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4 Things That Could be Holding You Back from Starting Your Business

Do you have a passion to start your own business, but for some reason can’t seem to get it off the ground? Year after year you set goals to start your business and finally quit your day job, however, each year passes you by without any progression. This alone should not be enough to discourage you from chasing your dreams. There are plenty of successful business owners that for one reason or another prolonged their hopes and dreams.

What’s the key to finally conquering your goals of becoming a business owner? Knowing what’s holding you back and fixing it. There are all kinds of reasons that people put their dreams on the back burner. However, more often than not, it is one of these four factors listed below:

1.  Self Doubt

Do you doubt your abilities to be a successful businesswoman? This is common as we are probably our biggest critics. We analyze the heck out of our abilities wishing to be the best we can be. While this is certainly something you should do (strive to be the best you can be), you’ll never reach perfection. The sooner you realize this, the better off you will be. If you’re being hard on yourself and your ability to succeed, you need to do something about it, or you’ll never succeed at anything.

How to fix it: Stop doubting yourself. Stop focusing on the things that you can’t do and simply focus on the things that you can do. When you focus more on your strengths and map out a plan to develop your weaknesses, you begin to feel a lot better about yourself. This in turn will give you the confidence boost you need to follow your dreams.

2.  Poor Finances

Running a business takes money. Leaving your steady income for an uncertain one requires planning. If you’re in over your head with debt, are barely making ends meet, and have no idea on how to manage your finances, it can make the idea of starting your own business seem very scary.

How to fix it: Get your finances in order. Start by evaluating your credit history. Review any outstanding debts you have and come up with a plan to repay those debts. If you need help in getting your finances in order or improving your credit, then reaching out to the right service providers for help is ideal. If you do need assistance with your financial circumstances, be sure to select a reputable company. You can do this by checking out the company website and even reviewing a testimonial video to see how other consumers have benefited from their services. Once you’re equipped with the right resources to handle your finances, you’ll feel much more secure about stepping out on your own and making a living.

3.  Failure to Plan

You can’t run a successful business if you haven’t starting the planning. Whether you intend to work as an entrepreneur, go into a partnership, work from home through an existing company, or hire a team of staff to assist you, you need to have a general idea of how everything is going to work. If you fail to plan, you are really planning to fail which can make leaving your day job and starting your own business a lot more complicated.

How to fix it: Planning is ultimately the way to fix this issue. While you can’t predict everything that might happen as you start your own business having a plan in place gives you peace of mind. Start with a business plan as this is one of the first steps to starting a business in general. In your business plan you’ll go over things like the type of company you’re going to start, why you want to start it, ways to market your services and how it will operate. If you’re not sure of how to write an effective business plan, you can always check out reputable resources online.

4.  Fearing the Unknown

As stated previously, you cannot plan for every single happenstance that comes your way once you start your business. There are a lot of questions going through your mind. Will you have enough money? Will it be successful? Will you be able to balance home and work life? Will you fail and have to return to a regular job? These are all legitimate concerns to have. That being said, allowing your fears to keep you stagnant or dissatisfied with life is no way to live.

How to fix it: If fearing the unknown happens to be your issue, the best way to combat your fears is to plan effectively and to face the challenges head on. No one can predict whether their business will be received well by consumers. No one can predict whether they will be successful five years from now. However, you can create a plan of action that will help you to stay on track and even a backup plan to bounce back from challenges. Other than that, you have to have the passion to move past your fears.

There is a lot to think about when you consider starting your own business. Running your own business comes with its own set of responsibilities that you’re likely not used to. Be that as it may, you should not continue to make excuses or let factors such as those described above to keep you from following your heart and chasing your dreams. In the end, half the things you thought you should hold off for either aren’t as bad as you imagined, or don’t occur at all.

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