Start Your Own Business – No Excuses!

Valid reasons to not start your own business do exist, however, many commonly used reasons have simple solutions. Not knowing what business to start, not having the money, not knowing the requirements for starting a business, not having a support system or the time are five of the top reasons preventing people from taking charge of their lives. Herein are some solutions to these problems.

Not Knowing What Business to Start

The surest way to success is to find something you are passionate about, then find a way to make money doing it. This should be your first step to starting your own business. First, find something you would enjoy doing for many hours a day, at least five days a week, even if you made no money. Second, look into your choice to find a specialty area. Don’t settle for “making furniture” when “making colonial style furniture for children’s playhouses” would be much easier to market because it very quickly determines your target market.

Don’t have a passion? Try picking up a few business magazines to see some trends and possibly find the spark to inspire you to start your own business.

Not Having Any or Enough Money

If you need to borrow money, do a lot of research. There are many options. It is not recommended to use credit cards to finance your business. Other options include small business or home equity loans through local or large chain banks, the small business association, Prosper.com, and venture capitalists. Borrowing from friends and family may be a viable option for you.

By far, the best way to purchase anything is to save the needed money and pay cash. This is true for business. Set up a monthly budget for your current income and allot as much money as you can afford into your business start-up fund. Focus your time on laying the foundation for your business. This includes writing a business plan, doing market research, reading books to hone or acquire business skills, learning about laws and regulations in your area, etc.

It may take a lot of time, but it will be worth it. If you start your business debt free, you will be miles ahead of the competition. You will be able to take bigger, calculated risks and see profits faster.

Not Knowing the Requirements

This problem is easily solved by asking questions. Start with your local Chamber of Commerce. Oftentimes, they will have a packet of information already made up for would be entrepreneurs. Talk with a tax advisor. Consider talking with an attorney about legal matters, copyrights, licensing, contracts and your business structure.

Not Having a Support System

Great support systems do not just happen, they are created. You can find a mentor through SCORE, a nonprofit organization dedicated to counseling small business owners. The Small Business Association also has a free program, the Small Business Development Center, that offers support to current and prospective small business owners. You can find both of these organizations on the internet.

Join an online forum for people with similar goals. Create a local support group, meet once a month to discuss your goals, challenges and generally encourage each other. Contact the Small Business Association. Search the web for other small business resources.

A great support system starts with you. If you don’t believe in yourself, it will be hard to convince others to believe in you, especially customers. Take the necessary steps to build your self-confidence. Any costs will be offset by the impact a positive attitude will have on your business.

Not Having the Time

You have no less time than anyone else. Everyone has 24 hours a day, 7 days a week. If something is important to you, you will find the time. We all prioritize our lives, either consciously or subconsciously. Become a conscious prioritizer. Eliminate time wasters, streamline necessary chores and delegate responsibilities where possible. If you want to run a successful business, these are tasks you need to master anyways. Start the habit now.

There will always be stumbling blocks on the path to success when you decide to start your own business. The key is to not stay down when you fall. Look at each one as a challenge to be creative. Creativity is, by necessity, the very core of running a successful business.