The Top 5 Myths For Not Starting a Business… Debunked!
your potential lies outside your comfort zone.
Starting a business can feel isolating. Actually, even just the thought of starting a business can be isolating. The truest early stage of business ownership begins the moment the seed is planted in your mind and even still you might have doubts.
So if you’re thinking about starting a business, it’s no surprise that doubt may be creeping in! Often times, before new business owners allow themselves to get to a concept that excites them, they have already completely defused their own flame with reasons for why it will never work.
That’s not you, friend. Not on my watch.
You might be hearing from friends and family all the reasons why you shouldn’t start your business, and while that’s their junk, sometimes it can be hard to ignore the naysayers and begin to repeat similar excuses in your own mind.
The good news is, you’re here today reading this, and I am no novice when it comes to self doubt and early stage business ownership. Even more importantly, though, I’m an expert on all the ways you can debunk the narratives that are holding you back and help you stoke the flame of entrepreneurship that you’ll need to persevere!
Because I’ve had to debunk a few of my own narratives too, boo!
You are NOT alone in this journey, and you don’t have to just take it from me either. As a business coach I help people like you put one foot in front of the other as they stride towards their dream of being their own boss. Along the way I hear the similar doubts expressed over and over again. Once and for all, I want to help you debunk those sneaky, burdensome, spirit crushers.
We’re going to be talking through the top 5 reasons I hear from my clients as to why they can’t start a business, and all the reasons why you should brush those things right off and keep powering forward!
Are you excited? I know I am! By the end of this thing you’re going to take your first step toward business ownership! Let’s go!
#1 reason for why you can’t start today: “I don’t even know where to begin!”
Dubunked: There’s no secret sauce with business ownership. It is a very rare occasion that someone is going into business knowing exactly what they’re doing: I’m envisioning a daughter son taking over her family’s his father’s grocery store situation - this is an exception as the daughter has likely been part of the business her entire life!
But for brand new business owners, the only real secret is that, shhh don’t tell, nobody knows what they’re doing when they’re first starting out!
The only thing that all business owners do is start. You only have to take one step. Choose one action (no matter how small, maybe start with a business name: that’s fun!) and take it today. Tomorrow, another. And so on.
#2 “But my idea isn’t unique enough. People are already doing what I want to do.”
Debunked: I love it! You’re already thinking like a business owner: concerned with market saturation. So savvy! Honestly though, not worth your time.
What makes your idea unique or special is YOU. You are an individual with individual experiences, opportunity, and perspective. Even in a perceived saturated market, what will ALWAYS, ALWAYS, make your business stand out, is you. That is your competitive advantage. Pretty cool, huh? You can’t ever lose that, either. It’s not on loan from the bank, or something you have to prove to anyone. It’s entirely yours, even as it [read: you] changes and develops, and will inevitably shape your business and your clients experiences with you. You go snowflake! You own that!
#3 “I’m not ready!”
Debunked: This is a tough one because it’s so broad, but it’s definitely one I hear the most. A simple broad statement always has a simple broad solution though, right? My advice?
Start before you're ready! You will never be ready. I promise you that. Like I mentioned earlier, no one ever is!
You wouldn’t be an entrepreneur if you felt like it was an easy leap to make into this unpredictable and ultra rewarding world. I can promise you though, that as you start moving forward and gaining momentum, things become more clear. A year from now you'll wish you had started today.
“Sometimes later becomes never. Do it now.”
#4 “What if I don't make any money and I can't pay my bills?”
Debunked: This is actually my favorite question that I get because it’s really a two-fold question. You’re essentially asking how you price your services to afford yourself the lifestyle you want, AND what happens if worst comes to worst, and you don’t make that amount.
Let’s address the first question, which is essentially just a math problem. Feel free to grab your pen, paper, and calculator here. Determine how much you need to live your life. Play with different scenarios: Are you willing to sacrifice and make do with less as a trade off to starting your business? Or do you want to give yourself a raise from your current income to make more out of the gate? Now consider what overhead costs the business might incur?
Add your desired income and the potential overhead, then divide by 12 for monthly income, and divide by number of clients or hours from there until you arrive at numbers that look good to you and you feel like you can commit to. If this is going a little over your head feel free to read up on Becoming a Pro at Pricing for a deeper dive.
The second part of this question is another exercise I often challenge my clients with. I like to call it the “and then what” exercise. The idea here is to map your concerns all the way down to the absolute worst possible outcome. Sounds depressing, I know, but often times the reality of your answers is way less scary than what you can dream up in your head. Let’s try it:
So you’re worried you won’t make enough money. So what if you don’t? You won’t be able to pay your bills? Then what? You’ll have to move somewhere less expensive? Then what? You have to get new clients? Then what? You still can’t make a living? Then what? You have to close your business? Then what? Then what? Then what?
The point with this exercise is to boil things down all the way to the worst possible outcome so that you realize you’re never going to have to live under a bridge somewhere. Your “worst” is really not that bad and honestly, the reward that comes after trying, is too great not to take the risk for!
#5 “I have no idea what I’m doing! I don’t know how to be a business owner.”
Debunked: A couple parts to address in this doubt as well. First off, confidence is key, baby! I can tell you the same old “you miss 100% of the shots you don’t take” inspiration all day long, but you and I both know that bold, confident people are the ones who run this world. It’s your choice if you want to be one of them!
Plus, I promise, with time, failure AND success, you will learn what you’re doing and how to be a business owner. It truly is a learn-on-the-job situation. All this, PLUS consider hiring a business couch (ah-hem allow me to introduce myself) to shorten your learning curve and tap into a knowledge base of someone who has had their swing at this before.
There are tons of resources out there for shifting your mindset and educating yourself on what it takes to start thinking like a business owner, so don’t be shy to seek that out either!
At the end of the day, the only person stopping you from being your own boss is your own choices and your own mind, telling you to wait, hold on, hold back, not yet. I think if you’re being fully honest with yourself you might have already known all the reasons these top 5 excuses are so easily debunked too.
The only question that’s really left is when? When will you take the leap and allow yourself to grow something entirely your own? When will you take that risk and reap that sweet, sweet reward?
The time is now, friend. Let’s get to work!
Holly works with professionals to create services-based businesses using expertise and strengths they already have. Holly is the creator of The Consultant Code, a program will have you up, running, and profitable with your services-based business in 60 days or less! Want to learn more? Drop her a note at: holly@hollyknoll.com