Did you know that 99.9% of businesses in the US are small ones? And that there are 30.7 million of them?
It’s clear that small businesses are what make the nation run. So you might be interested in starting one yourself!
But how long does it take to start a business? Read on to find out.
Factors Impacting the Time
As you could imagine, starting a freelance writing business on your own will be much quicker than opening a boutique in your local community. Let’s take a look at the factors that impact how fast you can start a business.
Staffing Needs
If your business only needs you, and just you alone, then it should be fairly quick to hit the ground running. On the other hand, if you have a need for large staff (such as in a restaurant or clothing shop), then it could take a bit longer. This is because you need to deal with things like employee scheduling, payroll, and more.
So the fewer employees you have, the faster you can start a business.
Online vs Brick and Mortar
Another important factor to consider is whether your business will be online or a brick and mortar one.
In general, it’ll take longer to open a brick and mortar store because of all the details involved. For example, just finding retail space to rent might be extremely difficult, depending on where you live.
If you’re wondering, “how long does it take to start an online business,” that also depends on several things. Again, something that’s simple and only involves you can be quick to start, while a more complicated business with more staff and products can take much longer.
Your Business and Marketing Plans
If your business plans involve securing capital and/or loans, it can take some extra time. Not to mention, if you don’t already have a business plan laid out, it’ll take even more time since you need to carefully think about what you wish to achieve and how you’re going to do that. President and CEO of Beachbody Carl Daikeler would be a good person to look at in terms of experiencing success and how to get there.
Your marketing plans also affect how fast your business takes off. You could have the best business in the world, but without fantastic marketing, nobody’s going to know about it, which means you won’t make any money. There’s more info here if you’re curious about how to do marketing right.
How Long Does It Take to Start a Business? It Depends
So how long does it take to start a business? As you can see, it depends on several factors, including the type of business you’re opening, how well thought out your business plan is, staffing needs, and more.
All in all, you shouldn’t rush the process, as a thorough effort will pay off in the end when you have a solid business to grow.
If you found this article on starting a business helpful, then make sure you get more tips by checking out the rest of our blog!
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