Don’t let the fear of failure stop you from achieving your business goals

 

Starting a business is different for everyone. No two entrepreneurial ventures are the same, and success never happens overnight.

One thing every business owner will tell you, however, is that starting a business is hard work. You might be put off by the prospect of having to bring endless industry insight to the table, or a limitless budget, but what if we told you that you don’t necessarily need these things in order to turn your business dream into a reality?

There are plenty of misconceptions about starting a business, and we want to share some of the main things you might think you need, but actually don’t. Let’s take a look.

A completely new idea

One of the biggest misconceptions about starting a brand is that you need to wait for your Eureka moment to strike. Budding business owners stress over finding that one completely one of a kind idea that’s going to change the world, but it’s actually quite rare for a new business to be completely unique. From restaurants to IT companies, many brands utilise the same basic structure and formula, but manage to make their own success with their own spin and elite services.

The core profitability of your business comes from your execution, rather than the idea itself. All you need is something others are willing to buy.

Endless finances

Chances are, every successful entrepreneur had a moment of doubt early on in their business journey when they simply thought, I can’t afford this. There is a misconception that starting a business requires huge upfront costs, but the reality is that nowadays you can start a business for the cost of owning a website.

If you start small, your business costs can simply grow with your business. Even if that means you’re exclusively selling to family and friends at first, over time you can use your earnings to fund shipping, marketing and other factors to help you grow.

An office

If the COVID-19 pandemic has taught us anything, it’s that you don’t need an office to run a business. Thanks to technological advances, and platforms like Zoom and Google Drive, it’s now easier than ever to run a business from the comfort of your own home, saving you costs on rent and tech.

After a few months of steady growth, you may find yourself in a position where renting an office space is more feasible, but you certainly don’t need to have this in place from the moment your business operations begin.

A lot of work experience

“I don’t have a lot of experience, so how on Earth will I know what I’m doing?”

If you’ve found yourself asking this question, it’s time to change your mindset. Yes, having experience is a great asset, but it’s not a necessity. Every first-time entrepreneur will end up having a lot to learn, no matter how experienced you might feel. You don’t need to possess boundless knowledge about your chosen industry before you get your brand up and running, because the best way to learn is by doing.

Of course, this doesn’t mean you should dive head first into entrepreneurship without doing any preparing. Research and planning are always a good idea, so take things slowly, work within your means, and enjoy steady growth as you take your business from strength to strength.

 

Need help taking your business to the next level? TEDCO Business Support is there for you. Get in touch with our team today for help, advice and guidance by calling 0191 516 61 02. You can also drop us an email at hello@tedco.org.

What we offer

TEDCO offers one-on-one support provided by a dedicated team of business advisors and a range of pre start seminars available to clients who are taking the first steps into self-employment. This could be looking at an initial idea and developing it further, looking at how to start a business plan, business competitors, business marketing.

Are you eligible?

If you are looking to start and grow a business we’d love to hear from you. Our friendly team of experienced Business Advisors are on hand to take your call to discuss the support available.

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TEDCO Business Support Ltd,
North East Business & Innovation Centre, Wearfield, Enterprise Park East, Sunderland,
SR5 2TA

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©2018 TEDCO Business Support Ltd. All Rights Reserved. View our privacy policy Company Number: 08568533 | TEDCO Business Support Ltd | VAT No. 169 8629 44 GB. North East Business and Innovation Centre (BIC) Wearfield, Enterprise Park East, Sunderland, SR5 2TA, United Kingdom.