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What’s Stopping you from Starting Your Own Business?



Really, what is it?


Does the whole prospect feel overwhelming? Do you not have much money to start a business? Are you unsure your idea will work? Are you afraid of going broke? Are you worried you'll lose the stability and benefits of working for an established business? Are you afraid you don’t have the right kind of personality or education?

 

If these questions plague you, take a breath and read on. These worries are common for future entrepreneurs, but fortunately, there are more solutions than ever to these potential issues. Here are a few to get you started.


“I’m overwhelmed by the whole idea of starting a business. I don’t know where to begin.”

All you need to start creating a small business is a basic idea. What are you good at? What’s something you can do that isn’t being done in your community right now?

 

The process of starting can be difficult because we tend to think big ideas mean big responsibility. Starting a business can be as simple as selling interesting rocks you found in your yard at a flea market or on eBay. It doesn't need to mean a much larger-scale operation than a yard sale.

 

Dream big — start small. Ask friends and family to try out your product or give input on your potential service. Check out similar businesses and make a list of things they do well and things you could do better.  

 

Most importantly, break all the prep work into small, manageable steps. It may seem overwhelming all at once, but you can do it a little per day. You can’t overestimate the power of daily progress. Little by little, you can manage this.

“I don’t have the money or good enough credit to start a business.”

“I don't know if my idea will work, and I might go broke.”

“I'll miss the security, stability, and benefits of my current job."

“I don’t know if I have what it takes to run a business.”


 

So what’s stopping you from starting your business? Wherever you are in the process, don’t give up and take the leap!

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The Economic & Community Development Institute (ECDI) is one of the top U.S. SBA intermediary microlenders with a mission to invest in people to create measurable and enduring social and economic change. ECDI provides responsible, affordable lending and comprehensive small business development services to help meet the needs of small businesses. ECDI’s target population includes low-moderate income individuals and those otherwise precluded from funding from a traditional financial institution.

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