7 misconceptions holding you back from starting your own business

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I hear a lot of people who tell me that they don’t have the time, money or expertise to start a business.  In my opinion, I see these as merely excuses to stop people achieving the life that they’ve always wanted in regards to running their own businesses.  Don’t get me wrong, there are many hurdles that you will come across when attempting to start your own business but this shouldn’t deter you from starting in the first place.  In this article, I will dispute some of the most common myths that hold people back from becoming their own boss.

  • Lack of time: There are 24 hours in a day, I’m sure you can dedicate at least an hour or to so that you can at least get started?  How much time did you spend watching TV or Netflix last night?  The easiest way to make more time in your life is to get rid of your TV or Netflix.  Better still, you can even sell your TV and use the extra money to get your business off the ground.  You can always buy a bigger and better one when your business starts making good money.  Put it this way, when you are on your deathbed, are you going to wish that you had watched more Game of Thrones?  I thought not.  And even if you did have serious commitments, I bet you that you could still make some time to get your business off the ground.  If you really wanted to start a business, you’ll find the time.
  • A lack of funds: Another common myth is that starting a business costs a lot of money.  This isn’t necessary the case and even so, with a lot of common sense and hard work, this can be kept to a minimum.  In my opinion, lack of money is not a good enough excuse and most people would blame a lack of funds rather than a lack of desire or belief.  Besides, in this day and age, there are many business ideas that cost less than £1000 in start-up costs.
  • A lack of focus/vision: What are you passionate about and enjoy doing in your spare time?  What skills are you good at?  Here’s an exercise-jot down 5 things you are passionate about and 5 things you are good at and hey presto, you have 10 potential business ideas!

  • I don’t have the experience: Neither did I when I started invested and when I started my blog.  Neither did Mark Zuckenberg or Jack Ma or Jeff Bezos.  You have to start someone and in my eyes, the best way to be in business is to start one yourself. There’s only so much you can learn from a book or an MBA from La La Land.
  • I don’t have the qualifications: Then get qualified!  There are so many online courses available at your disposal that cater for everyone’s needs.  Have no idea on how to do bookkeeping?  Take up an accounting course in your spare time.  Don’t know how to do web or graphic design?  Neither did I but guess what?  There’s a thing on the internet now called Google….
  • I can’t afford a drop in salary: This is true to an extent, but a work around in this case would be to start your business initially on the side around your full time job and then quit once you comfortably earn more than what your employer pays you.  Time management and organisation is key here.
  • Starting a business is detrimental to my career: on the contrary, starting a business, even if it’s a side hustle initially will give your career an added boost with the new skills that you acquired that in turn, could open you up to other future opportunities.

So what’s your excuse?  What business are you thinking of setting up and what’s holding you back?

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