By Debbie Gregory.
There are many people that consider starting their own business yet quit before they get anything off the ground. They get hung up by their fears or other hurtles and simply give up.
Five Biggest Business Challenges & How To Overcome Them:
Self-Doubt:
Most potential entrepreneurs stop before they even begin due to self-doubt and the fear of failure. Don’t let these concerns stop you from making your dream 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 give you the encouragement you need to keep going.
Knowledge:
Most people begin a business because of an idea and not because they are fantastic business people. There are so many resources available today to help literally anyone start and run their own business. You can easily take online courses to learn what you need to get going, 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 fears are a big hurdles for some people and 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 stop people from starting a business. 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 and trying 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.
Ways to generate money:
- Start the business on the side of your normal 8-5 job
- Work part-time as a rideshare driver
- Offer consulting services
- Start by selling online before transitioning to a brick and mortar storefront
- Rent a room in your home
- 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 how and who to build your site and select the option that works best for you.
Too many people allow these challenges to hold them back from starting and running their own business. There is always a way to overcome or do a workaround any problem you may face. Don’t let anything stop you from achieving your dreams.
