In light of the global pandemic and uncertainty in the UK labour market over the last year or so, the number of people starting their own business or side hustle soared. Entrepreneurship has always been the backbone of the global economy. In fact, small and medium-sized enterprises account for 90% of businesses globally and provide 70% of employment worldwide.
With these figures, it’s no surprise that many of us dream of taking a leap of faith and starting our own venture. Research by SME Loans shows that 64% of the UK workforce would like to set up their own business. Sadly, very few do. Here’s the most common barriers aspiring entrepreneurs face in getting started and how to overcome them:
Fear of the unknown is a common barrier for entrepreneurs. The key is to look beyond the fear and visualise the end goal, whatever that may be. One sure way to do this is by being well prepared. As the saying goes, if you fail to prepare, you prepare to fail. Having a strategic plan and clear goals in place will reassure you and equip you with everything you need to make strategic decisions even when fear creeps in.
Today’s business space is more competitive than ever before. With a wealth of readily-available information and more choice than ever before, consumer power is on the rise and likely to continue to grow. The key to standing out from competition is delivering real value for your customers and centralising them in all you do. It’s very unlikely that you will be starting a business that has never been done before but having a clear USP that differentiates you from competitors in your field will maximise chances of success.
The good thing about entrepreneurship is you don’t have to know everything. However, in today’s digital world, we have access to more information than ever before, making it super easy to learn and develop a new skill or trade. It’s no good however, being a jack of all trades and master of none. The key is to focus on your area of expertise, master it and delegate the rest.
It’s normal to experience self-doubt from time to time. What’s important is to not let it get the best of you. Surrounding yourself with a strong support system that can help support and help boost your confidence will make a real difference. Our start-up business community is a great place to start and allows you to connect, learn and grow with other entrepreneurs.Â
Cashflow is often one of the biggest barriers to launching or scaling a business. It’s important to remember to start where you are and work your way up. This doesn’t mean putting your vision on the back burner but connecting the dots to help you reach your goals in simple, small steps. Considering external sources of finance or funding? checkout our library of resources here
For top entrepreneur resources and support, join our entrepreneur and business growth platform here
Whether you’re employed, self-employed or unemployed, you’ve probably fantasied about the idea of making passive income at some point. And truthfully, no one could blame you. The dream of making income that requires minimal effort and labour to make and maintain is shared by many. In reality, very few of us end up biting the bullet and actually doing anything about it.
Starting an ecommerce business can be a daunting task, especially if it is your first one. There are many things to consider before you even think about taking the leap to start your own e-business. One of the most important questions that must be answered is “How much money do I need?” Luckily, we have compiled this guide for you with all the information and resources you need to help make this decision easier.
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