3 of the Biggest Hurdles to Overcome When Starting Your Own Business

by Darwin on July 12, 2020

Do you have dreams of starting your own business? Do you dream about being your own boss and controlling your career destiny? For many people, the only option for career satisfaction and happiness is to start their own venture. Of course, having that dream and then pursuing it are two totally different things. For many would-be entrepreneurs, they end up stuck in a cycle of fear – afraid of the unknown when it comes to owning your own business.

So, why not face your fears head-on? By educating yourself on the biggest hurdles that new start-ups face, it can help you to come up with a game plan on how to deal with those challenges and come out victorious. Let’s take a look at three of the biggest hurdles you’ll likely have to overcome when you start your own business.

Financing – You Can’t Start a Business without Money

There is no way around this hurdle; it is a simple fact that you can’t open up a business if you don’t have money to finance the venture. However, that doesn’t mean that you yourself have to come up with all that cash as there are plenty of ways to secure financing for a new business.

Take, for example, the long-term business loans with zero downpayment that are available through companies like AdvancePoint Capital. These are meant to finance business growth and expansion, or even fund long-term projects. You can take two to 10 years to pay them back, and you have the option of bi-weekly or monthly payments. This style of funding could work if you had the start-up cash to get things off the ground, but within that first year or so, you realize you don’t have the cash necessary for growth and expansion.

Financing is out there; you just have to be sure you do your research on all the options and pick one that works best for the company.

Going Head-to-Head with the Competition

While it’s great that you believe in your company and your products/services, that doesn’t mean it’s going to be a cake walk when going head-to-head with the competition. No matter what your idea is, you’re bound to have fierce competition.

Ideally, you want to go into things with eyes wide open, have a robust marketing campaign, feature strong products and services, and find that “hook” that you can really push out there to the customers.

Finding the Best Staff for the Job

Even though your start-up may only consist of you at the beginning, if you have dreams of expanding your company, then you’re going to need to hire employees. This presents another big hurdle as you need to not only find people to get the job done, but you need to find skilled and experienced staff that will make it possible for your business to succeed. Being specific in your job postings and during interviews, asking the right questions, and making sure you follow up on references are all great tips.

There Are Plenty of Hurdles, but That Doesn’t Mean You Shouldn’t Try

While starting your own business comes with hurdles, that doesn’t mean you give up. Instead, it’s about planning for a variety of scenarios and having solutions and actions in place.

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