We always tell you how amazing running your own business is. So why doesn’t everyone start a business at least once in their life? Well, entrepreneurship isn’t for everyone. There are people who have never dreamt about working for themselves and simply enjoy jobs without as many risks as starting a business has.
On the other hand, there are people who would love to start their own business and even have some business ideas but there is something that’s stopping them from doing it.
So let’s have a look at the most common obstacles that prevent people from starting a business and how to overcome them:
Waiting for the perfect time
What is the perfect time? Does it even exist? And why do we need the time to be perfect to start something? Why do we wait for Monday to start eating healthy or for a new year to start reading? What’s wrong with starting a business on a random Wednesday afternoon?
The truth is, there is no such thing as a perfect time. The more you wait to start a business, the more excuses you find not to. So if you come up with an idea, it’s best to start working on it straight away.
When you keep waiting for a better time, you are more likely to start overthinking your idea. And when you start overthinking, you can lose the initial excitement, start feeling like your idea isn’t good enough or even start doubting yourself and whether you are capable of running a business.
Thinking they need a lot of money to start
Many people believe that starting a business costs thousands. But it’s not exactly true. While some businesses require a big initial investment, others can be started with no money at all!
However, even if you need money to start but don’t have enough savings, there are different ways to fund your startup business, including start-up loans, investment from private investors or crowdfunding. You can find more options here.
Another thing to consider is starting as small as you can. For example, if you want to start a physical store but don’t have enough money to pay for premises, you can start operating from your own home and sell products online. This way you can make a profit without spending too much money and build your customer base. Once you make enough money, you can expand your business and open your dream store! And even better – you will already have customers that will be visiting your store!
One of our clients, Joanna Wilson, has done exactly that and now runs a successful business. You can read the whole story here.
Thinking their idea isn’t original
If you feel like your business idea isn’t original, good news, it doesn’t have to be!
Let us explain.
Original business ideas are very rare if not nonexistent!
Even if you started a business that offers holidays on the moon, your idea wouldn’t be original. You would be the first one doing it but not the first one who thought about it!
The same with any other idea. With almost eight billion people in the world, what are the chances that no one else thought about or even started the same business as you are thinking of starting?
When it comes to starting a business, there is no doubt that a good idea is important. However, it has to be GOOD and not necessarily ORIGINAL.
While the idea is the foundation of your business, the way you fulfil the idea is what actually matters. The success of your business depends on how much work you put into it and how you stand out from the competition.
If your biggest dream is to work for yourself but you’re waiting for that original idea to come to your mind, you’ll never make your dream come true! There are many businesses that offer very similar or even the same products or services but all have customers. So instead of thinking “someone is already doing it, I need to think of something different”, think of it as “great, someone else is doing it. They are successful – it means there is a demand for it!”
No business knowledge
One of the most common reasons people decide that running a business is not for them is because they don’t have any business knowledge or experience.
However, this is a thing you should worry about the least! Of course, when you do something for the first time, you might not feel as confident or think that the decisions you make aren’t right. But the more you do it, the more experienced and confident you become.
Another option you should consider is working with someone who has the knowledge and experience needed to run a business. Working with an expert such as a business advisor or attending business training courses will help you gain essential skills and boost your confidence as a business owner.
Here at EMS, we have a team of professionals, including business coaches, advisors and trainers that had run businesses themselves. We offer one to one support, workshops and training courses to set you up for a great start! Contact us to find out which option is best for you.
Fear of failure
Starting a business always comes with a risk of failure.
But it’s important to mention that not every mistake ruins your reputation or means you need to close down your business.
If you have never run a business before, you are likely to make smaller and bigger mistakes from time to time just because you don’t have the experience. But there’s no other way of getting that experience than actually doing those things you haven’t done before.
Most of those mistakes you make can be fixed. And every mistake you make teaches you a lesson. Once you learn that lesson, you can make things right, move on and understand how to avoid making the same mistake in the future.
And if you’re really worried about your new business failing, we have an article that explains the most common reasons start-up businesses fail and how you can make sure yours doesn’t.
Thinking they are too young/too old
Just like perfect timing, a perfect age for starting a business doesn’t exist.
Have you ever looked at a business owner and decided not to buy from them thinking “they are too young/too old – they shouldn’t be doing this”? Didn’t think so.
So why are you thinking that about yourself?
When you’re “too young”, you might be lacking experience but it doesn’t mean that you can’t learn new things. Also, even if you wait a few years, it doesn’t mean that you will have relevant experience to start a business. While running a business requires some knowledge and skills that can be gained through studies or other jobs, there are some specific ones you can only learn ‘on the job’.
Moreover, running a business can shape your personality making you more confident, independent and ready to take on different challenges.
When you’re “too old” you might think that you have missed your chance and it’s too late to change your career, even if it means making your dreams a reality. But the only person who thinks that is you!
It’s never too late to start a new venture and live your dream!
Not enough time
If you have other responsibilities such as a full-time job, taking care of children or other family members, you are probably thinking that starting a business is an extra responsibility you’re adding to your already busy schedule.
So why do so many people start a business with the goal to have more time to do things outside work?
When you just start a business, you will have to juggle quite a few things all at once. But once you pass those early stages and start making money, you can quit your job or reduce hours and choose what hours you want to work in your business.
Did reading this article make you feel better and less stressed about running a business? If so, get in touch, so we can support you and help you start easily and successfully!
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