Many of us have dreams of starting a business, but never make these dreams a reality. There are many different fears that can hold us back – overcoming these fears could be essential for allowing you to pursue your dreams and live the life you deserve. Here are just a few common concerns that stop people from starting a business and how to overcome them.
‘I can’t afford to start a business’
Starting a business isn’t always as expensive as people assume. You can start many businesses with nothing but a computer and a phone – the office and employees can come later.
As for those businesses that may have higher startup costs such as clinics, factories and restaurants, there are always options such as loans. In fact, many successful businesses are started with a loan.
You could also seek investment from crowdfunding or from angel investors. This involves sharing future slices of your profits, however in return you can kickstart your business by getting the funds you need quickly.
‘I haven’t got the time to start a business’
As with anything in life that you are passionate about, you can find the time if you truly are determined. You may have to sacrifice a few weekends or evenings at first, but it will be worth it in the long run.
If you’ve got a job, consider dropping down to part time hours. If you’ve got other commitments such as kids, try to find the best hours to work around them while you start up your business. The advantage of having your own business is that you can set your own hours – you don’t have to work nine until five.
‘I don’t have any business skills’
You’ll learn many business skills on the job. What matters most is that you have a passion to learn and that you’re not afraid to ask for help.
A business coaching program could always be an option if you want to learn some business skills. You could also consider hiring advisors when it comes to the complex legal and financial stuff.
You also have the option of outsourcing tasks you may find difficult once you’re making enough revenue. Many business owners outsource experts to do their accounting and marketing. In fact, any task that you struggle with can be outsourced. You don’t have to be a jack of all trades.
‘There’s too much competition’
Competition is healthy in business. It firstly shows that there’s a demand for your business model – otherwise there wouldn’t be any competitors. Secondly, having competition will drive you to constantly improve your company and stay motivated.
If other companies offer the same product, focus on making your brand unique. Find unique ways to market yourself and offer a few niche services alongside the more mainstream ones.
‘What if it fails?’
There are lots of scary stats out there about business failure rates. While it’s true that many businesses do fail, a lot of businesses also succeed. Unless you take the leap, you’ll never know which stat you belong to.
Every business has its small failures, but these can usually be overcome and may enable you to improve your business and make it greater. Even if your business does fail completely, you can always look back with pride knowing that you tried.