The best time to start a business might surprise you. The case can really be made for each of the four seasons, which we’ll look at in this article. But the best time to start a business for you might depend on your own personal goals and resources.
If you are thinking about starting an ATM business, there is really no wrong time to start. As a wise man once said (ATMDepot.com’s CEO to be specific), “The key to success is to take imperfect action and get started. If you wait for everything to be perfect, you’ll never get going.”
The trick is to overcome excuses and objections. There is no such thing as perfect, so why not get started right away? Keep reading for that motivation boost you might need, no matter what time of year it is!
The New Year
New Year’s Resolutions
The start of a new year is a great time to start anything new. Many people are motivated by the thought of a fresh start, a blank slate, and new year’s resolutions they’ve set. This mindset can jumpstart many people into finally taking action on the goals they’ve been setting aside.
Bookkeeping and Tax Benefits
Starting a business at the start of a new year also offers tax and bookkeeping benefits. For many entrepreneurs, there is less red tape when starting a business in January.
First of all, consider bookkeeping. It takes a fair amount of time and effort, especially the first time. Most entrepreneurs decide that for that much work, it had better at least be for a full year rather than just a few months!
Then there are tax benefits. If you start an LLC for your ATM business, your business is required to file tax returns for any years it exists. And as an owner, you are required to declare any profits and losses from your LLC on your personal income tax returns.
So if you start your business at the end of the year, one of the first things you’ll have to worry about is filing taxes when you might still be in the throes of other new business tasks and challenges. If you start in January, however, you have an entire year before you need to file taxes.
Head Start with State Agencies
Filing your LLC paperwork early also helps you beat the rush at state agencies. As you can imagine, January is a busy month for processing incorporation paperwork. If your state allows you to declare a future effective date, your business could be official as early as January 1st rather than the date your paperwork is received for processing.
This prevents you from missing out on weeks of transactions and delayed ROI and profitability. You are also able to take advantage of springtime business. After a long, hard winter, more people are leaving their homes more frequently and are ready to start spending, their spirits heightened by the change of seasons.
Income Tax Return
Your income tax return at the beginning of the year could be all the startup cash you need, or at least a good chunk of it. This is one of the many benefits of an ATM business: it costs relatively little compared to most other businesses. So that income tax return could just be the investment cash you’ve been waiting for to get started.
These are all reasons why the beginning of the year could be the best time to start a business. Thousands of people around the United States think so anyway.
Summer
Summer is viewed by some as a time to pause. Many people take advantage of the weather and break from school time obligations to relax and travel. But some entrepreneurs finally find the time they need to clear their minds, focus, and get started during the summer, making it potentially the best time to start a business. As other areas of life start to slow down, summer can be a good time to dive into those passion projects and business goals.
This time can also provide entrepreneurs with the opportunity to introduce their kids to the world of business. Maybe you can help your child start his or her own business along with you or just involve your children in the tasks associated with yours. Either way, summer can be a great time to make starting a business a family activity and valuable learning experience.
You might also consider seasonal opportunities. If you want to get started with a portable ATM machine, there are a number of profitable opportunities that crop up in the summertime. From fairs to farmers markets, people are out and about and ready to have a good time during the summer, which is a great way to kick off your business.
Fall
Maybe you’d prefer to rest during the summer. Maybe you have other new year’s resolutions you’d like to prioritize over starting a business. Or maybe you just want to get started this fall.
Well, according to one study, the average worker is more productive in autumn than any other season. So, according to Inc.com, September is the best time to start a business since September, October, and November have been proven to be the three most productive months of the year.
With this kind of ingrained, natural productivity, think of the possibilities! Not only could you finally get your ATM business up and running, but it might also be easier to negotiate placements if other business owners are also feeling this jolt of motivation and productivity. Not to mention, you’ll be up and running just in time for Christmas shopping and spending….
End of the Year
Again, while there really is no wrong time to start your business, the end of the year could be the worst time. Considering the benefits of starting in any other season, by the end of the year, you’ve missed out.
However, if this is when you are ready, when you have the time, the money, the motivation, do it! There is absolutely nothing wrong with starting at the end of the year, and there are not necessarily any heightened risks compared to starting at any other time.
If you are able, it is still advisable to delay filing for your business until January 1st rather than opting for a standard incorporation filing. This is just to make tax and bookkeeping processes a little easier.
The Best Time to Start a Business Is Now
There are so many factors that affect the success of ATM businesses. The season or time of year you start essentially has very little bearing on the success of your business. At the end of the day, it’s all in your hands. So rather than put it off any longer, focus on what’s really holding you back.
In all honesty, it’s probably the fear of failure. But we’ve got a thing or two to say about that….
First of all, you aren’t alone. The fear of failure is very common and keeps many people from taking those first steps. To overcome this, you have to understand that
- everyone makes mistakes.
- there is no such thing as perfect.
- you will have to deal with that learning curve regardless of whether you start today or next year.
If that’s the case (trust us; it is), then you might as well just get started now. The sooner you start, the sooner you can start making passive income and profit.
The time is now, and we’ve got you covered. Get your ATM start-up kit today!