The best time to start a small business

  • Food on your table

    Photo, file: Spencer Platt/Getty Images

    The first question is: Will you run this business alongside your current job -- giving you more money, but less time? Or will you quit your job and make your business your main gig -- less money, but more time? Chocolate or vanilla? There is also a chocolate/vanilla-swirl option, going part-time or moving to a less demanding job while you get your business up and running.

    One of the very worst positions to be in is to have a great business, one that shows much promise, but to have to abandon it so you can feed yourself. It's a tragedy. Knowing how what you need to support yourself is vital to knowing if you're ready to start your business.

    Count the cost of your current lifestyle and either downsize it in favor of your business, or figure out how to pay for it while you give your business time to grow.