With a subtle improvement in the economy, we are starting to see a small surge in new business startups across the country. Owning your own business continues to be the number one priority for most individuals. The desire to ‘be your own boss’ is as strong now as it ever was. While we are seeing many people enter the world of business ownership and entrepreneurship, there is a vastly greater number that are still sitting on the fence.
What’s stopping you from becoming an entrepreneur? These five prolific excuses are the barriers budding business people often battle before taking a leap into a new life-changing venture.
They can appear insurmountable, but with the right mindset these hurdles can shudder to the ground revealing an exciting path ahead. Carl Jung said, “You are what you do. Not what you say you’ll do”. What will you do to become an entrepreneur? Are you making these five excuses? If so, here’s how to conquer them.
We have focused our comments on franchising – why? Starting a franchise is vastly different from starting a business from scratch. With a franchise, an enormous amount of the groundwork, preparation and planning has already been completed by the franchisor long before a potential franchisee arrives on the scene. Franchisors have established hundreds of businesses, usually over many years, so potential problems and reasons for not getting started can evaporate much more rapidly.
My family is not supportive – it’s not a good time
There’s no doubt a strong network of support boosts morale, and choosing to become self-employed has a significant impact on those nearest to you. However, careful due diligence and planning can mitigate the biggest risks, and when an individual takes responsibility for their actions, remarkable things happen. Harnessing the doubt of those nearest to you, to drive you on to success, can be your greatest source of motivation.
I want to be self-employed but the security of a paycheck is more important
All entrepreneurial endeavors carry an amount of risk, and the sudden loss of a regular paycheck is the security that keeps many brilliant business people wedded to a traditional job. Choosing to be self-employed involves an agreement with yourself to replace your regular income via other means. It’s a risk, but believing in your abilities and proving yourself right is a rewarding, transformational experience. The strength of that belief can only be tested in the field – take the leap and deliver.
I don’t have the financial resources available
No one wise draws conclusions based on hunches and presumptions. It only leads to missed opportunities in business and life. What are you presuming? Loans and funds are available, and the initial investment to start a business may not be as significant as you think. Today, more franchises than ever before have affordable entry points. Before you conclude you don’t have the financial resources necessary, thoroughly research your options. There are almost certainly more options available than you currently realize.
I want to be an entrepreneur but I don’t know which direction to take
If this is your barrier, you’ve already overcome so many, so why stop now? Making the decision to be an entrepreneur means you’re aware of the risk, financial requirements and support required. Now it’s time to act. Franchise brokers and advisors are a great source of information and inspiration. They’ll be able to shine a light on the realities of various industries. The majority of franchise brokers also offer their services to would-be entrepreneurs at no charge, so this is certainly a great incentive to do the exploration work and get the facts.
I’m just too busy to move forward
Busyness is a choice. When we truly want something, we make time. If this excuse keeps creeping onto your radar, ask yourself, what are you saying no to? If you’re unsure what the next step should be, make a list of all the possible things you could do to move forward. You’ll soon see the next step you need to take.
Picasso believed ‘action is the foundational key to all success’. Don’t let these five prolific excuses stop your business journey before it’s even begun.
David Banfield is the President of The Interface Financial Group, a position that he has held for over 20 years. He has been instrumental in starting Interface as a franchise opportunity and building it to its current international status. Prior to his involvement with Interface, he worked extensively in the banking, credit and factoring financial service areas.