A lot of people want to be their own boss, and there’s nothing wrong with that! But the thing that holds a lot of people back from starting their own business is the fear that comes with it. They’re afraid of failure. They’re afraid of not knowing what they’re doing. But the truth is, a lot of successful business owners were in the exact same position at one point or another. And they overcame their fears by taking some specific actions. Here are a few tips from The Chamber, Inc. on how you can do the same.
The first thing you need to do when starting a new business is calculate your startup costs. This includes everything from rent and utilities to office supplies and marketing expenses. Once you have an accurate picture of how much it will cost to get your business off the ground, you can start making some decisions about how you’re going to finance your venture.
A business plan is basically a road map for your business. It outlines your goals, strategies, and what you need to do in order to achieve those goals. Having a business plan will give you a better understanding of what you need to do in order to succeed. And it will also make it easier to get funding from investors or lenders if you need it.
When you’re starting a new business, you need to choose the right structure for your company. There are several different options, including sole proprietorships, partnerships, limited liability companies (LLCs), and corporations. Each option has its own advantages and disadvantages, so you need to choose the one that makes the most sense for your particular business. You can work with an attorney or look to an online formation service to complete this process.
Another great way to overcome the fear of starting a new business is to find someone who has already been through the process and can help guide you along the way. According to Foundr, a mentor can give you advice, answer your questions, and provide support when things get tough.
One of the biggest mistakes aspiring entrepreneurs make is setting unrealistic goals for their businesses. If your goals are unattainable, you’re just setting yourself up for disappointment and frustration down the road. So instead of shooting for the stars, focus on setting realistic and achievable goals that you can actually reach.
It’s important to be realistic about which goals you can reach on your own and which goals you may need to outsource. Even if money is tight, you can hire a freelancer to get certain processes established, like your first marketing campaign. You may find that freelancers rely on PDFs and prefer that you use this file type in communication, research how to convert PDF to Word using a free online tool. Most are drag and drop, and therefore easy to learn, so don’t fret finding one. It will make your communication process much easier.
Another highly beneficial way to overcome the fear of starting a new business is to network with other people in your industry. There are lots of great resources out there—including online forums, trade associations, and conferences—that can help connect you with other entrepreneurs who are facing similar challenges as you are.
While this may not be what you want to hear, it's important to keep your day job while starting your own business on the side if possible—at least in the beginning stages. This gives you time to test out your ideas and build up some initial momentum before turning in your resignation. You can always quit once your side hustle starts generating enough income to support your lifestyle.
These are just a few tips on how to overcome the fear that comes with starting a new business. If you’re thinking about starting your own business but feel held back by fear, take it one step at a time. With some planning, great online tools, and strategic networking, you and your business will be up and running in no time.
Join The Chamber, Inc. to connect with local entrepreneurs and resources that can help your business grow.