Ahhhh, entrepreneurship. When you have a burning idea that won’t go away…. when you are dying for more flexibility in life… when you are just so sick of the daily grind… when you just can’t take corporate life anymore…
Yet, you feel stuck. Here’s the 5 top reasons for failure to launch a business idea and what you can do about it, today!
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FINANCING.
THE PROBLEM: Money. Finances are involved in every single start-up decision. You’re asking yourself: Will I make enough to pay the bills of the business and pay myself anything at all? How long will it take until I will make a steady, predictable income? Will I be wasting my life’s savings for something that may never take off?
THE SOLUTION:
a) Don’t quit your day job… yet. In some cases, doing a soft launch to test the waters until your venture is off and running and financially stable is the best way to ease in and remain solvent. Or, maybe you are in a position to commit to your corporate job and simply save enough to fund your idea and serve as a nest egg until that idea starts doing what you set out to do.
b) Secure bank/SBA financing. A $25,000 or so business line of credit is relatively easy to establish these days, and won’t cost you anything until (if /when) you use it. The Small Business Administration also offers a variety of low APR funding options.
c) Alternative funding. Crowd-funding options, angel investors, etc. are all the rage these days. Do some research or start something as simple as a Go Fund Me account and see what happens!
d) Be real with yourself and what you can live with. Will this idea eat you alive until you act on it? Will you always regret that you let your startup funds- that you worked so hard to save- collect dust and actually decrease in value with current inflation instead of putting it to work? Just how devastated will you be if you see that someone else started your idea while you were dragging your heels, and now you’ll never have a chance? Those answers will give you some insight into if it is worth the risk and possible regret. … Don’t hate me for saying it, just take that first step.
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MEDICAL INSURANCE.
THE PROBLEM: First of all, I hate insurance. What a racket. And what a headache it can be for the self-employed! How can you qualify for, let alone afford, medical insurance as a stand alone entity?
THE SOLUTION: You might be surprised… there are actually many options these days for the self-employed. First off, I’d recommend enlisting a good, reputable insurance broker. They can be a life-saver in this department AND most won’t have a cost to you as the consumer.
Is there a local/ regional group that might be offering a benefit share for your profession? Does your local Chamber of Commerce offer a group insurance plan? Perhaps the marketplace is your best option? A good insurance broker will help you tease this out, give you clear answers, and simply email you the applications and forth-coming quotes.
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NERVES.
THE PROBLEM: It’s simple; you’re scared. You’re fearful your idea won’t be accepted, you are afraid you will launch and fail, you worry you won’t have enough social/ logistical support, you tried to start and got overwhelmed… so many scenarios. (Truth is, you have every right to be weary. There is real risk and a real uphill climb ahead. Don’t fall trap to the romanticizing of what business ownership is actually like. It is truly a vulnerable, 24/7 job. BUT, there is an even bigger reward and satisfaction on the other side of the mountain if you remain steadfast, flexible and purposeful.)
THE SOLUTION: Phone a friend. That friend should be a fellow entrepreneur, mindset coach, life coach, or business coach/consultant. Trust me. If you are afraid to do it all alone- don’t. You truly don’t have to. There are multitudes of people passionate about business and entrepreneurship in this world. Access them! You’ll find new-found confidence, perspective and ideas along the way, I promise.
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LOGISTICS.
THE PROBLEM: A play-by-play book on HOW, WHERE, WHEN to launch, the legalities of the process and needed licenses, registrations, certificates and parts and pieces simply does not exist. The information is so spread out, heck, you may even get two different answers to the same question by talking to different people or reading information on different sites.
It is scary to not know what you don’t know and possibly running into hiccups legally, or problems with continuance of operations. And get this, each state has their own set of rules, regulations, filings, and fees.
THE SOLUTION: Find someone that actually knows these answers, or someone who can point you to someone who will. This could be another entrepreneur in your field who runs their business successfully AND in your state. This could be as easy as cold-calling some reputable businesses like yours (in a city far enough away to not be a direct competitor) and see who is kind enough to help out.
You could also find a business coach/consultant with expertise in your area and pay to help navigate this daunting piece of the puzzle. Pssst. With the right coach/ consultant, you should see a good return on your investment and stress level.
Experts like Certified Tax Professionals and Small Business Attorneys are often happy to offer a free first session to establish a relationship with you, and count on you for future business. They can help with business structure and business protections so you feel covered from all angles to get an honest start on things.
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UNCLEAR IDEA OR DIRECTION.
THE PROBLEM: You kinda-sorta have an idea. You know you want to work for yourself, but don’t have a clear idea of what that looks like, or which of your 37 ideas to pursue and hone in on.
THE SOLUTION: Talk with other entrepreneurs. They are my favorite people. You know, the kind whose eyes are wild with passion about following your passion, about getting out of the cogwheel, about being the backbones of their surrounding communities…
Even listening to their thought-process, start up and business journey will light that fire under you. It’s a strange thing that happens when entrepreneurs connect with other entrepreneurs. It is a wonder, and a glorious one.
Present your ideas to people in your target audience; what do they think, what is their problem you will provide a solution to, what is your community missing? Do that, all of that.
… Now it is your turn, what’s the main culprit for holding back the launch of your idea? REACH OUT and let me know!