Overcoming the Fear of Starting a New Business
Many people aspire to start their own business to pursue their passion as well as to achieve more financial and personal freedom, but often, fear gets in the way of realizing their dream. How can we overcome that fear of failure and create a climate of optimism and confidence in our abilities? We’ve come up with four strategies that will ease your anxieties as you start on your way to becoming your own boss:
Even if you have the heart of an entrepreneur and a solid idea for a business, you may be worried about investing too much time and money in a venture that may not end up being successful. So, consider starting small and working on your business in your spare time instead of quitting your day job, and wait to see if you can eventually turn it into a full-time career. If you have little to no advertising and marketing budget, you can still make a splash and create brand awareness by using a business logo creator to design your company logo. However, consider using the free version as a placeholder or even a blueprint for a professionally designed option. Your logo is what many people will remember most about your company, so make sure you have something unique and memorable.
It may be difficult for you to get around the mindset of starting small as you may think it is a failure to not be doing what you love full time. Many Americans dream of becoming their own boss and starting their own business. However, if you are going to go all-in from the start, it isn’t going to be cheap. The first roadblock every aspiring entrepreneur will face is dealing with the costs of starting a business. As such, the experts at Bankrate have created a guide that talks about the costs to consider, how to save on these costs, and where to look for additional funding if and when you'll need it. Please do yourself a favor if you are not going to start small, and read the full guide here.
Make a Solid Business Plan
Having a well-thought-out plan for your future company can help you feel more secure about its chances of success. Find a memorable name, choose a business structure (many small businesses launch as an LLC, while those on a stricter budget can opt for less expensive options like a sole proprietorship or a DBA), and analyze your market to see if there is a demand for the products or services you offer. Don’t neglect to do some financial projections: if you plan on your business becoming your full-time career, it needs to be profitable, or it should at least cover your basic expenses. Include your startup costs and consider applying for a business credit card to help you purchase your initial equipment and supplies.
Find Positive Role Models
Look for positive people in your community who inspire you and figure out what makes them successful. See if there are ways you can emulate them and turn your fear into motivational fuel and positive energy. You can also find a mentor who works in the field you’re interested in, someone whose brain you can pick, and who can introduce you to other power players in the industry. There are many small business owners in Olcott, NY, and Western New York in general who are established and would happily share some knowledge with you about starting your own business. And if you know someone who runs a small business you could partner up with, ask if you could shadow them and learn from their day-to-day experiences as an entrepreneur. That will give you a better idea of what to expect when you decide to take the plunge and launch your company.
Understand Your Strengths and Weaknesses
So, you have a great idea for a business, but you’re worried that your accounting skills are lacking? Or you’re awesome at what you do and want to share it with the world, but you have a hard time picturing yourself cold-calling people or even posting ads on social media? Remember that no one is good at everything and that we all have our strengths and weaknesses. Now is a great time to find people you can partner with to help you reach your goals. Look for freelance accounting services online, or graphic designers and social media marketing experts you can hire to help you launch your business.
Don’t let fear prevent you from following your dream. If you’re not ready to jump, take small steps that will get you closer to your objectives. Set attainable goals and start building up your self-esteem as you see your business take flight.
Are you looking for a partner to help you build your brand? Let Prime Encode show the best side of your small to medium-sized business!