Many people dream of starting their own business, and in the UK alone over half a million people do so each year. But what holds the other would-be entrepreneurs back? Is there ever, really, a reason not to follow your dreams?
Over the years I have spoken to many people who have business ideas and goals they would love to achieve. Numerous reasons are listed as practicalities that are holding them back. I believe, however, that for most problems there is a solution, and that starting a business does not have to be a major hurdle people need to jump over.
I want to help people to overcome perceived problems and fulfill their dreams. Here I will discuss some of the most common obstacles I hear about, but if there is a different obstacle holding you back, tell me about it in the comments section of this blog post.
Here are the most common obstacles I come across, and the ways I think that business start-ups can overcome these and move their business forward.
“I need to support my family, I can’t give up my day job!”
Don’t! Starting and running your own business should be about providing you and your family with the lifestyle you want. To risk jeopardizing you family’s happiness in order to start your business seems counter intuitive and is inadvisable.
When you are getting your business off the ground use your spare time, evenings, weekends and annual leave to get your business off the ground, build a customer base and ensure that your business plan is sound.
As your business grows look at the option of working part-time and spending more time on your business, until you feel confident enough to make the transition to full-time self-employment.
Some people feel happy jumping in to their own business feet first, and that is great, but for those who are unsure the gradual process described above may be tiring and hard work, but should build up the confidence necessary to take that leap!
“I don’t have any capital to invest in my business idea – and business loans are hard to come by.”
My advice would always be to minimise investment in your business start up. Don’t invest unnecessarily large amounts on surplus gadgetry and equipment for your fledgling company.
Instead, bootstrap your business, by only using money made by your business to fund growth. Not only does this negate the need for large investments and borrowing, it also minimizes the financial risk to you and your family, reducing the financial burden and pressure placed on you.
“I’m scared of failure!”
Don’t be! Nothing can guarantee business success but even if your start up doesn’t succeed, a failure under your belt will give you lessons in business that you can’t learn from a book or a blog. These lessons will equip you with skills and experience for you to take forward in your business journey.
If you have bootstrapped your business sufficiently, and not taken unnecessary risks, then what you may initially perceive as business failure will not lead to devastation and financial ruin. What is there to be scared of?
“I don’t have a good support network.”
Find one! There are plenty of other business start ups that are looking to connect with other people in the same position. There are also many experienced business people, like myself, who are always looking to help those who are just starting out. Connect with like minded people on Twitter, or use networking groups to get advice and support from others that are in the same situation.
These are the most common reasons I hear for people being reluctant to start their own business. If you have a stumbling block I haven’t covered, I would love to hear from you; either leave a comment or connect with me on the WinWeb Facebook page.