Overcome These 3 Common Obstacles When Starting a New Business
Are you starting a new business? Or have you been in business for a while and are thinking about expanding your offerings or services?
Either way, be prepared to overcome three common threats to the success of new ventures: lack of knowledge, self-doubt, and unrealistic expectations about how long it will take to become profitable.
1) Don’t let a lack of knowledge derail you
You don’t have to know everything to start or grow your business, but you do have to know when to seek advice and guidance. Before you launch your new venture, build a network of trusted advisors who either have direct experience doing what you’re trying to do, and/or have experience advising entrepreneurs and small business owners. Family and friends can be an enthusiastic and supportive audience for your dream, but they may not be able to fill the knowledge gaps necessary to make your dream a reality.
2) Believe in yourself
If you find yourself doubting you can do this, tackle those fears on two fronts. First, the more time you spend doing the work, the less time you’ll have to brood. Your daily accomplishments are proof of your capability. Second, if your lack of confidence stems from the realization you lack certain skills, work to acquire those skills. Get involved with a network of entrepreneurs and business owners who likely face issues similar to the ones you do. They can help you find the resources you need to fill your knowledge gaps.
3) Plan for long-term profitability, not overnight success
Many items go into making a new business successful, and they take time to establish. You can identify basic business needs in advance and anticipate the costs of some items, such as your marketing and staffing, but can’t accurately predict how fast your business will grow. Strong business planning skills and sound management practices are your best defense against the unpredictability of launching a new business.
These three obstacles to success in launching new businesses have a solution in common: build yourself a community of trusted advisors and fellow business owners who can share their knowledge and experience to help you grow your business.
If you would like to learn more about how this might apply to your business, let’s talk: