Starting a business can be a daunting prospect and there is certainly no guarantee of success. Although there are many benefits to starting a business, there are risks and concerns which put people off setting up. Here are some reasons why people don’t start a business.
5 Reasons why people don’t start a business and how to overcome them…
1. No money
This can be a challenge especially for people on a very low income who don’t have savings or access to borrowing. However, people in this situation do start businesses, these are usually basic services where little or no equipment is needed. Sometimes friends or family members will lend equipment until there is enough money in the business to buy what is needed.
2. No business name
Many people struggle to find a business name they are happy with and it certainly delays the start of the business. https://startupbros.com/how-to-pick-the-perfect-name-for-your-business-or-startup/
3. Fear of criticism
Other people can be very quick to criticise a business idea, the best thing to do is talk to a business advisor who will help you assess what you want to do and how you will do it, without criticising. They are independent and provide support confidentially.
4. Don’t know how to get customers
Start to promote the business, use Facebook or other social media, put up posters in local shops advertising the products or services or talk to potential customers directly, you will soon find out if there is a demand for what you want to do.
5. Lack of confidence in own skills
Many people don’t believe that they have the business skills they need to start a business, however if they may have transferable skills developed through work and personal life and talking to a business advisor and attending a short course on starting a business will soon help to develop these skills.