What is holding you back from starting a new business?

We speak to a lot of people each month, from all over the world, who are looking to start a new business. Each individual is unique, with their own motivations, aspirations and reasons for wanting to start a new business. However, there is a difference between wanting to start a new business and actually taking the concrete steps to launching a new business.

In this weeks blog, we wanted to explore some of the common reasons that could be holding you back from starting a new business and actionable steps you can take to overcome these challenges.

"it seems like we have no choice but to continue in employment"
The first challenge a lot of people encounter when it comes to starting a new business is their current situation or predicament. As we get older, we take on more responsibilities. We have a partner, children, a mortgage, a car purchased on finance, credit card debt, the list is endless. We accumulate so many outgoings that sometimes it seems like we have no choice but to continue in employment.

While this is true to a certain extent, we would never advocate taking on risk without a sensible and well thought out plan, there is always another option. If you do feel as though your monthly outgoings are preventing you from starting a new business, consider reducing your costs. For example, with credit card debt, find a 0% balance transfer credit card and move your debt across. Then use the interest free months (usually 24) to pay off your debt in installments and don’t rack up anymore debt/interest charges on your credit cards.

If that is not an option, consider starting your business part time, around your current job. This will ensure you still retain your monthly income whilst also building something for your future. Gradually phase in your transition to self employment by reducing your hours at work. You see, there are always options, you just need to think about your situation logically.

Another reason that many people give for not starting a business is a lack of time. There just never seems to be enough hours in the day to get everything done. Throwing in a new business and it’s a recipe for disaster. Strictly speaking, we don’t believe this to be true.

Effective time management is something that we can all improve on, even us. Managing your time outside of work requires discipline and understanding your priorities. Now there are certain things that you should never cut down on, for example, family time. This is a special time for most people and gives you a chance to recharge your batteries. However, spending 4 nights a week watching your favourite shows on Netflix or watching every football fixture is time that you could spend in better ways.

Use your downtime to work on your business. Netflix and the football will still be on TV when you are successful and you have more time to enjoy your accomplishments. Time is our most important asset and should be utilised in activities that can help you grow as an individual.

The final obstacle we wanted to highlight this week was self doubt. A lot of people see others who succeed as being special or being better than themselves. This is never the case. We all have the ability to make our dreams come true. What separates you from someone who is successful with their business is self doubt. Being in business is challenging enough without listening to that voice in your head that is second guessing your every move.

Successful people tend to ignore that nagging voice and have an inner belief in their abilities. The best way to overcome self doubt is to focus your mind and energy on activities that will make you successful. For example, rather than procrastinate that you don’t have sales experience, enroll for online training courses to gather the skills you need.

Eliminating self doubt and retaining a positive frame of mind will go a long way in helping you to not only start, but also grow a successful business.

Now you might be thinking this is all easy for us to say and we don’t understand how you feel or what your situation is. The truth is, we were once like you. We had a dream to start a new business and we channelled all of our time, energy and focus to making it a reality. Up to this day, it’s been the best decision we’ve ever made.

Our mission is to help people like you take that all important step to realising their entrepreneurial flair. That is why our Digital Agency business opportunity removes a lot of the traditional barriers associated with starting a technology based business. The good part? You don’t need any experience.

To find out more, review our Business Starter Pack.

Until next time, take care.