A lot can be said about a person that decides to start a business, and then just does it. I mean we all want to be that person, no hesitation, just shoot for the stars. And if that’s you, then kudos. But for the rest of us mere mortals, there can be a lot keeping us from making the decision that could change our lives for the better. Especially when it comes to money.
However, being the gentleman that you are, you’re the type of person that won’t let anything stand in your way once you’ve made up your mind.
Even if that thing happens to be you.
So let us give you a hand, and help you conquer the three biggest obstacles that could be keeping you from your multi-million dollar empire.
Obstacle 1: Fear and Knowledge
Yeah, yeah, I know. You’re not afraid of anything. Well hold on to you’re pride, because when it comes to money, there’s plenty to fear. What happens if you have to invest and lose your savings? What happens if the business fails and you have to sell your house? What happens if the Mob shows up at your doorstep and decides you need their protection???
Fear is understandable (usually) but Ralph Emerson said it best “Knowledge is the antidote for fear.”
In other words, pick up a book, do your research, develop a business plan, map out your expenses, and start slow. Just because you make the decision to start your own business, doesn’t mean you have to apply for a loan tomorrow.
Take your time, create a plan and thoroughly research every aspect of your soon-to-be-business. Take a look at your competition and study their methods of success. Learn as much as you can, and the fear will subside.
Obstacle 2: Quitting your Day job
As much as we would like to be the rulers of our own financial destiny, at the end of the day it’s nice to know you have a check coming to you every pay period. And as much as you might want to be a successful business owner, the thought of giving up that steady income can seem cataclysmic.
But don’t stress, there are plenty of people who have jobs and work on their business part time. Especially because a business can take time to see any type of real profit, sometimes anywhere from 6 months to a year.
The key here is to take your time and be consistent. Have a goal established for how much you want to make in a certain time frame, and a date in which you will be making enough to quit your job.
Make it realistic, but don’t sell yourself short. If you put in enough time and energy you could be writing your own check in less time than you think.
Obstacle 3: Trying to reinvent the wheel
Too many people seem to have this strange concept that nothing can be successful unless you’re the first to think of it. There are literally countless products that no one will ever buy because the person that thought of it was trying too hard to be original.
You don’t need to be original to be successful. You just have to be you.
If you want to own a food truck in Los Angeles that sells fish tacos, don’t try to reinvent the idea of a fish taco. Just make a dam good one.
Your personality should shine through anything that is associated with your business. Whether it’s putting your own seasonings on your fish taco, or creating your own clothing line, your personality will shine through making the idea a success. And it’s your personality that will make what you do original.
These are just a few, but some of the biggest reasons why we don’t always take the chance to start a business and create an empire. If you know anymore please feel free to leave them in the comments below.