The Barriers Stopping You Beginning Your Business

Are you interested in starting your own business? If so, then you need to make sure that you understand some of the barriers that could be blocking your path. 

 

 

Yourself 

You might be prepared for the fact that the biggest barrier blocking your business getting off the ground could be yourself. What do we mean by this? Well, perhaps you don’t have the right mindset to run a company. You may want to explore the essential characteristics and mindset of successful entrepreneurs. Does this match who you are and if it doesn’t can you learn these skills or train yourself to think in this way. For some running a business will come naturally and for others, it’s a learning curve. You also need to consider whether you yourself will be marketable as an asset. It is important to determine whether customers and indeed investors can buy into you as an idea or individual behind a company. 

 

Finance

Next, you need to think about financing your business. It’s true to say that this is where a lot of individuals are going to hit a roadblock. First, it’s important to understand and indeed accept that you can not run a business for free. You might be able to start a business without any cash injection, but there is no way that you can hope to reach a level of profitability. There are simply too many different moving pieces that will need to be paid for. From marketing to employees or the purchase of assets, you will quickly find that the costs mount up. 

There are various different ways to handle this issue from angel investments to crowdfunding or even paying for your company out of your own pocket. Eventually, regardless of what option you choose, your business will need to stand on its own feet. If you’re still in the red by the end of year one or even year two, this is almost always a sign of danger. Be aware that some finance options may seem fantastic but are rooted in issues. For instance, crowdfunding sounds like a great idea. But it is highly competitive and you could struggle to stand out. Particularly, when brands that are already successfully use this concept. 

 

The Idea 

Of course, you do need to think about the idea you have. It’s important to ensure that your idea is going to be able to stand out on the market. You need to make sure that you are taking the time to perfect your pitch and ensure that it is something that people can both connect with and understand. The key point to consider here is your unique selling point. It’s true to say that no idea is completely original. But, in a sea of competition, your business concept must be able to stand out. This will be essential as you strive to gain the interest of both investors and consumers. 

The USP or unique selling point of your business will also play a crucial part in marketing at a later stage. It’s worth working with the key members of your business to iron out the details here. You need to guarantee that your USP is strong and is going to resonate with your target audience. Without a strong USP, your company is already dead in the water. You might be able to launch but you will quickly be forgotten. 

 

Doubt

 

 

You might also be doubting yourself and whether or not you can bring your business ideas and indeed your business goals to fruition. This is in many ways, understandable as it’s true to say that the vast majority of companies will fail when they enter the market. Indeed, 90% of new businesses will fail in their first year. However, rather than assuming that yours is going to be one of them, you should be exploring what causes a company to fail and what helps a business to succeed. There are various elements that must be dissected here. For instance, you do need to think about whether you have already solved some of the issues that we have previously discussed. These are going to play a major role in whether your company is successful. 

But it doesn’t end there. You need to call into question whether longevity is part of your business model. It’s important that you think about the future of your company. Ideally, you should have a five-year plan in place. This is going to be useful when you are working to attract the interest of investors. They will, of course, be crucial when you are working to strengthen your company and the position you hold on the market. 

 

Awareness

Finally, if you are keen to start your own business, then you need to explore the concept of self-promotion. It is absolutely vital that people are aware of who you are and what you can offer then. They need to be able to find you and see your name as someone you can trust. This is never going to happen naturally, but with the right steps, it can easily be achieved. 

You may want to start by considering social media. This is one of the easiest ways to grow an audience base and gain recognition online. You should start by beginning to use your social networks as sources of news. Essentially, you need to set them up as voices that people can trust in a particular industry or sector and put as much effort as you can into this idea. Once you have done this, you can then start to promote your business concept or idea through the same channels.

You must also learn how to network. If you are already a strong voice in the business industry or sector, then you only need to use the contacts that you have already formed. In doing so, you will be able to build on levels of trust that you have earned previously with key members of the industry. 

Once you have succeeded in building up awareness you will find it far easier to not only start your business but ensure that it is a success. 

 

 

 

 

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Images credit:
Pexels Source CCO License
Pexels CCO License
Pexels Source CCO License

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