If something is stopping you from fulfilling your business goals, it’s time to face it head on

 

At one point or another, pretty much everyone considers starting their own business. The benefits are all there: working to your own schedule, being your own boss, focusing on something you’re passionate about; but unfortunately not everyone is cut out for the work that goes into it.

Plenty of people never take that all-important first step when thinking of starting a business. Other factors get in the way of their business ownership goals, and they end up convincing themselves that their goals aren’t realistic.

If you find yourself stuck in this phase, fear not. Acknowledging your obstacles is the first step to overcoming them. Here are some of the most common hurdles you might be facing, and how to get past them.

Financial worries and limitations

It’s no secret that starting your own business requires money, and few people possess enough money to invest in a start up without risk. The key is to set yourself a manageable goal and start saving now. Do some research into your current spending and see where you could improve, whether that’s with a better mortgage offer, cheaper utility costs or just trimming your daily costs where possible.

A lack of experience

Many people feel they aren’t experienced enough as an entrepreneur to start their own business. It’s true that you need to understand both your industry and business management if you want to make a living out of your business, but the truth is you won’t gain experience as an entrepreneur until you are one. Consider taking online courses to grasp the basics of business management, or shadow an entrepreneur you admire.

Struggling to find an idea

A great idea is the first step to starting a business, so a lack of an idea is a significant issue. Without a solid business plan, you won’t be able to convince investors or partners to join you, and you won’t know where to begin.

The key here is to stimulate your idea generation by talking to a wide range of people, reading entrepreneurial content and taking time to mind map your thoughts. Start with endless possibilities and then start honing in your visions in industries you know you’re interested in.

Bad timing

One of the most common excuses given about business hesitation is that it’s “just not the right time” to start a brand. This is particularly prominent in 2020, when the world is full of so much uncertainty.

But the truth is, there is never a truly ‘right’ time to start a business. There will always be a reason not to move forward with your idea, but like starting a diet on a Tuesday or joining a gym in February, the trick is to create your own right time. The right time won’t present itself until you decide that time is now.

Being scared to fail

Lack of confidence in your own ability and idea is an entrepreneurship killer. While the failure rate for new businesses is fairly high, you need to be confident that your business will be the exception to the rule. If you don’t believe in your brand, how do you expect anyone else to believe in it?

The only solution to failure is to change your mindset. Some level of failure is inevitable, so stop seeing it as something to be feared and start thinking of it as an opportunity to learn and grow. And if at first you don’t succeed, keep trying.

Need help getting your business off the ground? TEDCO Business Support are here for you. Get in touch with our team today by calling 0191 516 61 02 or drop us ana 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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©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.