4 COMMON BUSINESS OBSTACLES (and how to overcome them)

Uncertainty The big question for all new businesses is this: is there a market for my product/service? The best way to find out is to ask. Online survey sites will get your questions to your target market.

Try Toluna or Branded Surveys.

2

Quitting your day job Early on, many balance their day job with their new business – the ‘side hustle’. The key is to allocate time to developing it. Once your business is running, use outside resources to manage it if you keep your job – PA companies can handle calls, and digital marketing services can take care of social media.

3

Securing funding Getting investment used to mean a chat with your bank manager. Now, there are many other options: peerto-peer (P2P) lenders, which pool money from investors (try Funding Circle); Bizbritain, a governmentbacked lender that provides start-up capital; and crowdfunding platforms, which are like P2PS but investors may receive equity in your business.

4

Fear Remember: failure is common for entrepreneurs. Sometimes you just need to take that leap of faith, but also recognise when it’s time to walk away, then learn from the experience.