Many entrepreneurs have decided to open a business for the New Year. It’s certainly a big undertaking, but now is as good a time as any to become your own boss and change that vision into a reality. The New Year is the right time to start fresh. You can likely grab great employees who want a change and nab those customers looking to put their old ways aside. People are on the lookout for new, which is perfect for a new business.
However, as many entrepreneurs begin creating the business of their dreams, they notice it is much harder than originally anticipated. For this reason, it can sometimes take much longer to build a solid foundation for a business than originally anticipated. If this describes the current state of your future business, it is important that you don’t rust things—even for the New Year.
Finding the right pace at which to grow is extremely important. If you try to open your business too quickly, you could find yourself with more problems than had you waited:
5 Reasons You Shouldn’t Open for Business Too Fast
- Exhaustion – Both you and your employees will have too much to manage if you open before you’re ready. Everyone will have to take care of the foundational issues and customer issues all at the same time. This is too much to handle, and therefore your entire company will find themselves exhausted (which could lead to failure in the end).
- Careless Hiring – Your company will have to rush to hire employees if you’re trying to open for the New Year and aren’t prepared. Hiring employees should be one of the most important things you do for your business, so it’s important to spend a lot of time interviewing and conducting background checks.
- Office Space – Every business owner needs time to let a company develop before jumping into major business purchases like office space or supplies. If you open for business too early, you are likely to purchase way more than you can handle. This may force you to take out small business loans; only to realize you won’t be able to pay them back!
- Quality – Opening too quickly means you’ll be sacrificing quality. Things that get done in a rush are almost never as complete or correct as things done on time. This could potentially be detrimental to your business as a whole.
- Opportunity – Believe it or not, the moments before a business opens are extremely important. This is the time when you talk with investors and create business relationships. If you open too fast and then your business doesn’t appear to be working, you will have a much harder time making these connections.
One of the hardest things for entrepreneurs to gauge is when to open the business. This is different with every business, but the message is generally the same—don’t open until everything is in place. Make sure you spent a lot of time hiring, have quality investors, and explored all the opportunities possible; even if this means you have to wait until February or March of the New Year.
This post was guest blogged by Amanda DiSilvestro. Photo Credit: blog.augustmack.com