Here are 5 common reasons why most people do not start their own business. I give a full breakdown for a business idea and money-making strategies as well so please read this post thoroughly.
- No business idea
- Don’t know where to start
- No free time
- Fear of the unknown
- No start-up capital
Do you fit into one of these reasons? Chances are that you do, we all do before we take that leap of faith. It is actually OK to fit into one or more of these categories; as long as you don’t choose to remain crippled by any of them.
If something is important to you, you’ll find a way. If not, you’ll find an excuse.
Let’s break down those 5 reasons.
No business idea
You might not have an idea yet but you do have a special gift that you can share with the world, you just have to be willing to unleash it. There are people in business who are making millions of dollars teaching their clients how to organize, how to cook or how to exercise. To go even further, people are making millions selling screen printed t-shirts, painting houses, or selling refurbished barcode equipment. The possibilities are endless. It is time to think of what you can offer to the world and get a bunch of ideas down on paper. Once you start to do research and figure out what you are capable of, you will begin to break through the barrier of “no ideas.”
Don’t know where to start
Starting is actually easy once you know what type of business you are going to do and what it is going to be called. Unfortunately, the LLC process differs from state-to-state. If you do not want to do the legwork to figure it out for your municipality, you can use a service, like, LegalZoom [https://www.legalzoom.com/sem/biz/llc.htm] for a reasonable fee (about $150).
You will start with an idea, a name and a plan. You will then need things like a logo, a website and determination. If you are on a strict budget for a logo and website, you can always use services like Freelancer and Upwork to find someone with the capabilities to design and build it for you. These services have freelancers from all over the world that are willing to work for far less than large agencies and their output is just as good, if not better.
No free time
Maybe you are a parent, a busy socialite or you like to come home from work and veg out. You might think that you don’t have the free time or that starting your own business will take too much time. The truth is… the time is going to pass anyway! You might as well dedicate as much time as you can right now to create the best possible future for yourself.
I didn’t have much free time until I made the time free. I buckled down and quit drinking alcohol which led to not going out as much, which led to me focusing on my work a lot more. Now, I feel like all my time is free time because I am always working to better myself and by bettering myself, I upgrade my life, my happiness, and ultimately my businesses.
If you can’t leave the social scene then you can try to wake up earlier or go to bed later. If you can find time in the morning or in the night, when all is quiet, and you can work without interruption it can only benefit you.
Fear of the unknown
There are a lot of unknowns in business but there are just as many in everyday life. Thus, we shouldn’t have a fear of the unknown and rather be confident in making decisions to shape the kind of life that we desire. Trusting yourself and going with your gut decision will, more often than not, lead you in the right direction. It’s your intuition at work, don’t let it scare you out of an amazing opportunity.
I didn’t know how to import goods from overseas. I didn’t know how to do SEO. I didn’t know how to do web design and development. However, I opened up books to learn how to do these things and those books opened up doors. I no longer have a fear of the unknown, it is exciting for me. If you dig around, you can find that excitement as well.
No start-up capital
I think most of us could come up with $1,000 if our lives depended on it. Start by defining what is a necessity and what is not. We have a tendency to waste money on meaningless items that we don’t need, don’t make us happy in the long run, or make us more money. Wouldn’t you rather invest in your future? Let me break down the initial $1,000 investment for you.
Let’s say your business idea was to offer cooking lessons to young professionals. People are more health-conscious these days and young professionals tend to have money in their budgets to commit to a healthy lifestyle.
- Your LLC: $150
- Your Landing Page (simple website): $80/mo
- Your first month of online, paid advertising: $400
This leaves you with a $370 safety net to A/B test your landing page offer, the layout or your advertising language.
If you can get 300 clicks to your landing page from the advertising, that is 300 potential clients. Let’s suppose you can get 30% of them to opt-in for your offer, that is 90 qualified leads.
If you can close 10% of the 90 leads, that is 9 clients. If your personalized cooking lessons are $80/class (sold in blocks of 3 classes) and you can get those 9 people to register , that is $2,160. You have gone from $1,000 to $2,160 which is a $1,160 profit— not including your $370 safety net that we established earlier. Now you have more advertising money to get more clicks, more opt-ins and more leads (purchases) for the following month.
Also, imagine that you can record video of your cooking lessons in the future and sell more of them for less money, all without having to be present in the selling process. This is where the automatic payments come into play while you are off traveling the world. Pretty awesome, right? I will cover business automation in more detail in a future post as it is a pretty in-depth process.
You can and should do it!
Now that you see how easy it can be, I hope that you decide to follow your dream of starting your own business. If you need help deciding what to do, don’t hesitate to write to me. I read every email and will help with ideation when possible.
I can also explain the steps to starting your own business in even further detail. I am currently planning to create a “How To Start Your Own Business” course in the near future. If you would like to get access to the beta course when it becomes available, simply sign-up for free updates and you’ll be notified immediately. We may not change the entire world but we can and will change the world around us.