3 Ways To Overcome the Fear of Starting a New Business

Offer Valid: 09/02/2022 - 10/02/2024

Starting a business to help support your community is exhilarating yet scary. Overcome your fears by taking the following steps to set yourself up for success.

Common Fears Faced by New Entrepreneurs

Entrepreneurship means forgoing the comfort and security of a steady paycheck to jump into the unknown waters of self-employment. This uncertainty — combined with feelings of loneliness, concerns about your own shortcomings, and a lack of experience — can feel overwhelming if you don't address it.

Mitigate these problems with a few simple steps.

  • Join small business groups. Connecting with other business owners online or in person can help you combat the feeling that you're in this alone and allow you to learn from others' successes and mistakes.

  • Set attainable goals. Set ambitious but reachable goals for yourself in 90-day increments.

  • Surround yourself with people who compliment you. Know your strengths and weaknesses, and surround yourself with people — mentors, partners, friends, and employees — who balance you out. 

1. Put Your Business Structure in Place

Starting a business can be a little complicated and technical, so you might want to start by checking out this ZenBusiness start a business guide. From there, research different types of business structures. For example, you might decide on an Alabama S corp if you want to see savings on your self-employment taxes and tax deductions on your company’s financial losses. Choose and register a business name, and take the necessary legal steps to formalize your business with the structure you've chosen. 

Using an online service to complete this process can help you stay legally compliant. The proper legal structure also reduces your liability as a business owner and helps you take advantage of tax breaks. 

2. Create a Business Plan

Having a plan for your business is another way to overcome fear. It's not enough to have a business idea. You need a blueprint for how you plan to build a successful company. 

Your business plan should include an overview of your team and its qualifications, your product or service offering, the market you plan to serve, your financial projections, and your marketing strategy. It may also dive into the critical components of your business's operations, such as your website, payment systems, and information management systems. 

Having a highly flexible, user-friendly payment system in place is essential. To facilitate online payments, use a payment system that minimizes credit card and transaction fees, and that's secure and reliable enough to put your customers' minds at ease.

Your payment system ought to integrate with an accounting program for managing your books. You’ll be able to track customer transactions at a glance, making it easier to make business decisions that are profitable. Plus, all your information will be stored in the cloud, protected from potential harm should something happen to your computer systems.

3. Get the Word Out With a Solid Marketing Plan

One of the biggest fears new business owners face is the sound of crickets. What happens if you put all this work into launching your business only to find there's nobody lining up to make a purchase when you finally open your doors?

By proactively marketing your offering, you can avoid this scenario. People need to hear something at least seven times before they buy, so you need to clarify your message, show up where your target market is, and talk about your offering a lot. 

Digital marketing methods are a must, but don't overlook more traditional strategies. Business cards are still valuable, as is radio and television marketing, as well as billboards and print advertising. It’s also a good idea to work with a dedicated marketing agency that can help guide you toward creating a logo, developing your brand, and understanding social media marketing. 

Whatever you do, keep your files tidy, and preferably digitized, in order to facilitate quicker results. You can also try an image-to-PDF converter to keep files smaller and easier to send online. 

Don't Let Fear Hold You Back

Don't let fear of the unknown hold you back. Do your research, clarify your message, surround yourself with the right people, and jump in. The exciting life of entrepreneurship awaits.

Membership in the Hoover Area Chamber of Commerce offers all kinds of benefits to entrepreneurs in our community. Join us today!

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