There are many hurdles to starting a new business, not the least of which is coping with your fears.
It’s easy to think of scary reasons that may be keeping you from launching your business: fear of failure, fear of taking a risk, fear of losing your savings, fear of disappointing yourself or others if you fail and fear of losing a steady paycheck––to mention just a few.
The first step toward defeating your fears is to acknowledge them and to devise a plan of action for your business.
There’s no better armament against fear than research. Learn everything you can about the industry your business is in. Read books about entrepreneurship in general, as well as ones targeting your particular industry.
Network, both online and in-person, to make connections with people who can offer advice and support. Join your local Chamber of Commerce and talk to other entrepreneurs, even ones who are in your same industry. While competitors may not share their trade secrets, they may be a surprising source of support or be able to offer advice and perspective about some of the problems you face.
Put together a business plan and write it down. This document will outline your business, product or service, the customer, growth potential and financial projections. It will help guide your research as you learn about the industry and make plans for your company. It will serve not only as a practical tool, but as a source of inspiration to slay any doubts that surface in the future.
Write down the reasons you want to start your own business. Whether it’s because you want to earn more money, be your own boss or make your own hours, this list will help remind you when the going gets tough of why you decided to follow your path as an entrepreneur. It will also help you to reaffirm and understand the goals you have for your business.
Make sure your goals and resources are in alignment. If you don’t have the money to spend on a high-priced rental office then it’s probably better to start your business in your garage.
Consider the risks associated with starting your business even as you remain optimistic. It’s a good idea to imagine the worst-case scenario of what could happen if your business fails. With preparation you’ll be better able to cope with whatever challenges may come your way.
If you know can clearly identify the need in the market your business fills, and have done your homework, you will be able to weather those occasional doubts and feel confident about the future.
For more tips on starting a small business visit ABC News.
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