Waiting until after the new year to start your business? You might want to reconsider. Although it might sound intimidating, starting a business BEFORE the new year could potentially increase your chances of success.
Here are four reasons why you should start a business before the new year:
#1 Get Ahead of the New Year Paperwork Rush
Most entrepreneurs wait until January to start filing business papers and documents, such as business licenses and permits. However, waiting until January might not be the best idea. Most offices are just returning from the holidays and receiving a flood of documents from other entrepreneurs. So, it might take them a while to comb through everyone’s paperwork in a timely manner.
Instead, you can get ahead of the new year paperwork rush by submitting your documents a month or so in advance. Submitting your documents in advance also provides more time to review your documents before offices shut down for the holidays. You’ll be ahead of the game and can knock that task off your to-do list while everyone else scrambles to submit their paperwork.
#2 Take Advantage of Holiday Marketing
Most customers increase their spending habits during the holidays, making it a great time to start and promote your business. While everyone else is waiting until January, you can start implementing holiday deals.
The holidays are also a great time to start a business because you can begin to grow your customer base before the New Year rush. Many entrepreneurs might be waiting to start their businesses in January and will have to compete with other companies clamoring for business.
#3 Stop Procrastination In Its Tracks
Entrepreneurs often use the excuse, “I’ll wait until after the New Year,” to procrastinate starting their business. However, putting off starting your business can lead to overthinking and stress. Sometimes, you have to start before you’re ready (as long as you have thought about your decision and have the ability to do so).
Most of the fear new entrepreneurs face when starting a business is due to uncertainty. However, the sooner you get started, the sooner you can begin to overcome your fear.
#4 Create Momentum Before the New Year
The new year is already busy for most people, so it might not make sense to make it even busier by starting a new business. Instead, you can try starting your business before the new year to help you avoid overloading your plate.
In addition, starting a business before the new year can help you iron out any wrinkles discovered during the holidays. You can build momentum by fixing the problems before the new year, giving you a potentially smoother start.
Tips for Starting a Business During the Holiday Season
Starting a business is one thing, but starting one during the holiday season is another. Although it’s a good idea to start a business before the new year, there are a few things you need to know.
Have Plenty of Savings
As with any business, it’s important to have plenty of savings tucked away when you start your business. As I mentioned above, consumers usually increase their spending during the holidays. However, as an entrepreneur, it’s critical that you save as much as you can.
Create a Business Plan
The holiday season can be a busy time for everyone, not just entrepreneurs. So, it’s important to create your business plan before it gets too hectic. Some things you might want to include in your business plan are your budget, marketing, customer and competitor analyses, and defining your products and services.
Develop Your Holiday Marketing Strategy
Holiday marketing is different from marketing during the year. For instance, consumer spending may increase, which means they’re more likely to actively looking for businesses to spend on.
Holiday marketing is also a great time to launch new products or run promotions to increase traffic to your business. As a new business, you can try to leverage this marketing strategy!