Starting off with a business of your own can lead to different kinds of financial and personal rewards in the near future but you will most likely face a large number of challenges when you start off with this lucrative venture. The demands on time will perhaps be greater than what you’ve predicted and getting enough money to keep things going can also be a huge problem. With some prior planning and dedication it is possible to predict some such challenges and it is also possible to overcome them at the initial stage. Yet the problem is that very few people are able to take the right steps at the right time.
Do you feel that you are no longer fond of your 9-5 job? Do you have a great business idea in your mind but is there something that continuously keeps you from taking immediate action? Well, if answered yes, you need not fret as you’re not alone. There are many people who aspire about having their own business but are not able to overcome the obstacles. There are at least 15 impediments which stop you from taking this noble step. While some are tangible issues, some others are driven by emotions. Here are a few that you may check out.
- The unknown fear: Fear is a part of human condition and it can be faced by anyone who is about to take a plunge into the unknown. In case you’re about to start off with your personal business, there will be lots of unknowns and lots of reasons to fear. Failure is the biggest reason of fear! What if you can’t make your business successful? What if you don’t get back your job after failing with your business? What if you lose your home if you don’t make enough money through your business? Everyone has fears but some people are good at managing You too have to overcome such fears in order to emerge successful.
- Legally getting financing options: Since 2010, there are difficult economic conditions prevalent in the nation and hence it is pretty tough to find out some worthy financial institution that will lend you money for starting off with a business of your own. This clearly means that you have to explore many different financial sources like borrowing from your relatives and friends and also think of using your personal savings account. Hence, be careful about gathering the finance that you may need.
- Dependence on clients: If you see that a single client is making up for more than half of what you earn, you become more of a contractor than a business owner. Hence it is important to diversify your client base in order to grow your business in the best way possible. For many startup small business firms, having a client who pays on time is something that is godsend and diversifying such clients become tough for them. Nevertheless, you have to try diversifying for your own benefit.
- Money management: It is important for any business to have enough cash with which it can pay off the bills. However, the problem is that you will most likely come across a financial pressure when you drain off capital for investment in your business and you don’t get the required returns. This is why small business owners should shore up their cash reserves whenever it is needed so that they can use it during a financial crisis. Money management can therefore yet another obstacle that can keep you from growing your business.
- You’ve accumulated too much debt: This is one of the most common reasons why people hesitate to go into businesses on their own. If you find it tough to cover your living expenses, wouldn’t you find it impossible to service debt with the limited source of money that you have? Hence the solution is only to delay the decision of starting off with your own business until you get a control over your personal debt situation. You may have to take a second job and cut off your living expenses in order to adjust.
- Lack of confidence on yourself: Apart from the above mentioned drawbacks, lack of confidence is one more obstacle that often bars you from taking the next step forward. Too many people suffer from lack of self confidence due to which they can’t believe in their own efforts and the results that they may get. If this is what you’re suffering from, get a counseling done.
Therefore, if you’re wondering about the different ways in which you can set up your own business, you first have to overcome the above mentioned obstacles. You may even get help of a commercial advisor who can guide you through the right path for starting a business.