Entrepre-nerves: What’s Stopping You From Starting Your Own Business?
Do you have dreams of starting your own business? Many people are scared to take the leap, believing that they don’t have the business acumen in them to succeed or simply don’t have the resources. The truth is that anyone can start a successful business – nothing should be a barrier. Here are just several excuses that people use for not pursuing their entrepreneurial visions and why each of these excuses is poor.
I haven’t got the money to start a business
Starting a business can be expensive, but it can also be very cheap. It all depends on what you need to function. Some of the biggest costs are hiring employees, renting a premises and buying equipment, but your business many not need any of these costs. You can run a solo company from home using only a laptop in many cases. This may not be possible if you’re hoping to open a clothes shop – however you could consider adjusting your starting point first if you’re on a tight budget. This could involve running an online clothing store first or operating from a market stall before building up to a physical store.
Alternatively, there’s always the option of taking out a business loan. Borrowing money could allow you to cover bigger costs such as renting a premises and hiring employees. It’s worth always talking to a financial advisor who can suggest the best option of finance for you.
I don’t have the experience of running a business
Many entrepreneurs have no experience of running a business – you don’t have to have worked your way to the top of the corporate ladder first. There are lots of business courses out there that you can take to help you understand tasks such as accounting and marketing. You can even take a leadership course if you want to take on employees. On top of this, there are a plethora of business books, blogs and other sources of information for helping you to learn the ropes. With enough research, you won’t need experience.
The legal side of business confuses me
You’re not alone if the legal side of business confuses you – it confuses even the most experienced business owners. This is why legal advisors exist. Every good business owner uses advisors to help them through the maze of legal paperwork and rules whether it’s employment law advice or trademarking advice. Relying on their expertise allows you to discover solutions to legal problems on a need-to-know basis rather than having to educate yourself on all manner of legal matters. On top of the legal side, you can also use advisors to help with IT problems and financial queries. Some advisors charge for their services whilst others can offer advice for free simply by calling them up.
There’s too much competition
There are lot of companies already out there, many of which may be doing something similar to what you hope to do. However, you can’t let this competition put you off. Competition can be healthy – it shows that there’s a demand for your service and it allows you to create competitive marketing campaigns. Market research is important when competing with these rival companies – by understanding what these other companies offer, you can find a way to single yourself out. If another company offers a luxury service, you could aim to create a budget service to compete with them. You could even find a product that they don’t sell and make it your unique selling point. Whatever the case, competition could be healthy as it could help you to streamline your service by learning from the mistakes and successes of other companies.
My friends and family don’t support me
If your friends and family don’t support you, it’s likely they’re just looking out for you. They may not understand your business model as well as you do and so may be more focused on the possibility that it could fail rather than making the effort to understand it better. Sometimes you have to show the people around you that they’re wrong – try consulting strangers or people within your niche who aren’t your friends and family and see if they have a different reaction. If people that are passionate about your niche show interest, it shows that starting your own business may not be a daft idea after all.
I don’t have the time right now
Starting and running a business is time-consuming – there’s no question about that. However, telling yourself that you don’t have the time now could just be a form of procrastination. There are business owners out there raising families and handling housework and other responsibilities who are able to get by. It’s all about managing your time correctly. You may have to delegate work tasks or get friends/family to babysit or manage housework – by using help from other people and not taking on everything yourself, you can get more done each day.
What if it fails? How will I pay the bills?
If you’re fixated on the possibility of failure, you could find that this defeatist attitude is just the things that causes you to fail. Running a business is not a smooth ride and there will be obstacles – it’s all about finding solutions to these obstacles so that you can generate more money. You need to learn to become comfortable with a lack of financial stability – yes, there may be some bad months, but there could be some great months too. Some months you may to borrow money to pay the bills, whilst other months you may take in enough profit to pay the bills ten times over. Start focusing on the chance that your business could succeed, and you’ll find that you’re focusing more on solutions to problems than the problems themselves.