Inherently, business is risky. Often, fear is the sole factor that holds back small business owners from pursuing dreams and mighty plans. If they’ve been reluctant to go on their own, it’s time to consider some of these obstacles that block their path, along with practical solutions to get past them.
Some people are overwhelmed by their new business idea thinking they’ll have to go for it all at once and there are too many things to do. The big picture should be broken into manageable tasks. For those currently employed, they need to hold on to their jobs, slowly scale down to a part-time job or as a contract worker, get the feel of more flexibility in schedule. Some small business owners enlist their skills to create multiple sources in income as they build their business.
Focus on the Negative
As long as the potentials of the new business ideas have been studied and researched, plans should not be blocked. People who dampen enthusiasm unnecessarily should be avoided. Instead, those who encourage and offer support should be seek out, for example, some business owners may want to share their success story.
Insecurity in Product and Service
The nagging feeling that the product and service in mind may not work can be daunting. When this happens, waters can be tested by conducting a pilot test to solicit feedback. Since this is a test, it is done freely. Honest feedback is solicited from the participants of the test.
Lack of Money and Time
A solid business plan is necessary. Focus is how to get more time and space for the new business. Unnecessary things, pending obligations, toxic relationships and unhealthy habits should be taken out of the way. As regards any money matter, a plan is worked out to reduce unnecessary personal spending to give way to business needs.
Lack of Business Management and Technical Competence
Established small business owners are good sources of information. Online research and local libraries are handy resources that should be used. Topics include how to start a small business, writing business plans, small business marketing, new business ideas and easy to follow software programs. It is important to create a business plan. It doesn’t have to be too complicated at the start. As knowledge builds up, so does confidence.
Loss of Benefits
Leaving the corporate world to start a small business is daunting as one loses a safety net. It is easier for a younger and healthy worker to give-up health benefits. For older start-up entrepreneurs, health benefits remain a major concern. Certain options like health savings is a good one.
Lack of Support from Family and Friends
Without the support of family and friends, going solo is a challenge. Business plans must be properly explained. Usually, family and friends are supportive once the new business ideas are properly explained.
Fear of Isolation
Going solo isolates. It is a concern to some people, most especially those who plan to work from home. The solution is to build a network. Time should be set aside to connect with other business owners, as well as friends, former colleagues and any potential person. The network is a source of support, advice and information.
Once these barriers are addressed accordingly, a good feeling develops and renewed confidence sets in. With commitment, dedication and guts, it’s just a matter of time when the small business owner or entrepreneur takes the plunge.