3 Obstacles to Hurdle When Starting Your Own Business
Whether you are embarking on your first business venture or you’ve had many other start-ups, there are bound to be challenges. It’s just the nature of business. If it wasn’t difficult, everyone would do it. Below are three obstacles that you’ll have to overcome when launching a business.
1. Limited Financial Resources
Generally speaking, it’s not easy to get a business loan when you’re just getting started. While it’s possible, you typically have to wait until you have been in business for at least a year. Subsequently, many business owners start their venture by saving money. If you do not have a savings but you still want to move forward with a business plan, there are options.
One of the things you can do is find an investor. In fact, you can find more than one investor that believes in your product or service. Doing so will enable you to achieve the goals you have established for your business when it might otherwise be impossible or take a much longer amount of times. If you are unable to find an investor, there are loans for entrepreneurs. These loans will have high interest rates, but much more relaxed requirements.
2. Burnout (Working Long Hours)
Sometimes there is a misconception that starting a business will give you more time freedom. While that may be possible down the road, it doesn’t always happen right away because there’s so much to get done. This may not be the case if you have a business partner or you launched a funded venture. Even if you’re working with a team, building a new business will take time and a lot of hours.
Fortunately, you can often overcome burnout by recognizing the success that your hard work with bring in the future. While you might not be able to take a vacation for a while, you are building something of value and that in itself is an accomplishment. When you’re first starting out, you will need to stay focused and mindful of your ultimate goal. You can also incorporate good eating habits and try to get as much sleep as possible because that can help to combat burnout.
3. Team Development
There are many entrepreneurs that have a business that doesn’t require support staff. However, most businesses will at some point have to expand and that comes with a unique set of challenges. In fact, many business owners will tell you that the hardest part of running a business is building and managing a team. Fortunately it’s an obstacle that you can overcome by employing best practices in leadership.
Most people that start a business have a creative side. This is something that’s beneficial because success requires you to think outside the box. If you’re able to do that, you’ll be just fine.