……and the flipside.
I was working with a new client recently and after a few weeks he said to me “You know what Ingrid, I think I won’t actually start my own business.”
I have to say I was actually a bit surprised because when he came to work with me he was super keen to get started in his own business.
When we discussed his reasoning it seemed perfectly logical. His plan had been to start a business doing something quite similar to what he currently does for someone else.
After working through some of the “So You Want to Start a Business” modules together he decided he would rather stay where he is and use some of his newly acquired business skills to help the business owner he currently works with to make that business even better.
They have a terrific relationship and he feels he can contribute more to that business now that he understands more about how a business works.
This started me thinking about the different reasons that people choose not to start a business. Here is what I came up with:
- Having to take all the responsibility for the results of the business. When you start a business all the responsibility for the success of that business falls to you. It can require hard work and long hours. It can require you to make all the decisions yourself. Even if you have team members or others working with you ultimately it’s you who is responsible for the business.
Of course the flipside to this is that you are your own boss and it is great to make all your own decisions and take responsibility for the outcomes.
- Fear of Failure. Starting a business is a risk, sometimes it will work and sometimes it won’t. We may look around and see businesses that are started up and not being successful and we may be fearful of that happening to us. Friends and family may say “who are you to start business?” or “what do you know about starting a business?” And that feeds into the fear of failure.
Of course the flipside of this is that if you make a mistake you can fix it straight away. You may not fail and you may go on to have a terrific successful business.
- Not sure which business to start. Deciding which business to start is a large stumbling block for many people. There are so many businesses to choose from it can be hard to decide which one will work and which one won’t. It can feel like there are so many businesses already running, so how could there be room for any more.
Of course the flipside of this is taking inspiration from other successful businesses can be a great way to decide what business to start.
- Fear of selling. No matter what business you are in, in order for the business to be successful it needs to sell something. As the business owner you are the number one salesperson for the business. Many people have had no exposure to sales or selling and can feel intimidated by the whole process.
Of course the flipside of this is not to think about selling anything. When you start a business you are solving problems for your clients and customers. The more we can understand the problem and solution for our clients and customers the less we have to actually “sell” anything.
- Fear of feeling alone. Being in business by yourself can in fact be quite isolating. Especially in a home-based business where someone is working on their own most of the time.
Of course the flipside to this is to join a co-working space where there are other people. It can also be a great idea to join networking or mastermind groups. And there are some people who just love the idea of being on their own and not having to have a lot of people working around them.
- You don’t know where to start. Sometimes people just don’t know how to get started. They may have a great idea for business and because no one else in the family has been in business or has started a business, its easy to lack confidence. When all the friends and family have always worked for someone else, they haven’t had exposure to running a business. So they don’t ever get started.
Of course the flipside to this is that it’s really easy today to find out how to start your own business. There are Community courses, online courses, YouTube videos, to help a budding start-up get started.
- The timing might not be right. For whatever reason the personal circumstances might mean that now is not the right time to start a business.
Of course the flip side to this is that there may be a point in the future when the timing will be right.
It’s important to understand that having made the decision not to start a business right now does not mean “no, not ever” it could just mean “no, not now.”
Starting your own business is a big commitment. I believe that while it is a big commitment for yourself as the business owner, it’s also a huge commitment to your clients and customers. Once you start providing products and services to customers and clients they begin to rely on you to continue to provide that product or service.
Recently I was reminded of this when I happened to run into a local business person at an event. He said to me “Ingrid, it’s so good to see you. May I just tell you how much I appreciate how reliable you are. You have been here and stayed consistent for so long.”
This was such a tremendous compliment to me partly because of who said it to me and also because I do personally take huge pride in the fact that I have been in this business for almost 10 years, continuously providing education and information to people wanting to start their own business and providing business owners with the information needed to make better business decisions.
There may be 7 reasons (and more) not to start your own business, but there sure are many many more reasons to consider taking the plunge. Personal satisfaction is a big driver for me – what is yours?
I’m Ingrid Thompson and thank you for reading this post.
My guess is that you are here because you are curious about what it might be like to start a business?
Perhaps you’ve been wondering if you have what it takes? If your idea will work or even how much it actually costs to build a successful business?
I’ve written a book that can answer pretty much all your questions “So You Want to Start a Business” and you can download the first 20 pages at www.thestartupsteps.com
15 years of experience working with start up businesses are condensed into this book.
It’s your step by step guide to launch your business smarter and faster and I’m so excited to be sharing it with you and can’t wait to hear about your progress.
Are you ready to grab your excerpt? Click here www.thestartupsteps.com