Many people dream of starting their own business, working for themselves, and perhaps employing a small group of people to help with different duties in the company. However, opening a company is a huge step that requires a large personal and financial commitment. Even entrepreneurs who are sure that this is what they want to do may experience varying levels of fear and apprehension when bringing their business idea to fruition. Here are a few ideas from Adrienne Balkum to overcome your fears when starting a new company.
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Create a Detailed Plan
Writing an organized business plan on paper can go a long way toward making you feel confident in what you are doing. Having a solid plan tends to make other people more likely to want to encourage and support your dream of owning a company, which further boosts your self-confidence. Most business plans include some sort of summary and description of the company, an explanation of what products or services you will be selling, how you will go about acquiring these products or providing these services, and how employees of the company will be organized.
Set Small Goals
The idea of starting a business can be daunting, so it can be a good idea to break the process down into smaller, more attainable goals. For example, rather than thinking that you need to hire and train an entire team of employees right away, think of it as hiring one person at a time and getting everyone on-boarded over a longer period of time.
Meet Other Entrepreneurs
Other people who have successfully started and run a business can be a wonderful source of inspiration. Make an effort to join in-person and online groups of people who are in the same field as you. In addition to being inspiring, other people who have gone through the process of starting a company are a great resource regarding funding opportunities and best business practices.
Learn About Free Tools
Even solo entrepreneurs do not have to go at it completely alone. For example, there are many online tools out there that are free and available to everyone that can assist with invoicing. These tools may offer templates that you can customize to fit the image of your company. You can also use an invoice maker that gives you the option of downloading your invoice. In addition to invoicing tools, there are also many online resources that can help with the creation of a company website.
Reframe Your Thinking
Many people are apprehensive about starting something new because past failures are still fresh in their minds. If this is the case for you, try looking at starting a business as a completely separate opportunity that does not have anything to do with those past defeats. Therapy can often help with this if fear of failure or dwelling on past mistakes is something that severely holds you back.
Do Research
It is important to be aware of the different business structures under which you can form your company. For example, companies that have several owners often prefer an S Corp over an LLC. However, an LLC still helps to protect that solo owner from personal lawsuits. Always do research based on the state where the business will operate.
Consider these methods of overcoming your fears when starting a new company.