The statistics for new retail businesses that fail are high. Even higher is the number of great business ideas that never come to fruition. There are so many risks involved in beginning a business that the fears generally overtake the thoughts of success.
By understanding what keeps people from becoming their own boss, we can work on overcoming those obstacles. Here are four barriers that keep people from starting a retail business, as well as tips for conquering those fears.
1. Money
The most common reason people don't or can't start a retail business is simply cash. Without the necessary start-up capital, many great business ideas never get off the ground.
Tip: Create a business plan to determine the amount of money needed and then save, borrow or finance your business accordingly. Research the many ways to get, and keep, cash for your business.
2. Security
Tip: Hold on to the day job and either start your retail business part time, or hire someone for the daily operations. Then, when the business is making a profit and can support your income, you can quit your other job.
3. Competition
Ideas of 'building a better mousetrap' can bring out the entrepreneurial spirit in some. Other people may find businesses with similar ideas and they are not sure how to define themselves or successfully compete in the same market. Therefore they quickly give up on an idea.
Tip: Determine how you can do something cheaper, faster, or better than the competition and then plan your business around that concept.
4. Lack of Ideas
Some people desire to be their own boss but haven't a clue what to do. This leads to confusion, fear and ultimately giving up on a business dream.
Tip: Do some research. Study retail trends and find out what's successful. Do what you love. Consider turning a hobby into a business. Or consider purchasing a franchise or existing business. There are many types of retail ownership.
