As we discussed in a previous post, when people ask me what I do, I tell them that I help people start their own business or side hustle. When I discover that they are not a business owner already, I ask them if they ever consider business ownership and if not, what is holding them back. The following is a list of 9 more responses I get for not following a path of business ownership and my response to each objection.
When it comes to any investment there are no guarantees. I share that if they are so risk adverse that they need a guarantee of success, perhaps they should invest not in a business but T-bills and hope that inflation is not greater than their yield on the investment.
12. Not knowing where to start
I love this issue as this is my sweet spot. I tell them to find a mentor that has “been there and done that”. SteveBizBlog exists to help provide readers overcome this reason for not starting a business. I also recommend seeking advice from a local Small Business Development Center (SBDC) or from a local SCORE chapter in their area.
13. Procrastinating
Many people I know have said that they have always wanted to start a small business of side hustle, but that they are just waiting for the right time to start. I remind them that my businesses grew when the economy was going down or going up and not so much when the economy was at the peak or the trough. I share with them the “Six Ways to Make Money in a Bad Economy”. If their procrastination is related to just being lazy I share that business ownership is not for them.
14. Don’t know the right people
When it comes to getting access to consultants and mentors, there are always local Small Business Development Center (SBDC) or local SCORE chapters in their area. Moreover, the internet is full of business consultants that have made a business of helping others. I also recommend that they consider using networking groups like 1 Million cups. I might also recommend they visit a local co-working space, or to seek out assistance at the reference desk at their local public library.
15. Don’t know what to do that makes money
When it comes to lacking an idea I share that a great idea rarely yields a successful startup. I share with them a post on “Your Best Chance to Succeed In Small Business” and that it is not the idea that makes a business successful, but better execution.
16. I’m ready but I have no idea
When it comes to the “idea” it is highly overrated. As I describe in a post about Nikola Tesla, while he was a brilliant inventor and invented alternating current and wireless radio he died penniless. To become a successful entrepreneur requires much more than a great mind for inventions, it requires business acumen. I add that when it comes to Coming Up with New Ideas to look for an uncontested Blue Ocean market by using the Business Model Canvas.
17. Scared of not succeeding
I always recommend failing small. I share that my first business was an Invisible Fencing franchise that I ran as a side hustle while I worked a full-time job. When I started it, I knew nothing about business. After several years I was asked to go full-time or lose my franchise. Not willing to give up my day job at the time, I lost the franchise. However, I learned a lot about what it takes to own and operate a business. My next business was much more successful, and I achieved a successful exit when I sold it to a publicly traded company.
18. Afraid of leaving a good paying job
Leaving a good paying job with benefits for a risky startup is scary. So, I often share that the role of business planning is to quantify the risk and reward of a venture and to give a reasonable approximation to when the business will become profitable. I recommend they spend considerable time developing a cash flow statement, and coming up with options if it talks longer than expected. I also encourage them to consider several side hustles to develop multiple revenue streams before taking the leap.
What is preventing you from starting a small business or side hustle?
Excerpt: I often ask people I meet if they ever consider business ownership and if not, what is holding them back. This post list 9 more responses I get for people why they are not following a path of business ownership. Click here to see the list and my response to each objection.
