What’s Stopping You From Starting Your Own Business?

People of all ages and backgrounds have dreams of starting their own business, but only a relative few are able to see their dream to fruition. Here are three common obstacles for potential business owners, and some suggestions for overcoming them.

You don’t know where to begin

According to Tressa Beheim, many people who would like to start a business never actually do it because they feel overwhelmed and don’t know where to begin. This is a very common dilemma, but fortunately, it’s completely solvable. There are a few simple steps you can take to get your business off the ground.

The first step in starting a business is to find a business idea. Most business hopefuls already have this one checked off! After you have your idea, it’s time to do some research to see if your idea has the potential to be successful. Make sure to explore the market and search for a need in your target market that you can fulfil better than anyone else.

According to QuickSprout, the next step is to make a plan so that your business can become a reality. There are a number of free resources online and at your local libraries that can help you put your business plan together.

You’re afraid of failure

Millions of people in American society are paralyzed from pursuing their dreams by their fears of failure. For many aspiring business owners, the risk of failure outweighs their hope for success. Starting a business can be expensive and scary. According to Franchise Gator, franchises can require up to $300,000 in initial development costs. Potential business owners often give up their dreams when they see the costs of starting their own business. While this is a real and valid fear, it need not prevent you from starting your own business.

The first step to overcoming your fear of failure is to redefine success. Take some time to think about what makes you happy. Is it the sense of security that comes from working a decent job with decent pay? Is it chasing your dreams and achieving your goals? There are no wrong answers here; the important thing is to clearly identify what makes you happy, and then to define success as pursuing the path that leads to that happiness.

You lack the resources you need

A lack of resources is a problem that has puzzled even successful business owners. However, the solution to this problem is simple: success starts with a plan. Consider taking some time to consult with a financial planner who can help you map your personal and business finance goals. You could also attend workshops or classes on financial planning at your local community center or college. Every problem becomes more manageable once you have a plan.

You can overcome your fears and start a business. Your dream is not as impossible as it may sound. Start with a plan, and work diligently until it comes true!

Read this next for more great tips: 5 Ways To Support Black Business Women As The Headlines Fade By Cecilia Harvey

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