Starting your own business can be both rewarding – yet challenging. According to a recent small business owner survey by Valpak, there are three major obstacles that 1,000 small business owners have in common. These include business funding, business know-how, and a fear of failure. Learning how to address business hurdles can not only help you anticipate red flags but also overcome them to build the business of your dreams.
Business Funding is a Major Business Hurdle
In the survey, Gen Xers between the ages of 45 and 54 reported the financial needs of a business as their biggest hurdle. The reality is that it’s difficult to find funding to start a business, and this can be a major reason that businesses fail.
Many entrepreneurs do turn to friends and family, this is where 82% of funding for new businesses comes from according to the 2012 Global Entrepreneurship Monitor Report. Without this luxury, it’s time to get creative and look for alternative funding methods. Other methods include crowdfunding, applying for a small business grant, or reaching out to potential investors.
How to Overcome Business Hurdles
If you’re a business owner, it’s helpful to remember that although there are hurdles, they are meant to be overcome. There is a wealth of online knowledge and resources to use. We’re more connected than ever through online networks – so business owners can take advantage.
Whether it’s networking with local business owners, seeking wisdom on the internet, or even crowdsourcing a solution, there are tools and tactics can help you overcome common potential or current hurdles.