What’s Stopping you from Starting Your Own Business?

Really, what is it?

Does the whole prospect feel overwhelming? Do you not have much money to start a business? Are you unsure your idea will work? Are you afraid of going broke? Are you worried you'll lose the stability and benefits of working for an established business? Are you afraid you don’t have the right kind of personality or education?

If these questions plague you, take a breath and read on. These worries are common for future entrepreneurs, but fortunately, there are more solutions than ever to these potential issues. Here are a few to get you started.

“I’m overwhelmed by the whole idea of starting a business. I don’t know where to begin.”

All you need to start creating a small business is a basic idea. What are you good at? What’s something you can do that isn’t being done in your community right now?

The process of starting can be difficult because we tend to think big ideas mean big responsibility. Starting a business can be as simple as selling interesting rocks you found in your yard at a flea market or on eBay. It doesn't need to mean a much larger-scale operation than a yard sale.

Dream big — start small. Ask friends and family to try out your product or give input on your potential service. Check out similar businesses and make a list of things they do well and things you could do better.  

Most importantly, break all the prep work into small, manageable steps. It may seem overwhelming all at once, but you can do it a little per day. You can’t overestimate the power of daily progress. Little by little, you can manage this.

“I don’t have the money or good enough credit to start a business.”

Starting a business doesn’t require you to invest a fortune. It’s not all on you.

While it does require some money from you, the bulk of funding can come from all sorts of places, not just traditional bank loans.

CDFIs (Community Development Financial Institutions) such as ECDI offer all kinds of loan services, including partnerships with certified lenders to give microloans to entrepreneurs with less-than-perfect credit. Some other funding resources include The Small Business Administration, community-based organizations, crowdfunding, bootstrapping, and venture capital.  

“I don't know if my idea will work, and I might go broke.”

The best way to know if your business will work is to do thorough market research, create a solid business plan, and, if possible, try your idea out on a small scale.

When you’re ready to make a business plan, start with a simple one. A business model canvas is a simplified template that’s great for beginners. If you want to learn more specifics about starting a business, ECDI has weekly training sessions for startups.

If you need to refine your business plan or skills, ECDI, SCORE, or your local MBAC all have experts to help you prepare in any way you need for small business ownership.

There are no guarantees against failure, but give yourself the best possible chance of success by researching and preparing. If the business doesn't work out, you'll have new skills to impress your next employer.

“I'll miss the security, stability, and benefits of my current job."

While working for an established business may be comforting, your position isn't guaranteed. You're always at risk of potential layoffs or getting overlooked for promotion. You also must do things their way. It may be comfortable, but it’s not on your terms.

By starting a business, you can structure everything to work best for you. You come up with the mission and strategy. You create your own work culture. You operate on your schedule.

While employee medical benefits are nice, you often don't get to pick your insurance policy. At your business, you can customize an insurance policy for exactly what you need.

The freedom of small business ownership is a benefit no outside employer can offer.

“I don’t know if I have what it takes to run a business.”

Starting a business is risky and self-doubt is normal. List your worries out one by one and ask yourself if you can overcome them. Chances are you can. Challenge your negative thinking.

Great entrepreneurs don’t have to be naturally outgoing or highly educated. People with all kinds of personalities and backgrounds can find success in small business.

Great entrepreneurs don’t even have to be naturally confident. The act of running a business itself can give you a huge self-esteem boost. A proper business name and official-looking branding can make you feel like you’ve built something real. Aim for the kind of entrepreneur you want to be, not the kind you think you can be today. 

Completing gradual steps and achievable goals will show you that you can do this. 

So what’s stopping you from starting your business? Wherever you are in the process, don’t give up and take the leap!