Barnett says brokers need to realise there is no time pressure on them as such, as "there's always going to be a mortgage and protection industry".
But they have to ensure it's the right time for them as "you need to be in a position where you can give it your all for six, 12, or 18 months to make sure that it works."
When planning their timing, brokers should consider their business plan, cashflow, as well as their priorities and their friends' and family's situation.
And although it is bound to be hard work, brokers should ensure they get their work-life balance right from the start, he says, to avoid burning out.
"You need to have a think about that. But you also need to speak to your support groups to say 'listen, this is what I'm thinking about doing, do you feel it's the right time for us'?
Finally, they should consider what they might have to sacrifice in the early years. "Is it the correct time for you, and what are you willing to sacrifice to make this work?
"And finally, it's all about the plan. It's all about ensuring that you've considered every option, unturned every stone to ensure that the business is right for you and it's going to work."
carmen.reichman@ft.com
