Normally both 24 and 48 hour catalase tests work fine. We offer labs that are two days, 48 hours, apart and the test gave clear bubbling reaction in the correct species.
If you want to save some time and work, you are able to test a colony directly by placing the drop of H2O2 directly on it. If you have only 1 colony of the bacterial type you are interested in studying, take some of the colony and streak on a new plate before adding the H2O2 to the remaining portion of the colony.