The document discusses several key considerations for determining whether now is the right time to start a business: 1) The current state of the economy and level of unemployment could impact consumer spending and confidence. 2) The product/industry sector should be in a growing market to take advantage of excitement rather than competing against established companies. 3) Research is needed on competition through sources like Company House to understand competitors' performance, new products, and customer feedback. 4) A SWOT (strengths, weaknesses, opportunities, threats) analysis should be conducted to evaluate the business proposition and plan for risks. Factors like available resources, expertise, technology, regulations and new competitive threats should be considered.

1. Is now the time to start a business?

2. Is now the right time to start a business? Considerations The state of the economy You The product / industry sector your business is in Your competition

4. A B C At Point A the product or service is new to the market and awareness is building, sales slowly increase At point B people are aware and excited and more sales are generated At point C competing products emerge and sales for this product decrease The product / industry sector your business is in

5. If you are entering an established market, there a risk that the market will fall where people look for alternative products using the latest fashion or technology. It is far better to enter growing markets to take advantage of the excitement rather than competing against established companies that have a good reputation. The product / industry sector your business is in