Estimated reading time: 2 mins
Many of us have dreams of starting a business, but never actually get around to making it a reality. Here are just some of the common excuses for not starting a business – and why you need to stop letting these excuses get in the way.
‘I don’t have enough money’
You don’t always need a lot of money to start a business. In fact, nowadays many businesses can be started from home with nothing but a laptop and a phone.
That said, there are other business ideas in which startup costs are unavoidably high such as starting a restaurant or a manufacturing company. Saving up this money may indeed seem impossible, but fortunately there are other forms of acquiring funds.
Business loans are just one option. Many successful companies were started with a loan. It can be scary going into business with debts, but you’ll eventually pay these off. Just make sure to shop around for loan option so that you don’t end up with a high interest loan.
Another way of obtaining funds is to approach investors. This could be done via angel investors or by crowdfunding. Seeking investment means giving away shares in your business – be careful of how much your give away so that you’re not sacrificing all your profits.
‘I don’t have enough business knowledge’
Starting a business does require a lot of know-how when it comes to bookkeeping, managing employees, marketing and other admin tasks. However, you don’t have to be an expert before you can start a business.
There are plenty of advisors that you can help guide you through the complexities of running a business. For instance, there are financial advisors that can offer accountancy advice for business start ups. Advisors aren’t just useful when starting a business and many long-time successful business owners will still use advisors to help with decisions. You’ll often have to pay these advisors for their services, but it’s a worthy expense.
There’s also the option of taking courses, reading books and attending seminars. All in all, there are plenty of places to go if you feel you need educating. Don’t be afraid to learn as you go along – sometimes learning on the job is the best way to learn.
‘It’s not the right time’
Whether it’s family issues or other commitments, many of us will use these excuses to tell ourselves that now isn’t the right time to start a business. However, there will likely never be a perfect time to fully commit to a business – you will always have something going on.
Start realising that now is the perfect time. You can start a business at your own pace, taking a period of weeks or even a period of months to lay the groundworks. The important part is that you make a start.
‘What if it fails?’
You may fail, but you may also succeed. Unless you try, you’ll never know. It’s better to take the plunge than spend your whole life wondering whether or not it would have worked.
Besides, not all failures are enough to bring down a business. It may be a learning opportunity that allows you to build a better business model. In other words, failure could be necessary for future success.