It’s a reality of entrepreneurism that you’ll face various challenges when opening your startup. It doesn’t matter what industry you’re operating within, there are no easy routes to a successful small business. For many people, there will be the standard hurdles, such as building a customer base and maintaining a profit. But if there are personal challenges in your life, this can mean you have more difficulties than most entrepreneurs.
Does this mean you should give up? Certainly not. After all, beyond the difficulties you face, you have unique and valuable perspectives to bring to your chosen industry. It’s also important to remember that although your personal obstacles can be daunting, there are often solutions. With some focus and determination, you can forge an enriching experience as a business leader.
Addressing Bias
It is a sad truth of our society that prejudice is still prevalent. You may find it can come from various places when you’re an entrepreneur. It could be the biases inherent in your industry, like those contributing to Black workers comprising just 9% of the science, technology, engineering, and math (STEM) workforce. Others may find problems in less progressive communities, with consumers making patronage decisions based on their race, gender.
This isn’t an easy issue to overcome. Part of the solution certainly comes down to making meaningful connections in your industry. Network with others who have been facing similar challenges, as they will often have advice and resources to help you along the way. This might include suggestions of investment sources or projects run by organizations pushing cultural diversity in your sector. If you don’t have physical access to groups in your area, it’s worth hunting around on social media, particularly LinkedIn, and visiting industry conferences.
You can also make smart business decisions here by considering how location impacts the biases you face. Often, you’ll find shifting your operations to a bigger city will hold significant benefits in this regard. It can help to make sure you have access to not only a wider range of opportunities, but also to a more diverse community of entrepreneurs and consumers. Not to mention you’ll generally find there are quality of life improvements and more options for education if you need to upskill. While prejudice still exists in the big city, you’ll also have chances to connect with supportive, progressive allies in the community.
Handling Finances
Finances are an important aspect of any business. Unfortunately, this is also a common area of obstacles for many people. You shouldn’t be ashamed of your money problems, but to get the best start with your business, it’s important to seriously address them. If you have a low credit score, it’s worth taking some time to improve this before launching. Consolidate your debts, make regular repayments where possible. This will put you in a better position to secure loans and investments.
Even if you don’t have debts but receive some form of government support, you might still find finances challenging. This can be exacerbated if you live with a disability. After all, you want to create a career that is fulfilling, but it can be daunting to risk a stable form of income to become self-employed. The good news is that while Social Security Disability Insurance (SSDI) benefits are income-tested, you generally won’t lose it straight away. There are programs in place designed to support entrepreneurs to transition from benefits to full-time work. The Trial Work Period (TWP) and Extended Period of Eligibility (EPE) can allow you to retain benefits for between nine and 36 months. There is also a Plan to Achieve Self-Support (PASS) scheme to help you obtain resources for your startup. Take time to explore the possibilities of these.
However, the process of overcoming financial difficulties doesn’t just halt once you’ve jumped the initial hurdle. Don’t just have a budget, make efforts to develop month-on-month cash flow statements. These will help you to keep control of funds coming in and going out of your business. You should also work to be cognizant of external issues that can result in financial hardship. Keep abreast of common cybersecurity threats and scams, train your staff to recognize them, and behave safely.
Prioritizing Your Wellness
If you live with a disability or health condition, you may be concerned that this in itself can be an obstacle to opening a business. It is important to remember your best approach is putting your well-being first. You cannot be more successful or happier by sacrificing your health for your business.
This can be especially apt concerning your mental health. It might be the case you’ve chosen to start your own business because your previous job left you exposed to burnout. But you should remember this form of mental and emotional exhaustion can still occur in your own enterprise. One of the primary things to understand about a burnout diagnosis is it is tied to the stressful aspects of the job, not necessarily your response to them.
As such, you can’t maintain wellness if you remain in a position where the circumstances keep inducing harmful symptoms. However, as a business owner, the circumstances are more in your control. Take time to understand what activities and environments you find personally harmful, and alter your practices to take these into account.
You should also adopt practices more in line with your needs. This could be something as simple as keeping strict business hours so you aren’t struggling if you have trouble maintaining focus for long periods. If your neurodivergent traits mean you find a lot of external stimuli overwhelming, remote operations are a more practical solution than ever. The key is to create a business on your terms, with your wellness forefront.
Conclusion
Opening a business can be one of the most enriching professional experiences of your life. Most people have personal obstacles to overcome, and this should dissuade you from pursuing becoming an entrepreneur. Whether it’s bias in the community, financial hurdles, or wellness struggles you’ll find there are ways to navigate adversity.
