Great business ideas often come alongside various difficulties to get started. Becoming independent does have an impact on a person’s way of living. Those who work in a company often end up facing a radical change in their lifestyles.
However, if the project really matters to you and could eventually develop into a flourishing business, it would be a shame not to attempt the adventure. Below are some common obstacles that aspiring entrepreneurs face, including the ways to overcome them.
Lack of time
The most common reason that people cite as a barrier to their aspirations is the lack of time.
It is true that the process to create a business is time consuming. Developing the idea, creating a business plan, finding an economic model, asking quotes from potential suppliers… All of these take a certain amount of time that most people do not have, especially employees.
There are several ways to work around this problem:
Getting up early in the morning and/or going to bed later in the evening to work on your project before and after work can be helpful. Use to-do list applications to organize your tasks and maximize your efficiency.
Try to see if your company will enable you to take a few days off to start a new activity. If that is not possible, you can consider part-time working options.
On a more drastic note, you may want to discuss your project with your spouse or partner. The decision to live on a single salary while you develop your business is a hard one to make. It still remains a viable option despite requiring you to make certain sacrifices. As the saying goes, time is money, and this leads us to our second point.
Fear of financial insecurity
Setting up your own business often means that you will not receive as salary much for several months. All the money that you have and that you will make will be spent on your project. Sales can also be unstable after the launch. In the end, your source of revenue will most probably not be as comfortable as a fixed salary.
However, financial aids are available to the supporters of a project. Various sponsors can provide you with monetary support and incubators can assist you with this problem.
Also, remember that earning less in the beginning is normal for any start-up. The purpose of a business is to earn more money than you could have done in your nine-to-five job. Of course, it also has other advantages, such as independence, freedom, fulfilment, pride…
Lack of money
Contrary to popular belief, opening a business does not necessarily require an absurd amount of money. Depending on the sector or type of the business, some start-ups can even be launched with Rs.0. This is possible if you choose to work on a project which does not require much material input. You can also work with recycled or second-hand items in the beginning.
With careful planning, you can also save enough money to launch your business comfortably. If you are currently working and earn a salary, you can begin amassing your capital now. If need be, you might also wish to reduce outing, holiday or shopping costs.
Fear of loneliness
Many people shy away from entrepreneurship due to the loneliness that they associate to independence. However, you do not have to be alone if you do not want to!
There are various ways in which you can get assistance and friends to accompany you as you launch your business. Between incubators, co-working spaces and group rentals, you can work with other entrepreneurs and expand your professional network.
Take part in events such as conferences, expos or fairs to meet people outside of your home or workplace.
Finally, your family and friends will undoubtedly support you and keep you company. Starting a business doesn’t mean that you have to forget your social life.
Fear of self-management
You will be the sole master of your schedule, yes. This means, for many people, that you will be very prone to distractions.
The television in your living room will constantly try to lure you away from work. You will miss the sun and will want to take your time to walk in the park. Your friends will want to come and see you on their holidays. The list is admittedly non-exhaustive.
If you are not a natural at organisation and if you do not know how to say no (to your friends or to your desires), then do not work from home. Go to co-working spaces so as to stay focused. You can also use a calendar or to-do list app to keep track of what you need to do during the day.
In any case, self-management will come naturally when your schedule is filled. You will have no choice but to hold the deadlines.
The five obstructions mentioned above are not the complete list of factors that prevent people from thinking about entrepreneurship. Many other aspects can dissuade an aspiring entrepreneur to continue down this path. Still, all problems have a variety of solutions that can be applied according to circumstances. If you want to open your own business and are experiencing difficulties, do not lose hope. There is bound to be a way to overcome your hurdles and reach your goal.