Many people dream of owning their own businesses, but never actually make it happen. There’s always an excuse as to why: you don’t have the money. You don’t know anything about business. The list goes on and on. But if running your own business is truly something you’re passionate about, any of these obstacles can be overcome with a little effort.
1. You Don’t Have the Startup Capital
You do, of course, need cash to start a business. But just because you don’t have tens of thousands of dollars socked away in savings won’t keep you from starting one. You can look into taking out a small business loan from a bank or even borrowing money from a family member. If you’ve got a tech startup, you might be able to find investors who will fund you. And consider that you might need less than you think to get started: you can always start small and scale when profit starts rolling in.
2. You Don’t Have a Business Degree
Many people assume you need a degree in business to run one, but that’s simply not true. It is helpful to have a general understanding of business, management, and finance, but it’s nothing you can’t teach yourself. Here are some resources you can use to educate yourself:
- Blogs and websites
- Business books
- Local business seminars
- Continuing education classes at community college
- Online webinars
3. There are Too Many Competitors
If you’re considering starting a business, for example, that sells pet products, sure, there are hundreds of other companies doing the same. But don’t let that deter you: instead, come up with your competitive advantage. Find ways that will make your business stand out. Maybe you’re a physical location selling pet products that also includes a play area where people can bring their pets.
4. You Don’t Know How to Market
Every business needs customers, and you find them by marketing through different channels. But if marketing is overwhelming to you, find ways around it. You could hire someone (full time, part time or on a contractual basis) to help you out, or you can DIY by learning new skills like social media and blogging (see the list in #2 to get started).
5. You’re Afraid of Risk
Unfortunately, you can’t avoid risk. It’s everywhere, and in this job climate, you even have it when you’re working a “stable” 9 to 5. Becoming a business owner does have a level of risk (that you won’t be able to pay your employees or your own bills, that it will fail, et cetera), but as they say, the risk is worth the reward. Frame your mindset to focus on the benefit you’ll have from owning your own business. You’ll be doing something you love, have flexible hours, and have the opportunity to make more money than you ever have!
6. You Don’t Know How to Get Your Business Off the Ground
If the idea of making your business official by filling out tons of paperwork and paying fees scares you, it shouldn’t. Starting a business by incorporating or forming an LLC is actually pretty easy (especially when you have the help of a company like my company CorpNet.com) and inexpensive. But it’s an important step, so don’t overlook it! Filing the appropriate business entity can help protect your personal assets and help your business run more smoothly.
Editor’s Note: This was originally written by Nellie Akalp for BusinessTips.com.