Overcoming the fear of starting your own business

Are you waiting for the ideal moment to start your own business? If that’s the case, you might be in for a long wait because, unfortunately, the timing will never be perfect.

In business, there will always be challenges and obstacles. From economies recovering from a worldwide pandemic to personal circumstances that might deter you from your goal, you will inevitably be up against some form of risk. After all, statistical data shows that the failure rate for startups within the first two years of founding goes as high as 20%. What’s more, only 25% of businesses make it to 15 years or more.

But does that mean you should be afraid of going after your dreams? Absolutely not. Instead of letting fear hold you back, it’s better to prepare and meet your challenges head-on. Here are a few tips on how to do just that.

Prepare and learn

The first stage of starting a business venture is the one entrepreneurs have the most trouble with. For some, ideas come naturally, but while creative and daring, these people often disregard the most impactful part of starting a business: the planning phase.

Others, however, don’t have a natural entrepreneurial spirit. They may find themselves stuck in loops of research and procrastination, or they may even give up a brilliant concept because of fears of not being good enough to make it.

Fortunately, however, there’s a simple solution to these problems: a business plan. As a combination of market research and financial, operational, and marketing planning, this document should act as a guideline on how to get your venture off the ground. Moreover, it should also prepare you for failures and successes.

Outlining actionable steps you can follow, this document can help you overcome the fear of starting your business. It will help you gain a clear vision of where you’re going and what you need to do to get there.

Moreover, a business plan will also reveal any weak points you may have. Do you lack skills in a certain area? Well, knowing what’s ahead of you can help you learn before you find yourself in a pinch. For example, if you have a limited budget, you might want to learn some elementary coding skills or become more versed in digital marketing so you can tackle the smaller tasks by yourself.

Mitigate risk

The second big thing you need to understand if you are to overcome the fear of starting your own business is that risk is inevitable. After all, without risk, there can be no gains. With this in mind, you must understand that risk isn’t something you avoid. Instead, it’s an element that you must learn to work with.

For example, an exit strategy you prepare before you even start with your undertaking can help you define the terms under which you will want to abandon your venture to cut losses. Alternatively, it can also help you plan for success and determine the conditions under which you will bring on a partner or take a step back and let others run the operation.

Moreover, predicting and managing risks can help you focus your attention on going forward instead of imagining worst-case scenarios.

For example, property insurance will keep you covered in case of theft or damage. Similarly, cybersecurity training will help your team avoid common security threats. Even actions like diversifying your chain of supply can protect you and your business from failure. The same goes for your sales channels.

By preparing for the worst to the best of your ability, you can shift your focus towards the thing that really matters: putting in the work to create something great.

Surround yourself with the right people

While your initial budget may force you to do everything yourself, it’s crucial to understand that getting a business to succeed means hiring the right talent. After all, once your venture gets off the ground, it’s quite unlikely that you’ll have the time and energy to do everything by yourself. So it’s better to assemble your team on time. This way, everyone will have sufficient opportunity to learn and gain the confidence to complete their tasks without fail.

For example, accounting is one of the operations you can outsource to help you save time and money. An experienced accountant won’t just do things faster than you would, but they’ll also be capable of giving you advice on how to cut costs or maximise your investment. Or, if you feel like you need a support system to overcome your fears, then seeking out a professional mentor or career coach might help you make the right decisions for your newly founded business.

After all, being a great leader means understanding your shortcomings. It means working on yourself to become better – not just at making money, but at passing on knowledge and experience to your employees.

In the end, starting your own business isn’t a get-rich-quick sort of scheme. More often than not, it’s a long-term journey that will require years and years of work. Naturally, having the right companions can make things much easier when things get inevitably tough.

Learn to see potential in failure

There’s one last piece of advice for getting over your doubts about your professional endeavors. If you’re serious about starting your own business, you need to remember that everyone misses a beat once in a while.

Instead of fearing the moment that happens, why not make yourself a promise? If you’re ready to accept your (inevitable) failures and turn them into growth opportunities, you’ll allow yourself the flexibility that’s so crucial for success.

After all, some of the most iconic companies came from rocky beginnings. So, it might just be that determination, an open mindset, and the courage to move on from failure make for the perfect formula for business success.

Featured image courtesy of Unsplash