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Want To Start Your Own Business? What’s Stopping You?

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Oct. 22 2019, Published 10:46 a.m. ET

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A lot of people dream of starting their own business, but only a few people follow through. If you’ve had a business idea in mind for some time, it could be time to stop holding yourself back. Here are just some of the excuses that could be getting in your way and why you shouldn’t let these get in the way of your business dreams.  

‘I haven’t got the money’

There’s a belief that you need lots of money to start a business. This isn’t always the case. Many online businesses require very few little in the way of start-up costs – you don’t need an office, nor do you need to hire employees in the beginning.

Even for those businesses such as manufacturing and retail that do require high startup costs, you don’t have to save up this money yourself. Taking out business loans and seeking help from investors are popular ways of acquiring funding.

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‘I haven’t got the time’

Starting a business can involve investing a lot of time into it, but like any personal project, it’s possible to find this time if you’re passionate enough. Schedule some free time per week to dedicate to getting your business up and running – you can take as long as you like to set it all up before you finally launch your business and start taking on customers. The benefit of running a business is that you choose your own hours, making it possible to flexibly work it around other commitments.

‘There’s too much competition’

Competition isn’t always a bad thing. It shows that there’s a market for your business and it can help motivate you to keep improving your business.

Finding your USP (unique selling proposition) is important – you can read this guide on establishing a USP for ideas. Don’t feel that you have to be ground-breaking in order to find an audience. Nothing is truly original and almost every business is influenced by another company.

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‘I don’t have any business knowledge’

Running a business does involve a certain amount of business-specific knowledge, but you can learn this on the job. If you feel you really are clueless, there’s always the option of taking a course. This online degree program for MBA could be an option. You may also be able to read books and blogs on starting a business.

Being an expert in all areas of business isn’t necessary and even the most successful entrepreneurs would hardly call themselves know-it-alls. Business is a constant learning curve and most veteran business owners still rely on the help of advisors to help with legal and financial matters.

‘What if it fails?’

Running a business involves taking constant risks. It could end in failure, or it could be a roaring success. Unless you try, you’ll never know. Besides, failure isn’t always the end. Many business owners are constantly making failures, learning from them and using this to improve their business. 

[Editor’s note: This post is created by one of our trusted partners.]

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