Written by: Keji Olabimtan
Entrepreneurship is an exhilarating journey with twists, turns, and unexpected detours. While passion and perseverance are vital ingredients for success, there’s another crucial factor that often goes unnoticed: timing. Knowing when to launch your business can make all the difference between soaring to new heights and crashing into roadblocks.
Timing is everything in the world of business. Strategic timing can give entrepreneurs a competitive edge in the market. Just like a skilled chess player anticipating their opponent’s moves, entrepreneurs must analyse the landscape and make their move with purpose and precision. In this comprehensive guide, we’ll delve deeper into the art of timing your business launch, exploring the ten (10) best periods to start your entrepreneurial journey. We’ll uncover the strategic insights that can maximize their chances of success and minimize risks.
1. Economic Boom: Imagine a bustling marketplace where consumers are eager to spend, investors are bullish, and optimism fills the air. This is a perfect time to launch your business. During periods of economic boom, such as the aftermath of a recession or a suddenly booming industry (e.g. tech, fitness etc.), consumer confidence is high, making it easier to attract customers and secure funding. Just like joining a party at its peak, launching your business during an economic boom can set you up for success from the start.
2. Industry Disruption: Disruption creates opportunities for innovation, allowing entrepreneurs to challenge the status quo and carve out their own niche. In today’s fast-paced world, industries are constantly evolving, driven by advancements in technology and shifts in consumer behaviour. Take the example of Netflix, which revolutionized the entertainment industry by introducing streaming services and Uber which disrupted the transportation industry worldwide. By identifying emerging trends and embracing change, entrepreneurs can position themselves as leaders in their respective fields. Which disruption is currently taking place in your industry? Carve out a unique niche for yourself and launch out quickly. You may need to speak with a business consultant to evaluate and develop the idea better for you.
3. Personal Readiness: Launching a business is not just about timing the market; it’s also about timing yourself. Personal readiness plays a crucial role in determining the success of your entrepreneurial venture. Whether you’re emotionally prepared to take on the challenges, financially stable to weather the initial storm, or mentally primed for the journey ahead, listening to your instincts and trusting your readiness is key. Just like a marathon runner pacing themselves for the race, entrepreneurs must be prepared for the long haul. However, be careful of over-analysis of your readiness. I have realised from my years of business coaching and consulting that most entrepreneurs take the leap of faith and jump into the business ocean whether they feel ready or not. This is highly commendable. It demonstrates the courageous spirit often associated with entrepreneurship. The truth is that you are likely never to feel 100% ready, and my common advice to entrepreneurs is never to jump into the business ocean without safety support such as a business coach or consultant. That way someone is there to ensure you don’t drown when the wind blows.
4. Market Gaps: Every successful business starts with a great idea, but what sets it apart is the ability to identify and capitalise on market gaps. Whether it’s a niche hobby gaining popularity or an unmet need waiting to be addressed, spotting opportunities where demand exceeds supply is essential for entrepreneurial success. By conducting thorough market research and staying attuned to consumer needs, entrepreneurs can position their businesses for long-term growth and sustainability.
5. Government Regulatory Changes: Changes in regulations and government policies can have significant impacts on businesses across various industries and present a new opportunity to launch new innovative solutions. While regulatory changes may present challenges, they can also create opportunities for savvy entrepreneurs to launch and flourish. By staying informed about legislative developments in trade & commerce, foreign investments, E-commerce, environments, labour laws, tax and tariffs, corporate governance and other industry-specific regulations, and adapting their business models accordingly, entrepreneurs can navigate regulatory landscapes effectively and position their businesses for success in a changing environment. For example,
6. Technological Advancements: We are in a digital age where everything is possible as technological advancements have made it easier than ever to start and scale a business. From technology, businesses such as cloud computing to social media marketing to other digital creative businesses, entrepreneurs have leveraged a plethora of tools and resources to launch businesses that can streamline operations for other businesses and help them reach a wider audience. With the daily technological advancements we experience now, entrepreneurs can have new ideas and launch their businesses to stay ahead of the curve and adapt to changing market dynamics with agility and innovation.
7. Cultural Shifts: Cultural shifts can create fertile ground for entrepreneurial endeavours. Whether it’s capitalising on the growing demand for plant-based foods, sustainable fashion, or digital wellness solutions, entrepreneurs who align their businesses with trends can gain a competitive advantage and build a loyal customer base. By staying attuned to societal shifts and consumer preferences, entrepreneurs can capitalise on emerging opportunities and stay ahead of the competition. Social trends, such as shifts in lifestyle preferences, values, and attitudes, can influence consumer behaviour and shape market demand. By staying attuned to social trends and identifying emerging opportunities, entrepreneurs can develop products and services that resonate with changing consumer preferences.
8. Seasonal Trends: Seasonal trends offer unique opportunities for entrepreneurs to capitalise on consumer behaviour. Whether it’s launching a beachwear line in the summer or offering tax preparation services during tax season, entrepreneurs who tap into seasonal trends can leverage temporary spikes in demand and generate substantial revenue. By planning their business launch around seasonal fluctuations, entrepreneurs can maximize their chances of success and establish a strong foothold in the market.
9. Economic Downturns: While launching a business during an economic downturn may seem counterintuitive, it can actually present unique opportunities for savvy entrepreneurs. During periods of economic uncertainty, consumer behaviour tends to shift, creating demand for new products and services that address emerging needs. For instance, creating a cheaper version of a premium prototype is a strategy that works most of the time during an economic downturn. Additionally, reduced competition and lower operating costs (e.g. labour) may make it easier for entrepreneurs to enter the market and establish a foothold. By capitalising on market inefficiencies and offering innovative solutions, entrepreneurs can position themselves for long-term success, even in challenging economic conditions.
10. Personal Milestones: Launching a business can be a deeply personal decision, often influenced by significant life events or milestones. Whether it’s graduating from college, getting married, becoming a parent, or reaching a career milestone, these personal milestones can provide the motivation and inspiration to pursue entrepreneurial endeavours. By leveraging personal milestones as catalysts for change and growth, entrepreneurs can tap into their passion, drive, and sense of purpose to overcome obstacles and achieve their entrepreneurial dreams.
In conclusion, timing is a critical factor in the success of any entrepreneurial venture. By understanding the various periods and factors that can influence the timing of a business launch, entrepreneurs can make informed decisions and maximize their chances of success. At Bizdev Consulting, one of the things we love to do is to help entrepreneurs take off excellently, so, whether it’s capitalizing on economic booms, industry disruptions, personal readiness, or seasonal trends, we have mastered the art of strategic timing to help you navigate the unpredictable journey of entrepreneurship with confidence and resilience. If you found this comprehensive guide helpful, be sure to subscribe to our newsletter for more valuable insights and tips on entrepreneurship and business growth. And don’t forget to share your thoughts in the comments below—tell us your location and your most pressing business needs for a chance to win a free consulting session with our experts. The lucky winner will be announced in our next newsletter, so stay tuned!
Keji Olabimtan is a Business Consultant and a high-performance coach who has helped over a hundred entrepreneurs to start and scale their businesses in the Middle East, Africa and North America. From fashion to manufacturing to education to food and beverages to hospitality to ministry to coaching, she is passionate about developing tailored strategies to build and grow sustainable brands. She a consultant at Bizdev Global Consulting.