What stops people starting a business and how do you overcome it?
Starting a business is a big step to take and can be a daunting idea, but the benefits of being your own boss can definitely outweigh the uncertainty. Here, we put to bed some of the most common misconceptions around becoming an entrepreneur.
"I don't have the money."
Who said you need money to start a business? One of the biggest accommodation providers is Airbnb and they don't own any properties. The world's largest taxi company is Uber and they don't own any cars!
Our top tip is to be resourceful. Believe it or not, there are lots of sites in the UK that offer things such as office furniture for free. Google "How do I get chairs for free?" and you'll be amazed at the results. Check out websites such as Freecycle, Gumtree and Facebook Marketplace.
If your start-up does require a cash injection to get going, you have plenty of options. Crowdfunding is a great place to start and is a popular way for start-ups to raise money. By asking a large number of people online to donate small amounts, you'll have the money you need in no time!
There are also a number of grants available that have been introduced specifically to help people start their own business. They can help with all sorts of things from maintenance and advertising, to product development.
A start-up loan is a government backed personal loan available to people wanting to start their own business. Not only is this a great way of securing funding to get your business off the ground but can also come with personal mentoring and business planning support.
"I couldn't do it."
"One important key to success is self-confidence. An important key to self-confidence is preparation." - Arthur Ashe
Our top tip to build your confidence is to keep learning; after all, knowledge is power! Knowing how and why certain practices and processes work can boost confidence in your ability to do them. Do your market research to make sure you understand all aspects of your product or service and research what other businesses in the same market sector are doing.
The most important things to know inside out are; what, who and how? This is knowing everything about the product or service you're offering, who your audience is, and how you're going to get your product or service to your customer.
Not sure how? See the next point below.
"I wouldn't know where to start."
The first thing to remember - you don't have to do it alone! There is support out there for every aspect of starting your own business. The Growth Hub have some great solutions to financing your business and not to mention some great business events. Enterprise Nation have some interesting blog posts to inspire you on all things start up! The Government even have a free business helpline should you need it.
Why not speak to a business advisor? Did you know, Gateshead Council has free business support for residents? You can sign up to it today and a business advisor will be in touch to arrange a 1-2-1 appointment to answer all of your questions and give you the support you need to become an entrepreneur.
Written by Lauren Errington - Business Enterprise Advisor at Business Gateshead.
