How Difficult is it to Start a Business?

min read

How Difficult is it to Start a Business?

Make sure you have a business idea

Starting your own business can offer a wide range of benefits - control, fulfilment and finances being the top three drivers for becoming an entrepreneur. Being your own boss gives you the freedom to create a workplace that you’ll thrive in. And considering the financial possibilities, starting your own company could be truly life changing.

So, with all the advantages considered, how hard is it to start a business? We’re going to be honest and say your entrepreneurial journey won’t be a walk in the park. But with some determination and hard work, you may be surprised just how naturally things fall into place.

We’ll answer the question of ‘how difficult is it to start a business?’ below so you’re left feeling prepared and confident for your next, exciting chapter. We’ll uncover just what it takes to start a business, so you know exactly what to expect.

Is it difficult to start a business?

You feel confident about, a detailed business plan at the ready, the funds to get you started and the drive to succeed.

Does the type of business affect how difficult it is to start?

The type of business you’re looking to open is likely to affect how difficult it will be to start it. Different industries require different skills, knowledge and experience which may impact or delay getting started.

For example, if you were to start a food business, not only would you be a cooking connoisseur, but you’d also need to adhere to several regulations. Should you plan to run your business from home, you’d need to make sure you have permission from your landlord or mortgage provider. You’d also need to follow the best food hygiene practices, such as managing allergens and keeping work surfaces clean. Equally, should you start a dog walking business, you’d need to be aware of the certain laws that surround that industry, such as the Clean Neighbourhoods and Environment Act 2005, which fines you should you fail to pick up faeces, fail to keep a dog on a lead or allow a dog to enter land they’re excluded from.

The above examples should give you an indication of the kind of preparation you may need to take depending on the type of business calling your name. But while starting a business takes hard work, the feeling of being your own boss makes it all worth it. You’ll not only gain flexibility and control over your working life, but an immense feeling of pride too.

How long does it take to start a business?

How long it will take you to start your business will depend on the type of business and where you’re planning to operate. Should you start a home-based business, getting ready to launch shouldn’t take you very long, especially if you require no bank loans, employees or extensive equipment.

Whereas, if you’re planning to set up a larger business with several employees, and rent a premises such as an office, it may take several months to a year to go live. Looking to cut costs and save time? You could opt for a virtual office instead. You’ll look professional and well-established to your customers, without needing to fork out the cost of renting a physical space.

Is it difficult to start a business while employed?

Starting a business may have sat at the top of your bucket list for longer than you can remember, but you may put off starting due to other commitments such as your day job. If you’re considering starting a business while already employed, there are some considerations to be aware of to make the process feel easier for you.

Be sure to take your time to avoid feeling overwhelmed. Already being employed and starting your own business can be a lot to take on. Make sure to prioritise your current job and set aside time to rest and unwind too! Remember, you can start a business at any age or stage of life, whether you're starting a business at university or during retirement - what good comes from rushing things? The more relaxed you are and the less pressure you put on yourself, the less difficult things should seem.

A great way to keep on top of things is to formulate a detailed business plan that you can refer back to, particularly given you’ll have less freedom or time compared to those who aren’t already employed. See our detailed guide on writing a business plan here.

What are the most difficult aspects of starting a business?

As mentioned, starting a business is an exciting and rewarding adventure like no other, but it’s not without its share of challenges. Below, we’ll uncover some of the most difficult aspects of entrepreneurship you may encounter on your business journey.

Ideation

Deciding on a viable business idea is a common hurdle for those looking to start a business. Of course, endless businesses already exist, so finding a niche or gap in the market for your business to thrive can feel impossible.

A great place to start is to approach your business ideation as offering something that addresses a problem or need. This can help you understand your target market and set yourself apart from competitors in the same space. The more research you conduct, the better you’ll understand your customers to appeal to their needs and values. Once you have your business idea, it’s important to develop a thorough business plan that explains the ins and outs of your idea, your objectives and ultimately what success looks like for you.

Want to start a business and have no ideas? Read our guide.

Research

While conducting research for your business is an important step in getting to know your potential customers, it can feel challenging at times for several reasons.

Having access to up-to-date, relevant data can be tricky, especially if this information isn’t publicly available. You may prefer to conduct your own research rather than rely on information you find online, for example, to ensure the data you find is accurate and relevant to your business.

Other issues surrounding research include confidentiality - other businesses, or potential customers, may be hesitant to disclose information which can make it difficult for you to gain insight. Another obstacle you may face is the complex and time-consuming nature of business research. Organising your data, analysing your findings and processing the information can take time, particularly when you’re dealing with several research areas, such as competitors, customers and any legal compliance you’ll need to follow as a business.

Planning

When starting a business, the excitement of your next chapter can make it all too easy to get carried away and leave planning to a later date. But generating a detailed business plan is an important step in your business’ journey, which can protect you from obstacles further down the road. For example, let’s say you forget to produce a financial plan for your company and unexpectedly run out of funds. To minimise the chances of disaster striking, you should aim to produce an in-depth business plan that improves your chances of success.

Not only will your business plan detail your financial situation, it can also serve as your business’ road map - there to guide you as you become your own boss. You can use your business plan to remind yourself of your business objectives, your goals and your plans for the future. A business plan can also serve as a reminder of why you started your business in the first place, offering you determination should you ever feel overwhelmed.

Launch

Once your planning and research are complete, you’ll be well on your way to your business going live. Launching your business is a pivotal phase in your journey, and several challenges may threaten your chances of success.

To prepare yourself for the unexpected, here are just some of the difficulties associated with taking your business from planning to execution:

Funding: Securing the funds to launch your business can be hard work, particularly if you underestimate how much money you’ll actually need to launch. Be sure to factor in all the costs of starting your business, including marketing and branding, registering your business with Companies House (which is completely free, should you form your business through SUAZ), consultant fees should you hire a professional to help you write your business plan for example, and equipment costs. Should you plan to take out a business loan, make sure you set aside time to fill out forms and gather any evidence to support your application.
Hiring: Should you need to hire employees to launch your business, be sure to set aside time for the recruitment process. You’ll need to find individuals who have not only the right skills and experience, but also those who fit within the company culture you’re looking to adopt.
Your wellbeing: The preparation, followed by actually launching your business, can take its toll on your wellbeing. Starting your own business is a big deal and the last thing you want to feel is burnt out. Make sure to prioritise your mental health, take time out to relax and believe in yourself. Should you need any advice or support on your business journey, be sure to reach out to SUAZ - we’d love to help guide you in the right direction.
Competition: Identifying your unique value proposition can help your business stand out against competitors. What makes your business unique? What are you doing that others aren’t? Be sure to focus on your competitive edge to capture your potential customers’ attention.

How can you get support when starting a business?

Starting your own business takes a lot of hard work, time and energy which can leave you feeling isolated - but remember, you’re not on your own. There’s support out there when you need it, whether it’s guidance on writing your business plan, or financial support to make your business dream a reality.

There are several government-backed finance schemes to give your business the boost it needs to thrive. And should you have any concerns or worries about your business journey, be sure to reach out to the government’s Business Support Helpline for support.

The thought of finally becoming your own boss can feel overwhelming - after all, there’s a lot to get your head around, from legal jargon to endless admin. If you’re looking for professional support, we’re also here to help. Our professional company formation service is there to take the hard work out of starting a business, so you can look forward to the future. Don’t worry - we won’t abandon you once your business is ready to go. You’ll be assigned a friendly member of our team who’ll be your point of contact should you need advice or simply have a question to ask. They’ll get to know you and your new business to give it the best chance of success.

Take the worry away from entrepreneurship with SUAZ - apply to form your company today.