How to Overcome the Fear of Starting a New Business

Starting a business can be daunting, both mentally and emotionally. You have to put yourself out there, invest a great deal of your hard-earned money (and time and energy) into your venture, and hope for the best. A lot is required of you, and success isn’t guaranteed. The uncertainty and near-total responsibility can all be petrifying, especially when you’re leaving behind a steady paycheck as well as a comfortable, routine lifestyle.   

First, we’d like to tell you that it’s okay to be scared. It’s a natural emotion that everyone experiences at some point (often all the time), as the UWA can confirm. Don’t beat yourself up about it. However, don’t let it stop you from moving forward with your venture either. The success (and life) you’ve always wanted is now within reach. Yes, it will be challenging. And yes, some sacrifices will have to be made. But the rewards will be more than worthwhile. The only thing that stands in your way of achieving your dreams is your fear.    

Entrepreneur Funding Experts offer some actionable advice on managing and overcoming your fear of starting a new business:     

Knowledge beats fear

We’re afraid of what we don’t know and haven’t experienced ourselves. That’s what makes knowledge the perfect antidote to fear. Knowing what’s coming – and what you can do about it – is empowering. 

We recommend learning everything there is to know about starting a business. Familiarize yourself with the process, from registration to taxes. Explore your industry and niche – identify the movers and shakers, the customers, and typical interactions. See how other businesspeople work, what their business is like, and the challenges they face (and overcome) along the way. It will prepare you to do the same. 

Find mentors or supportive people  

Having a coach, friends, or family in your corner can work wonders for your self-confidence. They can help you fight your fears, help you to solve problems, and give you the push you need to move ahead. You can network in local business groups or approach people you admire to seek mentorship. And, of course, you can talk to your friends and family for advice and support.  

Utilize tools that can help you start and promote your business 

There are a myriad of tools and services that can help you start and promote your business – such as formation services, bookkeeping apps, and customer-management solutions. You could take advantage of them to reduce your burden, which would free up your time and energy, and leave you free to focus on what matters. 

For instance, an invoice maker app is a tool almost every entrepreneur would find handy. Effective invoices can help you get paid quickly and on time, without formatting errors. You can use pre-made templates to create customized invoices with text, photos, your logo, and other pertinent information. Look for an online invoice generator that allows you to download your invoice in your preferred format. Another example is a website builder (such as Wix). It can help you make a professional-level website in a couple of days, and even add e-commerce functionality to it, without costing you a ton.  

Motivate yourself with positivity 

There’s a reason (or reasons) you want to be an entrepreneur. It could be extra freedom, for example. It could be making more money, making a difference in your community, or just becoming successful. Whatever your reasons are, hold on to them. Remind yourself of why you’re becoming an entrepreneur. Imagine how it’d feel to achieve your dreams and use that feeling as fuel for growth. Be optimistic.  

Create a business plan to give yourself a concrete roadmap 

Creating a business plan is a great way to empower yourself, guide yourself, and give yourself realistic goals to achieve. A business plan is a document that helps you to structure and organize your business. It contains important business goals and information – such as marketing, funding, business structure, work processes, and hiring details. With such a document, you can gain clarity on how best to move forward. 

Rethink your attitude about fear and failure

Finally, you may want to reevaluate how you look at fear and failure. Fear is not a bad thing in itself – its job is to warn us there’s danger ahead. Acknowledge what it’s telling you and learn from it. You can’t get rid of it (and it would be dangerous if you did) – but don’t let it overwhelm you either. Likewise, failure is a part of finding success.    

Conclusion 

Countless entrepreneurs have been in the same boat as you – but they went on to form successful companies anyway. Take it one step at a time – focus on the next few days or weeks instead of projecting years into the future. Don’t let your doubts and fears sabotage you. Persistence is the key to success.  

If your small business is in need of funding, the team of financial experts at Entrepreneur Funding Experts can help. Call (833) 568-4712! 

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