By Debbie Gregory.
There are a large number of people that consider starting their own business but simply give up before they get anything off the ground. They become paralyzed or stuck by their fears.
Five Biggest Business Obstacles & How to Overcome Them:
Self-Doubt:
Many potential entrepreneurs stop before they even begin due to self-doubt and the fear of failure. Don’t allow self-doubt to stop you from making your dreams a reality. If you need assistance getting started, it is always a good idea to reach out to support groups or mentors to help you overcome these mental blocks and provide you the encouragement you need to keep going.
Knowledge:
Most people start a business because of an idea and not necessarily because they are fantastic business people. There are so many resources available today to help anyone start and run their own business. You can easily take online courses to learn what you need begin. You can also watch tutorials, consult with a mentor in the industry, join support groups, hire people who have the knowledge you lack, or use software to take care of certain tasks.
Legal:
Legal considerations and legal fears are a significant hurdle for some people. These obstacles can easily scare away potential entrepreneurs. You do need to be aware of any potential legal problems and prepare for them but it doesn’t have to be so daunting. There are plenty of online resources that can help guide you, sites such as the U.S. Small Business Administration or Legal Zoom.
Funding:
Financial fears are the number one issue that stops people from even starting a business in the first place. It is also the major reason for a business closing its doors. Funding fears are everything from the fear of not making enough money to draining your savings account to try to stay afloat. Most people are comfortable with a steady paycheck from a larger corporation and do not want to take a chance on the fluctuating income of their own small business. It can be frightening but success can bring huge rewards and put you at the helm of your own ship controlling your destiny.
Ways to Generate Funds:
- Start the business on the side of your normal 8-5 job and keep the security of your paycheck
- Work part-time as a rideshare driver to generate additional regular income
- Offer consulting services
- Begin your business by selling online before transitioning to a brick and mortar storefront and avoid these costs until you generate revenues
- Rent a room in your home for income
- Rent your entire home out through services like Airbnb.
Website:
Marketing your business takes planning, proper administration, and a bit of know-how. The main marketing tool your business will need is its own website. You can opt to hire a pro to put your site together or you can utilize the multitude of do-it-yourself options. Most eCommerce platforms have very nice drag-and-drop templates that you can use. A lot of the website hosting companies do as well. Take the time to do a bit of research before you choose where to build your site and pick the option that works best for you. A website is a “work in progress” and you will improve and grow your web presence as your business and revenues grow.
Too many people let these obstacles hold them back from starting and running their own business. There is always a way over or around any problem you may face. Don’t let anything stop you from achieving your dreams. Remember you often must fail before you succeed.
Remember these quotes:
- Winston Churchill: “Success if walking from failure with no loss of enthusiasm”.
- Thomas J. Watson: “Would you like me to give you a formula for success? It’s quite simple, really: Double your rate of failure. You are thinking of failure as the enemy of success. But it isn’t at all. You can be discouraged by failure or you can learn from it, so go ahead and make mistakes. Make all you can. Because remember that’s where you find success.”
