The number of people starting a business is in steady decline. Despite this, a survey revealed that 63% of twenty-somethings wanted to start their own business. In other words, a lot of people out there are eager to become entrepreneurs, but few people are actually doing it.
If you’re one of these people who has dreams of starting a business, you may want to evaluate what it is that’s holding you back. Here are just some of the most common excuses – and why you ought to stop making them.
‘I don’t know where to start’
Starting a business can seem daunting as there’s often so much to do. The steps you need to take can vary depending on the type of business you plan to set up. The truth is that most regular people have no idea where to start. That’s why it’s important to seek help, and there are lots of different forms of help out there.
There are online guides on how to start a business such as this onehttps://squareup.com/guides/start-a-restaurant. There are also advisers out there that can help you with elements such as financing your startup, buying equipment, creating a website and perhaps even hiring your first employees. Such advisers can ensure that you get off to the best start possible.
‘I don’t have any business knowledge’
If you’ve never run a business, of course you’re not going to have any business knowledge. The likes of marketing, accounting, HR and general admin are all things that new entrepreneurs have to learn. As with starting a business, there are lots of places to go for learning these day-to-day business owner skills.
For example, you could try taking a business short course such as one of the courses listed herehttps://www.shortcoursesportal.com/disciplines/23/business-management.html. You could also attend workshops in order to build these skills, watch Youtube tutorials, read books and follow blogs.
Alternatively, you could outsource all this business admin to an expert. Many business owners hire marketing companies, accountants and recruitment companies to do all this work for them, allowing you to focus on the core tasks that you’re confident with.
‘I can’t afford to start a business’
The cost of starting a business varies massively – it all depends on the nature of your business. If you’re starting a web development company which you’ll run from home, you may need very little if any money at all. Meanwhile, the costs could be different if you’re starting a shop or restaurants – you could have to find a building, hire equipment, pay for initial marketing and recruitment.
When it comes to the latter option, there are all kinds of forms of funding that can make starting a business possible. You could take out a business loan from a bank or you could borrow through a peer-to-peer lending platform. Alternatively, you could pitch your idea to investors and persuade them to give you some money in exchange for a share in your business. Many successful businesses were founded on debt and generosity so don’t feel you have to save up the startup funds yourself.
‘It’s too risky’
Many people worry that their business will fail and that they won’t have a secure income. Starting a business is a risk – but it doesn’t always have to be all or nothing.
Many people start a business whilst working reduced hours for an employer so that they’ve got some steady money coming in. When business picks up and you feel more confident it will succeed, you can then make it your full-time venture. Investing some of your profits into property or peer to peer lending or stable stocks meanwhile could give you another source of income so that you’ve always got something coming in even if your business is having a low point.
‘There’s too much competition’
Yes, there’s a lot of competing business out there – but competition needn’t be a negative thing. Competition shows that there’s a market out there for your business. You could also use competition as research, finding good ideas to borrow and reading negative criticism in order to find ways to single yourself out in a positive way.
‘I don’t have the time’
Many people put off starting a business because they feel they don’t have the time in their busy lives, but as with anything we make our own time in life. You can always take on reduced hours at your current job whilst you plan your startup and lay down the groundworks, whilst you can find arrangements for other commitments such as children and pets. One of the best parts of becoming an entrepreneur is having the flexibility to set your own hours. You don’t have to work set shifts as an entrepreneur – you make the rules.