Throughout your formative years, you were fed a common fallacy. You were told that if you worked hard, applied yourself, got good grades and paid your dues, your endeavor and tenacity would pay off. You’d ascend the career ladder and land a job that’s well paid, fulfilling and rewarding. Unfortunately, your experience on the traditional career ladder varied wildly from what you were told in school. Your education didn’t prepare you for the vast competition for every single job. Your college degree didn’t prepare you for the harsh realities of working in your chosen industry. The campus prospectus didn’t say anything about all the humiliating unpaid internships and soul crushing entry level positions. You’ve reached the conclusion that the career ladder isn’t a ladder at all, but a greasy pole that you keep sliding down no matter how hard you try to climb.
However, your salvation could be sitting in your desk drawer. On your notepad where you scribbled down the idea for a workable small business of your very own during a particularly tedious meeting. Yet, for too long, that idea has remained just that… An idea. You keep on using those same old excuses not to put it into action. Every time you consider it, your cautious nature takes over and prevents your potentially awesome idea from being unleashed upon the world.
Quite frankly, it’s time to take a leap of faith in yourself. Stop using these common excuses not to start your own business…
I don’t even know if my business idea is any good
That’s okay. Nobody does, for sure. But if you have faith in it and can imagine people getting excited about it, that’s an encouraging start. Of course, you can (and should) qualify your bullishness by carrying out tireless market research to establish quantifiable interest in your chosen industry for the kinds of products and services you offer.
Broadly speaking, if you can spot a gap in the market, can prove that there’s an audience for what you’re offering or you can identify an area in which your potential competitors aren’t fully catering for the market, there’s a chance that your business could find success.
Where will I get the money?
Funding your business will depend on the nature of your idea and the potential overhead costs that it represents. In the digital era, many have built thriving businesses from the comfort of their own laptops with virtually no startup costs. If, however, your business plan requires a physical presence and employees, there’s a good chance that you’ll need to spend a significant amount of money to get it off the ground.
Fortunately, there are more opportunities out there than ever when it comes to securing business funding. Banks are still an option, although in the post financial crisis landscape they can be reticent when it comes to startup lending, especially if you have little or no prior experience of managing your own business. However, if the banks slam their doors on you, that does not mean that you’re out of options. Check out https://www.working-capital.com/ and you can find the right lender for your business within a minute. You’ll find that there are a plethora of products available to you with flexible terms and appealing rates. Some of them even have no minimum credit score so may be available to you, even if you have never taken out loans, credit cards etc. in the past.
I don’t know if I can do it on my own
That’s completely understandable. Entrepreneurship is a daunting prospect chiefly because there is no training program or educational path which can prepare you for it. Still, that doesn’t mean that there’s no guidance. There are business mentors who can lend you the benefit of their industry experience to help you navigate the everyday pitfalls of operating your own business. They can advise you on strategy as well as providing you with practical tips to improve your operational efficiency, reducing running costs and making your operation more profitable.
Needless to say, there’s also more help, guidance and support online than you can shake a cash flow analysis at. There are no shortage of business blogs which can be a constant source not just of inspiration, but of workable practical solutions for your daily operations. Here are some of the top business blogs for entrepreneurs in 2019.
How can I get ahead in this competitive industry?
No matter what you’ll be doing, or who you’ll be doing it for, there’s a good chance that your business will face stiff competition. While this may be intimidating, competition should always be welcomed. Competition can help you to be at your best. It prevents you from getting complacent and encourages you to keep finding ways of making your operations more efficient and delivering better value and quality to your clientele. Looking closely at your competitors can define operational parameters upon which you can expand and improve. Quite simply, your competition is the box you need to think outside of to get ahead in your chosen industry.
The only way in which competition is damaging is when you choose to turn a blind eye to it. There’s an argument to be made for keeping your eyes on your own work, to be sure. But when you bury your head in the sand and refuse to acknowledge the importance of competitor analysis it rarely bodes well for your business. The moment you take your eyes off the competition is the moment you allow them to get ahead of you.
What if I fail?
Finally, fear of failure can be crippling to would-be entrepreneurs. Everyone who has started their own business remembers their personal journey in overcoming this (completely understandable) fear. Failure is always a possibility. But that doesn’t mean that you shouldn’t at least try.
If your business fails it could go into administration or receivership and you may have to shut it down and liquidate your assets. On the other hand, if you don’t take a leap of faith in yourself, you could continue to waste away in your current job for years or even decades.
Which of the two is worse?
