IBA, as the premier business brokerage firm in the Pacific Northwest, is firmly established as a respected professional service firm in the legal, accounting, banking, mergers & acquisitions, real estate, and financial planning communities. Periodically, we will post guest blogs from professionals with knowledge to share for the good of owners of privately held companies & family owned businesses. The following blog article has been provided by Suzie Wilson of Happier Home (www.happierhome.net):
Afraid of Starting Your Own Business, Conquer Your Fear and Learn How To Take Risks
Starting your own business can be an exciting thing to take on, but it also involves risk. Entrepreneurs often take financial and career risks when going into business for themselves. A big part of deciding to go into business for yourself is conquering the fear of failure and potential financial ruin. Here are some ways to overcome that fear and get closer to opening a successful small company.
Write a Business Plan
To help yourself feel more prepared and ready to start a company, take your time when writing up your business plan. Use a detailed business plan guide or a consultant to write each section of the document. Do plenty of research about your company’s marketing, business structure, hiring practices, and funding so you feel more comfortable with how it will operate.
Find a Mentor
You can also partner with an experienced mentor when first starting out. Connect with a mentor with a record of success in your industry. Keep your mentor around during those first few months of your firm’s operations so you can get guidance through your company’s growing pains.
Start With a Side Hustle
If you’re not ready to quit your old full-time job and go all-in with your business, consider starting it out as a part-time side hustle. This may be a great way to reduce your financial risk and help increase your confidence in your entrepreneurship. After a few years of success and growth, you can make it your full-time gig.
Work With a Therapist
Additionally, don’t let your fear influence your decision-making and impact your company’s success. Pair up with a licensed therapist who can help you manage your anxiety about taking a leap in your career.
Identify Your Strengths and Weaknesses
Aspiring entrepreneurs can also feel more confident about their potential for success by working within their strengths and weaknesses. You should survey your marketable skills or have a strong self-awareness of your talents and shortcomings. For example, if you have years of experience in a specific industry, you may have a greater chance of success with a small business in the field.
Read Inspiring Entrepreneur Success Stories
Another way you can pump yourself up and build confidence is to read success stories from other small business operators. Focus on positive outcomes, such as the fact that two-thirds of small businesses with employees last at least two years, according to the Bureau of Labor Statistics.
Make a Plan for Data Recovery
Understand the real risks of potential cyberattacks on a new company. Be proactive and protect your business from cyberattacks with a data recovery plan. A strong recovery plan will help alleviate any downtime in case of a breach. The best data recovery plans help you determine the applications to prioritize for recovery, create a timeline for recovery and identify the people who can assist.
Be Realistic About Your Goals
Finally, be sure to have realistic goals for starting your own business. Financially, things may be tight for a few years, so aim to make a reasonable profit. You should also strive to grow your company over time and expand your services and offerings so you can build up more success.
It can be scary starting a new business, but if you understand the true risks and potential rewards, you can reduce your anxiety or fear and increase your chances of having a successful new venture.
If you have questions relating to the content of this article, Suzie Wilson would welcome the opportunity to answer them. Ms. Wilson can be reached at (415) 201-0397 or firstname.lastname@example.org.
IBA, the Pacific Northwest’s premier business brokerage firm since 1975, is available as an information resource to the media, business brokerage, mergers & acquisitions, and real estate communities on subjects relevant to the purchase & sale of privately held companies and family owned businesses. IBA is recognized as one of the best business brokerage firms in the nation based on its long track record of successfully negotiating “win-win” business sale transactions in environments of full disclosure employing “best practices”.