Starting a business must be labor of love

Sufficient funding also important

Q. Dear Rick: I’m thinking of starting my own business. Is now a good time to do it? — Adrianna, Marlboro.

A. Adrianna, it’s really not a question as to whether it’s a “good time” to start a business. It’s a question as to whether it’s a “good time” for you to start one.

Let’s take a look at what makes it a good time for someone to start a business.

First, only do it if you’re financially solvent and can afford it. It wouldn’t be a good time to start a business if you’re struggling financially or have recently lost your job. Even in the best of situations, you’re not going to make a profit until a few years after you’ve launched — and even then, you should be pouring most of that profit back into growing the business.

It would be best if you’re in a relationship in which your spouse or partner has an income from which you can both live off during the first few years of your new venture.

If all of that is true, make sure the business is in a field in which you have a wealth of experience.

If not, then the best course of action is to begin your new venture by getting a job in that industry so you can acquire the experience and knowledge you’ll need to run a business. Doing so will also give you a chance to figure out if you truly love working in that industry.

And unless you absolutely love the profession, it’s almost guaranteed that you won’t be a success, considering all of the time, work and frustrations you’ll endure.

Lastly, you should be aware that at least half of all new businesses in the U.S. fail. And of the ones that succeed, very few become large successes.

And remember, you can’t start until you’ve acquired enough money to finance your venture, which means you’ll have a few choices: a partner with deep pockets, a business loan from a bank or both. And each can be difficult to acquire. Best of luck!

If you’d like your financial question answered, please send it to AskRick@BostonHerald.com.

You should be aware that at least half of all new businesses in the U.S. fail.