If you have the entrepreneurial bent of mind, why not go the full distance and start your own business? I know starting your business does seem like a daunting idea, but all you have to fear is fear itself.
Here’s a look at the major excuses that are stopping you from starting your own business.
Excuse #1: You don’t have a business degree.
Really, you don’t need to have a business degree or even be a graduate to start a small business. What an entrepreneur needs is an ability to communicate well, organize, think on their feet and have the motivation and passion to learn new things all the time. Sure, a business degree could help you with things such as handling your accounts better and could give you some advantage when you’re interacting with lenders or investors. But having a business degree or not does not really make a difference to the eventual success/failure of your business. It’s really down to how good you really are.
Excuse #2: I don’t have a great idea as yet.
Really, you don’t need to have a big idea to start a business. I mean, what does Starbucks do? They just sell coffee. What does McDonald’s do? They sell hamburgers. What does Coca Cola does? They sell carbonated water! There are dozens of business ideas out there. What really matters is your ability to execute an idea. Some of the most successful small business ideas are starting an assisted living facility for seniors, a gardening service, a car wash or a bike repair shop. You don’t need to be a genius to come up with these ideas, but you will make money nonetheless. You get my point, don’t you?
Excuse #3: I don’t have enough money.
Really, you don’t need much money to start a small business. You just have to be smart about it. For example, starting a restaurant would certainly expensive given the high cost of real estate, maintaining a staff and dealing with all of the regulatory hurdles. So why not start a food truck business instead? Just rent an old van, refurbish it and use it as your food truck – would probably cost you about $500. 90% of food truck businesses go on to succeed while the success rate for new restaurants is 10% to 20%. There are so many small business ideas with low startup costs – we have covered some of them here.
Excuse #4: The economy isn’t doing well. I’ll wait till it gets better!
That really is the worst possible excuse. There are many small business ideas that are recession proof. We have covered them here. Even if your business idea is not recession proof, such as starting a real estate agency at the time when the real estate market is crashing, that’s okay too, as long as you start small. Use the recession to establish yourself and build up a base of loyal customers. Once the economy takes off, you can then scale up the business quickly. The important thing is to get started.