How to Break the 5 Biggest Barriers to Starting a Business
Many 9-to-5 cubicle workers hate their jobs and secretly wish they could start a business of their own. It’s the typical Dilbert environment with an overbearing boss watching every move and then taking credit for good ideas that feeds the dream of entrepreneurship.
Now may be the best time to start your own business. Entrepreneurs today have access to a wealth of knowledge, a variety of support sources and reduced startup costs. But it's not always that simple. There are many challenges that come with the decision to start a business. Arm yourself with the solutions you need by exploring five of the most common barriers to starting a business and learning how to overcome them.
1. No Money
Having enough money to start a business is one of the biggest reasons many entrepreneurs give up their their dreams of business ownership. Forget the fancy office, the cool office chair and those glossy four color brochures, and create a successful business by bootstrapping it in the beginning. It doesn’t take big dollars to start a small business; you can get started with virtually no money.
2. No Time
Lack of time is a challenge for just about everyone in today's high-pressure world, not just entrepreneurs. But whether you're working a full-time job or launching your own venture, time is a resource you can control. If you’re going to be a successful business owner, you must understand that mastering time is key and that startups require sacrifices. If you are willing to give up weekends, perhaps some vacations and put in the early morning/late night hours to build momentum, lack of time is no longer a barrier.
3. No Health Benefits
Let’s face it, stepping out of the corporate world without health benefits can feel like walking a trapeze without a safety net. It can be easier for a younger, healthy worker to forgo health benefits offered by a company. But if you desire to be a startup entrepreneur and you have a family, health benefits remain a top concern. Think through your decision, consider using your spouse's health plan or look into health insurance specifically designed for small business owners.
4. No Family Support
It’s difficult enough to give up the comforts of the corporate world to start a business, but without the support of your family and friends, the journey can be even more challenging. To win the support of your family, take the time to explain the business and build a solid business plan. If you can demonstrate how you have taken the time to think it through the process and minimize the risks, they will be more supportive.
5. No Courage
Dig deep enough and you will often find the reasons for not starting a business are excuses. The biggest barrier to overcome is yourself. Fear is present in all entrepreneurs, but it is conquerable. In an interview with Tony Magee, the CEO of Lagunitas Brewery, shortly after he started his business, he stated that fear was a strong motivator for him. And that same fear drove him daily to succeed. It’s a matter of learning to accept fear as a silent companion that you can beat everyday.
Departing from the cube life takes dedication, guts and a little chutzpa. Millions of business owners have succeeded, and so can you if you're willing to stop making excuses and do what it takes to get your business off the ground. Take the plunge today and join the entrepreneurial revolution.
Edited by Alyssa Gregory.