What’s holding business hopefuls back and are you in the same boat?

There are thousands and thousands of people who, every year, envision themselves kick-starting a business of their own. Many are successful, going on to build up what is a profitable business in the years after. Some take the plunge without any prior planning and research, only to fall at the first hurdle.

Others simply keep their dreams exactly that – a dream – choosing to opt out of setting up their business and staying within the rat race that just wasn’t meant for them.
What exactly is it that’s holding these business hopefuls back from achieving their ambitions of owning a business, and if you’re reading this as an entrepreneur-to-be yourself, are you being held back by the same barriers as others?

People surveyed 2,000 optimistic business builders in the UK, to find out exactly what it was that lured them towards the idea of starting a business, as well as what stopped them in their tracks.

You’re bound to hear plenty of things that might somewhat deter you from making the decision to kick start a business, and it might seem like a lot of effort teamed with an awful lot of risks. However, if you’ve been dreaming of starting a business for a long time, you shouldn’t let these unnecessary barriers stand in your way.

However, if you’ve been dreaming of starting a business for a long time, you shouldn’t let these unnecessary barriers stand in your way.

After reading the infographic, are there any barriers that you share with others? It’s completely natural to feel as though finances and the fear of failure are too much to overcome, but think about what it is that made you want to start a business in the first place and use that as motivation to begin your journey into entrepreneurship.

It’s completely natural to feel as though finances and the fear of failure are too much to overcome, but think about what it is that made you want to start a business in the first place and use that as motivation to begin your journey into entrepreneurship.

What really matters when starting a business?

If you do choose to see your dream of owning a business through to the end, there are a few things that need to be taken into account. It’s said that around 95% of businesses fail, however, this is simply due to minimal effort when it came to the planning stage of the business. As long as you are aware of just how vital the initial stages of entrepreneurship are, you should have no trouble kick-starting what could be a successful business.

It’s said that around 95% of businesses fail, however, this is simply due to minimal effort when it came to the planning stage of the business.

As long as you are aware of just how vital the initial stages of entrepreneurship are, you should have no trouble kick-starting what could be a successful business.

Brainstorm your business around you

A successful business comes from doing what you love. You’ll have passions of your own that you’re pretty much an expert in, simply because of how much of an interest you have in it.

Basing your business around your own passion will give you the knowledge and drive to see it through to success.

Create a detailed business plan

This is where your brilliant ideas become a realistic and viable plan of where you want your business to go. By spending the time to thoroughly research all aspects of your business’ industry, you should have detailed information of:

• Your target audience
• The competition
• Industry growth and potential
• The required finances
• Milestones you wish to reach
• How to tackle any problems you might face

Plan your funding

Once you’ve got a solid understanding of how you want to start your business and where you want it to go, you should then begin to make a plan of how you will fund your business.

Whether this is through savings, investments or a loan, work out what options are best for you and make a plan of how to go about securing the funds. You should also look to keep the start-up costs as little as possible – use the Cambridge Satchel Company as your inspiration, having started the with just £600!

You should also look to keep the start-up costs as little as possible – use the Cambridge Satchel Company as your inspiration, having started the with just £600!