Starting a business can be a thrilling and reward experience. You are finally taking control of your financial future and putting yourself out there to create something all your own. However, for many, the risk and uncertainty can cause intense feelings of fear, potentially making them feel paralysed. This fear might even stop you from diving into entrepreneurship and achieving success with your own business.
It’s a natural response and something that can affect everyone who considers taking the plunge into owning and running their own business. But the good news is, that with the right knowledge, no matter how scared you are, you can get through it, and still launch a successful venture.
Let’s take a look at how you can overcome your fear of running a business and take charge of your financial and entrepreneurial future
Identifying Your Fears
The first step to dealing with fear of starting and running a business is to identify what it is that frightens you. Is it the uncertainty? Is it the potential to fail? Is it managing finances, creating a sales and marketing strategy, or simply feeling overwhelmed?
Most of these fears are common, but knowing which ones are causing you trouble can help you to create a plan and move forward. Write down what it is that worries you and, if possible, separate them into categories. Then, you can start to create a plan to address each one.
Asking for Help
Just starting out as an entrepreneur can be daunting, and some days can feel overwhelming. For those moments when you feel alone and afraid, don’t forget that there is support and advice out there for your use. There is no need to beat yourself up or feel embarrassed because you don’t know how to do something. Taking the initiative to ask for help is the best way to overcome any fear you have.
There are lots of virtual or online forums and supporter groups dedicated to people who run small businesses. If you can’t find a specific group related to your line of work, try searching online for general businesses and entrepreneurs. You can also connect via social channels such as Facebook, Twitter, or LinkedIn.
Do Your Research
It’s important to do your research not only to find out what’s possible, but also to familiarize yourself with the process and make it easier for you to take action. Learning is a great way to reassure yourself and reduce any anxiety or fear you have of starting a business.
Research what other people have done in the space you’re looking to create a business in and find out what has worked and what hasn’t. Speak to people who have experience of running their own businesses and get their opinion on different aspects such as generating ideas, getting financing, marketing, dealing with clients, managing employees, creating products and service, and legal matters.
You can also use research to help form your own plan of action and create multiple backup plans in case your initial ideas don’t go to plan.
Create a Business Plan
Once you’re done researching, the next step is to create a business plan that outlines the goals and strategies you want to reach in order to be successful. It should include sections like:
• A mission statement
• Creating a budget
• An estimated potential return on investment
• Becoming aware of your legal requirements
• Setting out your goals
• Establishing a timeline
• Researching marketing techniques
• Devising a sales strategy
• Developing a booking system
• Creating a team of trusted advisors (legal, financial, strategic business growth etc.)
Creating a plan and closely monitoring its progress can help with self-confidence and removes the anxiety over whether the business will work.
Create a Space for Working
No matter what business plan you have created, you will eventually find yourself facing the first forays into creating something functional and profitable. To create a conducive working environment, it is essential that you have a comfortable and organised space dedicated to working on your business.
For many, a home office is the best way to get started. Therefore, consider the benefits of decluttering, setting up equipment, adding a few pieces of decor, and changing the lighting to make it a pleasant place to work. To help you take your business plan to the next level, there are plenty of online tools that you can use to help streamline the process and make it easier to manage.
Identifying Your Strengths
Knowing your strengths and weaknesses is an important step in overcoming fear when running a business. Take some time and ask yourself what it is that you feel comfortable doing that you could use to build your business. Identifying your unique advantages, skills and strong points can be a huge source of comfort and reassurance, especially if the going gets tough.
Having a clear understanding of your strongest abilities can be invaluable when it comes to creating a strategy for your business. This will enable you to stay open minded to alternative ways of working, and help you delegate tasks to those with skills where you may lack. Delegating tasks can leave you with more time and energy to focus on the areas you feel most comfortable doing.
Stay Positive
Despite the fear and doubts that come with entrepreneurship, it’s important to stay positive throughout the process. Fear stops you from taking risks and taking action. Understand that mistakes are common, and to make progress, you will have to accept that you will make some and move on.
Focussing on the success of past projects, or going out of your way to speak with mentors, friends and family who have achieved success, can be a great way to stay positive and motivated throughout the process.
Fear is a normal part of life and should not be seen as a roadblock when it comes to achieving something great, such as starting and running a business. The trick is to understand your feelings and then implement the strategies outlined here to help manage them and create a successful venture. Identifying your fears, asking for help, doing research, creating a plan, creating a suitable space to work, identifying your strengths, and staying positive throughout the process are all key steps you can take that will allow you to financial independence by starting and running your own business.
