Good Time to Startup a Business?

[EndGame]

Recently a lot of friends have been approaching me suggesting we go into business offering online marketing services. A few have even come up with hybrids of this method and have suggested different online-based business models.

I have a full time job in Internet marketer, and I enjoy it enough. It's reasonable pay. My future doesn't look clear at the minute though, and the company is going through some changes at the minute which will not impact on me positively.

No jobs, limited opportunities, companies are tightening belts. I hear a lot of people say this is the perfect time to setup your own business full time. I hear others telling me to wait (which is the preferred option).

My fear is, I can feel my back getting close to the wall, and my hand maybe forced, and I might have to make a brave decision or two about my decision.

Economically it's an ugly time, is now the right time to be jumping in, when living will depend on my ability to make the project work? Or is it better to wait for a time when I am in a more comfortable position personally, and the rough seas of the recession have calmed?

[seoFool]

Hm, its hard to say....

It depends on your own personality really. Why not ease into it? Work on your own biz nights and weekends till business picks up and you can quite your regular job?

[jacktackett]

John is right - you should start small and test the waters (markets) and see what works etc. Any time is a good time to start a business - you need to have the mind set of seeing opportunities where others see adversity. But you need to test them as well!

I can't remember right now where I heard this - maybe the swim with the sharks guy - but you should dig your well BEFORE you're thirsty!

Good luck!
--Jack

[JeffMitchell]

Waiting is not going to get you anywhere...Move Now..Why wait for the country to "come back" into financial prosperity. This is about you creating for yourself.

We don't need the economy to flip so that we can do better financially. There will be more people becoming rich from this recession then any other time in the history of our country.

Don't wait for anyone to change your life...If you do, you could spend the rest of your life waiting for the "right" time.

Jeff Mitchell

[TedMarlett]

jacktackett wrote:you should dig your well BEFORE you're thirsty!

EndGame,

Very good advice. You can really start up an online business for a very small amount. Look on the forum for information. Use the search option. There is a plethora of great information here--> use it.

Read lots and really decide what area you want to get into. Ask a lot of questions after you have searched and your questions will be answered.

[trapp120]

I don't know if I can give you the answer you need, but personally, I'm a gambler. I'm willing to bet my skill against anyone, in any market and bad economy or not - I will succeed.

I would be more concerned with your doubts than the economy. Believe you can do it, and you will.

Originally Posted by EndGame

Recently a lot of friends have been approaching me suggesting we go into business offering online marketing services. A few have even come up with hybrids of this method and have suggested different online-based business models.

I have a full time job in Internet marketer, and I enjoy it enough. It's reasonable pay. My future doesn't look clear at the minute though, and the company is going through some changes at the minute which will not impact on me positively.

No jobs, limited opportunities, companies are tightening belts. I hear a lot of people say this is the perfect time to setup your own business full time. I hear others telling me to wait (which is the preferred option).

My fear is, I can feel my back getting close to the wall, and my hand maybe forced, and I might have to make a brave decision or two about my decision.

Economically it's an ugly time, is now the right time to be jumping in, when living will depend on my ability to make the project work? Or is it better to wait for a time when I am in a more comfortable position personally, and the rough seas of the recession have calmed?

[Kevin Riley]

IMO, it's always a good time to start a business. It depends upon the type of business, of course.

Thing to do is research your market well ... and then get going.

[kimvalerio05]

For me it's better to establish business when you are already really decided and no doubt that you are happy with your decision because the success of your business will depend on you.

[khairulazan]

The trick that we use here is keep our daytime job and grow our business as part time job...

Our goal here is to quit our job but before we quit our job, our business should be steady to produce passive income (not active income because we still have to work hard to keep money comes in on active income).The key here is our passive income must equal or double to our salary. When we quit our job, we lose our salary but the money from passive income still coming in and we have much time to find a new business opportunity or grow our business bigger.

[jack isaacs]

NOW is the right time. Based on what you said, you'r ready...so DIG IN, learn and be coachable. Sounds to me like you can see where this is headed...and results all depend on you! Keep us warrior's posted!

[AlexNavas]

You also mentioned that you already do internet marketing so you have all the skills necessary to go out on your own. You may also be more appealing to your current employer as a consultant since they don't have to pay payroll taxes and stuff to employ you.

They can potentially be your first client and a higher percentage of your existing income since there are no other costs involved. Then, have some kind of prospecting plan in place and speak to other businesses that can help build the right relationships for your and perspective clients.

There's plenty of businesses out there that need what you offer.

Go for it, but count the costs before diving in blindly!

[EndGame]

Thanks Warriors.

The post was a little short and vague.

I already do some IM work in my spare time and pull some cash in from it. But it doesn't bring nearly enough in to leave my job. It's been mostly affiliate stuff, selling services and selling one information product as part of a team. I have enjoyed it, and it's given me a good skill set.

I have done some JV and affiliate management on some 6 figure launches this year for my employer, and I am now responsible for SEO and traffic to our websites.

I want to setup a legitimate business, an online marketing agency one day, with some one isn't involved with the online space, but is a friend and an entrepreneur like myself. We'd be selling services to local and national business and trying to put our own unique twist on the services and business models.


I think you are right, it is a matter of self-belief. I am at a point where to make more money doing what I am doing, I'd have to jump into it full time. I just haven't got it down into a very good system yet. So I want to start this new venture.

Some of you seem to be saying build it up in spare time whilst at work. That's cool and I see sense in the approach, but others seem to say "go for it".

Those are the two choices I have and am trying to make. Do I wait till I am making a comfortable amount, or do I just go for it and make it happen?

I am not happy about the direction my career is currently going. There seems to be no one who wants to employ me at the moment so my thinking is, I can either suck it up at work, or make plans to do something for myself.

I appreciate all the input thus far.