>, a lifestyle blog focused on culture, art, theatre and photography.

Freelance content creator & event host

Bank of England cuts interest rates for first time since March 2020: The small business reaction

The Bank of England has cut interest rates from 5.25% to 5%. Enterprise Nation's reaction.

Enterprise Nation has helped thousands of people start and grow their businesses. Led by founder, Emma Jones CBE, Enterprise Nation connects you to the resources and expertise to help you succeed.

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Guidance, help and resources for businesses that face unprecedented challenges due to rising energy costs, inflation, and staff and supply shortages

Cost of doing business: Support for small businesses in the UK

How to cut costs as a small business

Small business networking

cost of doing business

 webinar to demystify financial planning and boost your business with confidence. 

 dive into the who, how and when to ask for funding and the importance of articulating what stage you're at. Learn how to write a great business plan for debt and a financial model for investment.

Understand how banks think and act and discover the four key financial drivers you need to know to succeed.

This webinar is part of a series for business.connected. 

business.connected: Grow your business with free digital training

Free video training, exclusive offers and workshops

The business.connected hub is a free online training programme of workshops, webinars and e-learning modules designed to help businesses go digital and adopt new technology. 

Entrepreneur, funding expert, strategic coach and Partner to the British Library <a href=&apos;https://www.bl.uk/bipc&apos; target=&apos;_self&apos;>Business &amp; IP Centre</a>, helping early-stage entrepreneurs navigate a clear path to the right investors in the shortest time possible, while retaining ownership of their business and a high degree of entrepreneurial freedom.
<ul>
<li><a href=&apos;https://linkedin.com/in/pngrant&apos; target=&apos;_self&apos;>Testimonials</a></li>
<li><a href=&apos;https://bit.ly/PaulGrantBritishLibraryBio&apos; target=&apos;_self&apos;>Full bio</a></li>
</ul>

Founder/Advisor

Financial planning with confidence

Learn the right time to ask for funding and how to write an excellent business plan for debt.

Ever wondered how some businesses achieve remarkable growth while others struggle? It's not by chance; it's through the strategic use of budgeting.

 dives into different strategies, tips and tactics used by industry leaders to craft and manage budgets that drive financial success. She explains how to effectively put your budget into action, conduct regular reviews, foster financial accountability and use the budget as a dynamic decision-making tool.

Good day! I&apos;m Krystle. I&apos;m all about financial confidence, connection, and growth. I use behavioural finance as a foundation to provide business consultancy and financial mentoring.
I support founders in improving their financial acumen and confidence by tackling the blockages that appear when trying to grow. Whether you require a business plan to support your funding application or help managing and understanding the day-to-day finance, I can support you.
Services include:
<ul>
<li>Improve profit by identifying opportunities</li>
<li>Budgeting and forecasting</li>
<li>Understand the options for paying yourself</li>
<li>Pricing</li>
</ul>
And more!
We can also work through your personal finances, to ensure they are in the best state possible as you grow your business, and improve management, credit, saving, investing etc.
I&apos;m known for connecting money to the mind as the starting point for improving financial dexterity. I focus on the psychology of financial decision-making, financial education, and the opportunities it grants. I deliver workshops, facilitate events, provide courses and bespoke services. This includes workshops for Moonpig, General Assembly and Birkbeck University. I have appeared in the Telegraph newspaper, featured in Refinery29 and BBC Radio on several occasions. I recently partnered with Boots No7 and AllBright to build a finance course for women coming out of the pandemic and organisations such as StepChange and Thriveology. I am also a finance writer and have written for the likes of Motley Fool. After reading Financial Mathematics at university, I worked as a qualified Chartered Accountant for over ten years with companies in the creative spaces of PR, advertising, marketing, and technology – being responsible for managing the finances of million-pound businesses.

Director

How to build a business budget

Discover the power of budgeting and gain insights and a proven roadmap for financial success.

 Lunch and Learn, Steven Bartlett, entrepreneur, Dragons' Den investor and founder of The Social Chain, gives his insights into how you can strategically set goals for your business.

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How to set goals for your small business: With Steven Bartlett

Why setting goals is crucial to your business's success and how to set goals that align with your strategy.

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Latest Small Business Barometer results

78% of businesses affected by rising prices

35% have increased prices for customers

31% said they were often paid late by their customers

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