Starting a business is no small task. You can’t get away with launching a start-up on a whim, as there are a number of important considerations that must go in to the decision. Unfortunately, quite often it is one or more of these considerations that stand in the way of the decision to start a business, even if it doesn’t always have to. There will certainly be obstacles to overcome, but if you assume the worst before even giving it a shot, you’ll never be able to find that small business success you so desire. So when the time comes for you to decide, don’t dismiss your small business before thinking through the following, and any additional, start-up obstacles.
1. Initial Finances & Resources
There are plenty of boxes to check before launching a startup (the specifics of which will vary based on the type of business), and it is often the lack of these resources – be them financial, physical equipment, personnel, etc. – that stand in the way of the eventual launch. But just because you don’t have those resources in place currently doesn’t mean they can’t be secured.
From a financial perspective, there are several means of securing funds, including grants, loans, investors, etc. and with the right plan in place, these financial resources can also translate into assistance for other resources that fill your business’ most pressing needs. All it takes is some forward-thinking, some strong business planning, and a realization of the opportunities that are out there to help small businesses get off the ground.
2. Time Commitment
Launching and operating a business, regardless of the size, is a noteworthy undertaking that will typically take up more time than you will even realize. It will bring with it some long nights, some early mornings, and some never-ending days, but that shouldn’t scare you from getting started.
If you are passionate enough about launching a start-up and driven enough to make it last, there are ways to find the time to do it. Whether it’s your full-time gig or something on the side, there are means of making your schedule a success thanks to the numerous scheduling, productivity, and even automation tools, as well as your own ability to find out how and when you work best. And thanks to all of this, time can be managed in a way that leads to small business success.
3. Returns on Investment
As much as people want to start a business of their own, the ability to earn early income and secure a consistent pay cheque doesn’t always follow suit. It is often a deterrent for people who are venturing off on their own, especially those who are pursuing their start-up full-time. So when the time comes to decide, you shouldn’t do so without your personal finances in order.
Much of this work will involve you understanding your own situation and financial variables – cost of living, day-to-day expenses, etc. – that need to be covered because at the end of the day, you need to keep yourself afloat. Some of the steps that can help manage your personal finances and get you looking beyond your initial start-up returns are: taking cautionary steps like minimizing your additional spending; planning ahead by chatting with a financial planner or setting personal budgets; or even getting proactive and managing a side gig to maintain a cash flow.
Thinking about being your own boss is exciting to say the least, but if the excitement happens to wear off to the point that stress creeps in, you can’t let that stand in your way. Sure, making all the decisions, setting up a strategy, and executing your vision can be a stressful experience, but it can also be incredibly rewarding, so you can’t let the fear of freaking out stop you from reaping the returns.
If stress is standing in the way of your start-up endeavors, it’s time to breathe. There will be days that seem overwhelming, but more than anything, you must maintain your resolve that this is something you want to do. Chances are, this is something you’re passionate about doing, something you’re skilled at doing, and something you want to be doing, and in those situations, stress should take a back seat. Once again, however, additional planning, thoughtfulness, and of course, a strong work ethic, can help minimize your need to stress within the day-to-day goings on of your small business.
5. Fear of Failure
There are many start-ups that can barely get off the ground, let alone become a success, so why would yours be any different? As the old saying goes, “you always miss 100% of the shots you don’t take”, so when it comes to taking the plunge and starting a business, it’s better to try than to stay on the sidelines. It may not be everything you want it to be, but at the very least, with a sound strategy, some diligent decision-making, and a work ethic that drives you forward, you can make your mark. And remember, with any failure comes an opportunity to learn, so even if something doesn’t go as planned, having the wherewithal to adjust and proceed accordingly can turn any potential failure into tangible growth – something that no potential entrepreneur should fear.
When push comes to shove, making the decision to launch a start-up is a major step, both personally and professionally. There are many things that can stand in the way of a potential entrepreneur’s plunge into small business ownership, but if you’re humming and hawing about some of these common obstacles or potential deterrents, you never know what you might be missing out on!