There are 30.7 million small businesses in the United States. Knowing how long it takes to start a business will help you save time when you need it the most.
Over 99% of the businesses in the United States are small businesses. That’s why so many people are wondering, “How long does it take to start a business?”
How Long Does It Take to Start a Business on Average?
Your business ideas have the potential to make you richer. However, if you’re not mindful of your business’s startup timeline, it could destroy your hard work.
Here’s what you must know about the time involved in starting a business.
Starting a Home Business
Home businesses take the least amount of time to set up. After all, a bare-bones remote business has the least startup costs involved. In fact, many home businesses only require a computer and no employees beyond yourself.
On average, a small remote business only takes a month or two to get going. Depending on your remote business’s complexity, it could take longer. Staying organized with your paperwork and important dates will prevent the startup process from taking longer than it should.
Starting a company is more difficult when you’re aiming for a brick-and-mortar store. Unlike with home businesses, you’ll have to secure a good location, which could take up to 3 months. Checking zoning laws, getting a lease, doing renovations, getting property insurance, etc. adds on even more time.
People looking to start a business must often connect with investors and secure bank loans to receive funding. The fund-finding process alone could take anywhere between one month to three months.
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If you’re lucky, you’ll be ready to fully start your business in a year. However, please know that it’s common for businesses to take longer to start up. One of the best startup tips is to assume your business will take double the amount of time to start up.
Getting a business into full-swing profitability often takes around four years. Note that it takes time to familiarize yourself and workers with each new business process you add to your operation.
Unless you’re selling pre-existing products, you’ll have to develop products and services of your own. Developing products and services from scratch could take anywhere from a month to a year.
You’ll reduce the amount of time it’ll take to start your business by having a proper business plan ready as soon as possible. Learn more about what makes a business plan strong via the aforementioned link.
In the meantime, don’t let stories of overnight business success fool you. Many businesses need at least two or three years to develop a steady customer base.
How Long Does it Take to Start a Business? It Depends!
30% of businesses fail only two years into their operation. So how long does it take to start a business? It depends on how long your planning and sustainability efforts take.
By the end of the next five years, only 50% of businesses will remain. Nonetheless, if your business is carefully launched and innovated, it will financially outlive the competition.
Make your business dream come true—check out our brilliant startup ideas. It’ll inspire you to innovate your own startup.
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