7 Hurdles to Starting a Business and How to Overcome Them!
In case we don’t say it enough, business is hard, y’all. There are so many things that can (and inevitably will) go wrong when you start a business.
But what separates the business owners who make it from those who don’t is the ability to face down those hurdles and keep moving forward. Allowing these hurdles to stop progress can cause you to stall out before you make your first sale.
But fear not. We’re here to explain some of the most common hurdles that you’ll need to jump when starting a biz and help you clear them on the first jump.
Hurdle #1: Overcomplicating what it means to get started
Have you ever been so completely in your head thinking about something that you decide it’s best not to do anything?
Samesies. We do this all the freaking time.
It’s a super fun thing called analysis paralysis, and it can kill you in the early stages of starting a business. When you look at the lengthy list you’ve created in your brain or on paper, it can be so easy to stop trying because it’s all too much.
The fix:
Create a list of everything you need to do to “be in business” (We include one in our get-your-biz-sh*t together kit template bundle.) Do not, do not, do not overcomplicate it. What’s the bare minimum?
Outline the first steps to do those things that are bite-sized and achievable. Starting an LLC? Great, what website do you need to go to? Make that your first step and nothing more.
Get clear on what is enough and cut back where it makes sense. (No, you don’t need a designer logo on day 1, but you do need to establish your LLC.)
Also, just start selling stuff. Don’t worry if you don’t have everything (or anything) perfectly in place. These logistical, administrative items can be addressed in time. So, in the now, start doing business and bring in $$$.
"Start messy, learn fast" beats "Plan forever, never launch."
Hurdle #2: Not being able to put in enough time
Can you grow a business on 15 minutes a week? Probably not.
But if you could commit just 15 minutes a day? Now you’ve got a chance.
If you legitimately want to start your business, you need to make a certain time commitment per day or week and carve out the time to do it. Every step and every minute you’re putting in adds value, like a piggy bank. So find a way to make regular, incremental deposits to watch your fortune grow over time.
The fix:
Schedule time to work on your business every day or every week
Block out all other distractions during that time. Put your phone on DND or leave it in another room, only open the one program on your laptop that you need, and see if a loved one can watch the kids. Make it a best-case scenario with the ability to focus only on the task at hand.
Hurdle #3: Thinking you’re the first person to ever start a business because your idea is unique and special
Your business is not unique or special (sorry, not sorry). You are not literally inventing the wheel for the first time.
Failing to take the advice/seeking wisdom from those who have gone before you is a major mistake. Even wacky business ideas like the cucumber hat guy are still a common type of business, a hat business!
Yes, the idea is innovative, but the principles and business models are not. Marketing, lead gen, creating content, having clear offers: the rules still apply.
The fix:
Look for businesses like you. Read their blogs, sign up for their newsletters, break down their offers, and generally look at how they’re doing the thing they do. (Let us guide you if you’re a lil unsure about the whole competitive intelligence thing.) Learn what works and what doesn’t without having to be the guinea pig.
Read books from founders, entrepreneurs, and other people who have done this. Use their secrets. Not a voracious reader? Find podcast episodes or even social media accounts to follow where you can figure out how other people have done the thing you’re trying to do.
Hurdle #4: Not understanding if the business model is viable
Starting a business costs money, and it might be a lot or a little depending on the industry you’re in. Cash flow problems are cited as the number one reason most small businesses fail. (80%ish allegedly fail due to cash flow issues per this US Bank study. Ouch.)
To be sure you don’t fall into that bucket, we’ll want to break out the business math. Here’s how to calculate the break-even point for your business, aka when you figure out how much you need to earn to cover operating expenses and actually start to make money.
Calculate the breakeven point by taking your fixed costs (the unchanging expenses to run your business) and dividing them by the price per unit (how much you sell an item for) minus your variable costs (which may change as production increases).
Here’s an example:
You sell handmade purses for $100 each (price per unit)
Materials + packaging per purse = $40 (variable costs)
Monthly fixed costs (booth fees, website, marketing) = $2,000 (fixed costs)
2,000/(100−40)=34 (You need to sell at least 34 purses a month to break even.)
If that number seems unrealistic, your pricing, costs, or sales strategy might need adjusting. 🚨
The fix:
Run the numbers first.
Look for similar numbers from other businesses like yours. Talk with other business owners. You’ll be surprised how many people are willing to pull back the curtain on their business to help someone else be successful.
Use all the free things for as long as you can use them to keep your fixed and variable costs as low as possible!
Have other ways of making money while you get your business off the ground.
Hurdle #5: Letting imposter syndrome get the best of you
Sometimes, it really is all in your head. We’ve been through this.
If you’ve never been formally introduced to imposter syndrome, it sounds a lot like that voice in your head that says:
“Who the heck are you to tell anyone how to do something? You can barely function as an adult human on most days.”
“Nobody is going to want to buy that thing; you’re a phony.”
“Everyone is laughing at you and the thing you’re trying to do.”
BBM Pro Tip: That last point especially is so not true. Everyone is so engrossed in themselves that nobody is thinking about you. #facts
The fix:
Trust in what you know. If you’re turning your expertise into a business, remind yourself that you know what you’re doing. Unless, of course, you don’t. Don’t pretend to be an expert at something if you can’t deliver it.
Seek support from friends and loved ones who have your back (but will be honest).
Be sure to look out for our upcoming podcast episode about our real-life experiences with imposter syndrome and how we have to tell that monster to get back into the closet on most days.
Hurdle #6: Skill gaps with running a business
If you’re like many small business owners, you started your business because you have skills and experience in doing a thing (like residential construction, fitness training, or designing t-shirts). But there are a ton of other things that go along with being a business owner, like keeping your books, sales and marketing, customer service, etc.
The fix:
Learn all you can to increase your skills using free videos on YouTube or through companies like HubSpot.
Leverage tools wherever possible. Use tools like Canva for design or Trello for project management. You don’t need to be an expert on everything.
Hire someone else to show you how to do it or do it for you. If you’re short on cash but long on time, ask someone for a quick 30-minute or 1-hour tutorial on how to do something, then spend time refining the skill. If cash isn’t a problem, hire someone to do the thing for you!
Hurdle #7: Inability to think about your long-term vision
The first few years in a small business tend to be very hand-to-mouth, as in you can only focus on what’s going to bring in money right now. Many owners don’t take the time to look at the next year or five years to see what’s coming down the road ahead.
If you’re temporarily bogged down in the details of getting your business off the ground, having a business north star can help you make decisions that are aligned with your strategic vision. But if your basic operational tasks (working ‘in the business’) keep you from a long-term strategic direction (working ‘on the business’), reassess the situation.
The fix:
Dedicate time each week or month to build a bigger, badder business, and not just pump out widgets or client work.
Set aside larger time blocks quarterly or annually to do long-term strategic planning for the next year.
Think bigger. Consider what products or services you might want to expand to in the future and what you can put in motion now to increase the chances of that happening.
The bottom line
Business brings unexpected hurdles, and there’s no way to get in front of every potential roadblock you might face along the way. But we hope that exposure to these hurdles early on can at least get you thinking about how to manage them before they stop you in your tracks.
Facing a hurdle and simply not sure whether to go up, down, or around? We’d love for you to schedule a 15-minute consultation call so we can help brainstorm some ways out.
