Running your own business is a rewarding endeavor in many aspects. You get to boost your chances of making more money, do what you love, rub shoulders with successful people, and more. Yet, a lot of people hesitate to jump into this rather fulfilling project. And it’s not hard to see why.
Starting a business is intimidating, more so sustaining it. In other words, people are simply afraid. But there are also a lot of ways to overcome this fear. If you’ve been postponing your plans of starting a business for so many times already, quit the habit and conquer your fears by following these tips.
Map out action steps for each business phase
One source of fear for starting entrepreneurs is the fact that there’s so much to do and accomplish. It’s indeed daunting to think about securing finances, finding a good location, hiring competent employees, and a whole lot more. The trick here is to break up your tasks into achievable action steps. For instance, when finding a location for your pretzel kiosk or fast food restaurant, your goals might include gathering demographics of a particular population in a district, visiting a local competitor, and observing other businesses in the area.
Now that you have these plans of action that contribute to finding a good location, it will be easier for you to follow through the tasks. It’s just a matter of diligently executing them. And for you to be accountable to your tasks, plot them out in a timeline. What you’re doing is you’re giving yourself a deadline, which would force you to accomplish them step by step.
Tame your perfectionist self
Most people get overwhelmed by the idea of becoming entrepreneurs because it feels as though they just couldn’t perfect the tasks of the initial phases of business. The business plan seems all over the place, or it looks inadequate. The business name doesn’t sound profitable or marketable. Or, they simply know too little about the industry.
It’s good to be meticulous about things when you’re starting a business, but be careful not be too perfectionist about it. The thing is no person has made everything right in their first business plan, and nobody has known everything there is to know about the field they’re going into at the time they were starting.
This isn’t to say take the plunge unprepared, however. Get yourself ready, by all means. Write the plan. Research about the industry. You have a whole lifetime to improve and know more about your industry when you’re in the business already.
Find mentors
Most people fear how isolating starting a business can be. Sometimes, it leaves you with little to no time with your family. Other times, you’d feel as if you’re a lone ranger, with no one to share your struggles and anxieties with. This fear is valid, but the solution isn’t to give up the idea of business altogether.
The healthy way of approaching it is to face it head-on with a solid support system. Look for mentors. Attend networking events. Or, do what other starting entrepreneurs are doing: getting a franchise and finding a mentor in their franchisors and co-franchisees. Whatever you do, secure your support network.
While it’s intimidating to start your own business, its rewards outweigh the risks. So, overcome the fear and get your hands busy on becoming the next successful entrepreneur.