There’s a lot to be afraid of when you’re starting your own business. In fact, there are countless things that could go wrong. Obviously, most of the concerns are financial. When you leave your job, you’re giving a lot up. You lose financial security, and that’s a serious problem if you have a family that relies on you to keep everyone clothed, fed and sheltered.
Monetary concerns aren’t even the only ones. Becoming an entrepreneur means being in compliance with a lot of laws that you’ve probably never learned anything about. Many people are afraid that they’ll do something wrong and end up with an unpleasant visit from the taxman, or even the police.
The dark specter of failure is itself a deterrent. Even when you don’t have any real fears, the simple fear that you could fail could be enough to keep you from pursuing your dream of becoming a small business owner. You may be afraid that you’ll lose the respect of your family and members of the community. Finally, you may be afraid to pursue your dreams because once you’ve failed it; you may not ever get another chance to try it.
The first thing you have to understand is that everyone deals with these fears. Many people have overcome these fears and gone on to be very successful business owners. There are several strategies you can use if you want to beat the heebie-jeebies and start your own business.
Re-Examine Your Business Plan
If you have some fears about starting your own business, some of those fears are probably entirely legitimate. You shouldn’t jump into starting a business unless you feel at least a little bit of confidence about the plan you have to succeed. The only place you’ll get confidence is from knowledge. So, build that knowledge by knowing everything possible about your business plan.
You should never proceed unless you can answer the following questions:
- How much will it cost to get started?
- Where am I going to get my capital?
- Where am I going to get my first customer?
- How many people actually want my product?
- How will my business grow and expand?
If you can answer all of these questions fully, you’ll be in a better position than most people who start a business. Obviously, there is always some risk when it comes to starting a business, and there are always some things that you’ll never know before you dive in for the first time. However, you should find that you are a lot more confident when you can answer the most serious question.
Learn More about the Most Successful Entrepreneurs
If you want to feel a bit more confident about starting your own business, you should learn more about the people who’ve already made it. If you want to be successful, you’ll have to learn to emulate successful people. For the best results, you should focus on learning more about people who are already successful in your personal industry. If you don’t know of anybody who does what you do, then you may just be able to find out what you need from other famous and successful entrepreneurs.
If you want to get an even deeper understanding of how entrepreneurs become successful, you should talk to one. Most people love to talk about themselves, and they will typically be receptive to people asking about how they became successful. With any luck, you’ll know a friend or family member who can tell you what it’s like to own your own business. If not, you shouldn’t be afraid of asking people in small businesses near you how they got where they are now.
The great thing about speaking to other entrepreneurs is getting some perspective on the kind of challenges that you’ll actually face once you’ve already taken the plunge. You’ll also get an understanding of how to deal with the real problems. If you’re very lucky, you’ll make a friend who you can turn to as a mentor while you’re facing the challenges of your own business.
Remind Yourself What You Hate about Your Job
Some people start their businesses because they have an idea that can’t be beat. Others start their businesses because they have a passion, and they can’t imagine doing anything but that passion. Others though, they just can’t take working for a big business, and they don’t want to be part of it anymore. If you’re one of those people, remembering what you hate about not working for yourself can be very motivating.
There are a lot of usual suspects to consider. Many people hate how dehumanizing the modern workplace has become. Things like dress codes, micro-managing, and the regulation of off-work behavior is enough to make anybody a little bonkers. Others hate the bureaucracy and the inertia of working in huge businesses. Those that are dedicated to fixing problems always have a little trouble when change is hard, and has to go through dozens of channels to even be considered.
If you’ve lost patience with working for someone else, you can use that frustration to empower your motivation. It can make it easier to move forward and harder to give up if you remember what you despise so much about working for someone else. As long as you know that you don’t want to go back, you won’t be able to forget why you started in the first place.
Good Luck with Your Small Business
Hopefully these tips will hope you see past any fears that have held you back. Of course, most entrepreneurs will tell you that there is a lot that you can’t possibly learn before you get started. If you want to know what it really takes, you’ll have to get started.