How to get over the hurdles of starting your own business
It's one of the biggest decisions you'll make in your life, yet it can also be one of the most rewarding.
There's a reason that over 4 million people have taken the plunge to become self-employed in the UK; it's an approach which can transform your lifestyle.
Of course, today's article isn't about mulling through each and every benefit that comes to today's entrepreneurs. Instead, it's about helping you get there.
Bearing this in mind, let's look at some of the biggest hurdles you'll face while starting your own business - and what you need to do to overcome them.
It would be fair to say that one of the biggest blockers that many would-be entrepreneurs face is the uncertainty of leaving behind that guaranteed salary.
For some, it's a case of not wanting to risk their financial stability - and understandably so. Before you even think about starting your own business, you need to make sure that you understand your own personal finance requirements.
This means having a solid understanding of your outgoings, savings, debts, and dependents. Once you know where you stand, you can start planning for the worst-case scenario and work out whether self-employment is viable for you.
You can also work out if now is the right time. Many people suggest having 12 months of outgoings to fall back on, and if you're not quite there yet, you can at least plan your exit strategy from employment.
Another significant hurdle is the fear of going it alone. When you're used to working as part of a team, it can be daunting to suddenly be responsible for everything yourself.
The good news is that you don't have to go it alone. In fact, one of the best things you can do is to build a supportive network around you. This might include your family, friends, entrepreneurs, or even a professional mentor. The important thing is to have people you can rely on for advice, support, and motivation when things get tough.
Many aspiring entrepreneurs get caught up in the excitement of starting their own businesses and forget to sit down and create a solid business plan.
This is a big mistake.
Your business plan is your roadmap to success. It should outline your business goals, target market, marketing strategy, financial projections, and exit strategy.
Creating a business plan might seem like a lot of work, but it's worth it. Not only will it help you to focus on what's important, but it will also make it easier to secure funding from investors or lenders.
While the beermat strategy might work for some businesses, it's not going to cut it if you're serious about making your business a success. It's not going to tell you how much all the minor expenses such as insurance, business rates and pension contributions will cost you, or how many sales you need to truly break even. This is where a much more thorough approach is required.
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