Starting a business requires a lot of time, effort and energy. Achieving success wasn’t a one time endeavor but rather considered a day to day challenge. Most small businesses take at least 2-3 years to be profitable and become truly successful once they reach the 7-10 year mark.
Many fear that they can’t overcome obstacles, and that’s the one thing that keeps them from starting and having their own businesses. A variety of support, resources, and reduced start-up cost are readily available for aspiring entrepreneurs, but it’s not always that simple. Difficulties will always exist, and the key to success is to keep on trying to have a good fight and always win it.
1. The No Money Barrier
It’s still possible to start with a small investment. We have to be a little creative to fund our business. Mouth marketing and active networking can be a good start. You can also consider financing options like small business loans, grants, and use of personal savings and credit cards.
2. No Time to Start A business
A successful business owner should master time management. An entrepreneur knows which task to prioritize, how much time to allocate for each job, and what to delegate.
3. No Health Benefits scare
Quitting your corporate job removes you from your safety net and all the health benefits package. Health assistance should remain a top priority. In this case, getting health insurance specifically designed for small business owners is an option to take if you desire to be a start-up entrepreneur.
4. No Family Support
Take time to explain the business and build a solid business plan to gain support from family and friends. If you can show how you have taken the time to think it through the process and minimize the risks, they will be more supportive.
5. No Confidence in Your Abilities
The biggest obstacle to overcome is yourself. We must conquer our fear and turn it into a challenge that can motivate us to grow and to continue learning.
Once you overcome those barriers, it’s time to practice the Entrepreneur Mindset. Here’s some of the approach to consider that can help you face the challenges and mistakes to your entrepreneurial adventures:
Reach out to customers first
Reach out to prospect and establish a connection. Be consistent in delivering information and use testimonials to bolster reputation and market through social media.
Find a new market to existing product
Add new promotions or modify existing strategies to extend the existing product and increase revenue.
Use Networking to build your business
First, measure the return on investment you are getting from your networking efforts. Second, make sure you give something of value first when making connections instead of beginning by asking for something. The importance of networking is crucial, creative leader Bennet Schwartz successfully took his creative career to the next level through networking.
Similar to career and business, you have to be proactive, resourceful, and always be happy to exchange business cards and contacts.
Keep Control of Your Vision
Always plan your work. Not only having a business plan but your daily action to maximize time and stick to your vision. Ease the strain by prioritizing, delegating or outsourcing.
Always Maintain Quality Control
Set the product’s quality standards, review results and make improvements. Get helpful feedback to know the focus of quality assurance.
There are tons of business how to’s and proven strategies to take, but nothing beats the experience and lesson we learn through the building process. The first step is to take a leap of faith and start now. Focus on the following question: What is the purpose of your business? Who are you selling to? What are your end goals? How will you finance your startup costs? You can answer all these questions and start writing your business plan. The key is to START.