Starting a business can be a challenging, yet amazing experience. It’s a shocking statistic that 80% of new businesses will fail within their first twelve months, so the level of risk people take when starting a business can’t be taken lightly. For all new business owners it’s a gamble, but for those with responsibilities such as a family to support, or people who have left secure employment to venture out alone, there’s a significant amount riding on your business succeeding. The key is to have a clear purpose, a passion and determination.
Here we look at the top 5 reasons why you haven’t started your business yet...
You’ve not determined the start up cost of your business:
If you haven’t considered how much your start up costs, and how much funding your first year of business will require then quite simply, you’re not ready to start a business. Understanding what your financial obligations are is a key building block to a stable business.
You’re listening to hearsay:
With 8 in 10 businesses failing within the first year, this means there’s a lot of people who have either been there and failed, or know someone who has. These people will be all too ready to warn you of the danger. This can be extremely off putting and a huge contributory factor to why you have not yet taken the leap. Remember, opinions are just that and people’s experiences are their own. Just because someone else has tried and failed, this does not mean you will go down the same road!
You’re considering it for the wrong reasons…
If you’re tired of working long hours to line the pockets of your employer, you’re frustrated and want to stop having to answer to someone else. These are factors which can lead you to consider starting your own business, but they are totally the wrong reasons to be thinking along these lines. When you start a new venture, you can in some cases work night and day, seven days a week, and you have a brand new people to answer to - clients!
You’re afraid of failure and risk taking:
There’s no way to sugar coat it, you’re starting something brand new and possibly have people relying on you or pinning their hopes on you doing well. All business owners need to make planned and unplanned decisions, and with each decision comes an element of risk. The worlds leaders in business have been in your shoes, and they haven’t got to where they are now, without taking risks and without making wrong choices somewhere along the line.
You don’t know where to start:
Once you have a business idea, product or service ini mind, knowing what to do next is the tricky part. There are many agencies out there, some that are government run, who can help you with the initial stages of starting a business and have all the advice, answers and guidance you need to steer you in the right direction.
If after reading this, you think you may be ready to start your business after all, we wish you good luck. If you’re still not ready, then why not have a chat with your local government start up office, in order to see if you can find someone to talk you through the initial steps of starting your business?