Manage Money

Ditch the Fear and Start Your Own Business

Are you wondering how to start a business? Do you want to start a business from scratch, but remain apprehensive that it might not work out? Do you not know where to find business funding for your startup idea? Are you full of business ideas that seem tired and weak in your head? If your answer to any of the above questions is yes, you should read on.

There are so many of us who aspire to start our own business someday. We dream of becoming the next Bill Gates or Mark Zuckerberg. We often have so many ideas that can transform the world as we know it. Yet, when the time for action comes, only a few people dare to strive for their dreams. We have so many excuses in place for not starting our own business. mymoneykarma helps you confront such excuses and offers tips to overcome them and start your business.

“I Want To Start, But I Don’t Have an Idea”

This is one of the oft-given excuses. You want to be your own boss and enjoy creating something new. But you can’t think of a great startup idea; an idea that will change the world and get investors excited. Instead, you crib about a desk job, your manager, and your longing for flexible office hours.

mymoneykarma says: Spend less time on your idea and more on developing a business plan for it. If the idea solves an immediate need that people have, it’s good to go. A business plan can make your life easier by saving you a ton of time and money, especially if your business idea turns out to be infeasible. A solid business plan can also save you from the vicious cycle of procrastination and get your idea implemented faster.

“I Can’t Decide If I Should Start a New Business or Buy an Old One”

This is a reason that people have been giving themselves constantly for postponing their plans of starting a business. You can’t decide if you want to build something new or buy an established set-up that is easier to manage but a lot less challenging or exciting. Adventure versus safety is a dilemma that has always affected you. You wish that someone else could relieve you of making a decision.

mymoneykarma says: Doing a self-examination is likely to solve the problem. Figure out if you prefer taking risks or love safety nets. Starting your own business can be exciting and full of surprises, but requires loads of strenuous work and lots of patience to deal with unexpected hardships. On the other hand, buying a franchise can start giving you returns almost immediately, albeit with a lot less independence. Make a list of the pros and cons for both and ask experienced people from both fields for their advice before making a decision.

“I have to Research More Before I Start”

Saying that you need to do more research on how to start a business before starting your own is a safe excuse that works every time. You can’t possibly be expected to start if you don’t have any idea on how to start. You fear that if you jump into it before reading up, your ship might sink sooner than later. You never feel that you are ready, and the more you read, the deeper you are caught in a state of analysis paralysis.

mymoneykarma says: Research is good. But a time might come when your research might not further your knowledge any more. Even if you research a lot, you will not be prepared for all the risks of starting a new business. A little risk taking and a giant leap of faith are as fundamental for starting your own business as methodical research and due diligence are.

“I Have too Many Financial Obligations.”

You have a family to look after, a lifestyle to maintain, and have several loans to pay off. You want to start a business, but you can’t risk leaving your job and a reliable source of income. You’re afraid of the uncertainties associated with living off your savings until your business takes off.

mymoneykarma says: There are many ways to start a business while you are working. You can get crowdfunding for your business idea or convince family and friends to invest in your business. You can even source angel investors and pitch your idea to them. Business loans are another way of financing your business without jeopardizing your savings. Reducing your expenses and picking up freelance work that doesn’t take up much of your time can also stretch your savings for a longer period.

Summing It Up

Starting a business can seem daunting, even terrifying. There is no way of predicting the problems or risks that might crop up in the process. You might justify your fears by giving excuses, but at the end of the day, the only way your business can take off is by starting. The end result will be worth it.

Rate this article: