This is a follow up to a blog that I recently wrote called Why Business is Not Expensive.
I read an article containing some interesting research and I had to write something about it. This removes any concerns you might have about starting a business.
I came across this research by Yell.com, I think they were as happy as I was about the findings.
40% of UK businesses in 2016 were started for under £500!
That’s right, almost half of the businesses started in the UK last year had under £500 start-up investment. What makes this even better is that almost a third (32%) of businesses where started on less than £250.
I love these stats. They are completely smashing this perception that business is expensive.
Now let’s give this some perspective. There were over 650,000 businesses started in the UK in 2016. That means 260,000 of them were started for under £500 and 208,000 were started for under £250.
Do you know what this means? Next time you go to the cinema and the theatre is full, one person in that room started a business for less than £500.
One individual enjoying that film with you is enjoying it a little more because they saved up a small sum of money and started their own business. They are now their own boss, they probably could have caught the midday showing if they wanted to.
This is real. This is happening around us right now. 40% of people state that the reason why they will not start a business is lack of money!
The main barrier that people have for starting a business is now non-existent.
Let’s look how to remove the next two largest barriers.
Risk of failure
25% of people state that the risk of failure is the biggest reason why they are not starting a business.
This is logical. Failure is scary. Do you know what is scarier? Being stuck in a job which is no longer rewarding. The job that has only limited room for improvement. Having to get up every day and know you will spend the next 8 hours of your life lining someone else’s pockets.
To me, that is terrifying. I am certainly not going to go back to that life.
If you look at any list of why businesses fail, you will see that in almost all cases, lack of capital is one of the top reasons. This idea is outdated, we are past the days where money is barrier.
Let’s look at some of the other reasons.
Not sufficiently differentiating your business
Unprofitable business model
Inability to learn from failure
Not understanding your customers’ needs
These are some of top reasons why businesses fail. Great, now we know them. How do we get around them? How do we mitigate the risk involved with living our dream and starting a business?
This entire list really comes down to 2 things.
Number 1 – Learning
You learn to succeed. You don’t naturally do it. This is a fundamental principle that you already know about life. Business is no different. The above list of risks (bar one point) can be minimised through learning.
Start today. Read blogs, listen to podcasts, watch YouTube videos, go out and buy a couple books.
You can never do too much learning. This is going to set you up for success.
Number 2 – Planning
Plan your way to success is a famous saying, if it isn’t, it should be. This is because excellent planning will show you exactly what you need to do to reach your gaols.
It is as simple as that, planning is going to get you to where you want to be in life. If you want to find out how to plan better then read this excellent series of articles.
I wouldn’t know where to start
This is the next statement on the list which is holding people back from starting a business. 23% of people believe this.
If you are one of those 23% of people, I’ve got you covered.
Step 1 - Read this blog which contains over 64 low-cost business ideas.
Step 2 - Choose one that excites you or helps you think up your own business idea.
Step 3 - Then sign up to our FREE training that will show you exactly how to turn that idea into a reality. Click here to enrol now.
You read this blog post because you are interested in starting a business. This is something that you have dreamt about. Something that is going to make your happy. You will feel fulfilled and be able to get everything you want out of life.
Don’t just click the ‘x’ button in the top of the screen, switch your computer off and go back to Netflix.
Take the next step to making yourself truly happy.
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