Starting a small business can be extremely nerve-racking for anyone! Giving up steady employment to go out on your own with that new business idea is daunting. It’s really tough to have the confidence in yourself and to give up on the security of an employer in favor of your own small business. If you are thinking of taking on or starting a small business, here are some steps to help.
Step 1: Build a solid business foundation
One of the best ways that I found confidence in starting my business is to have extensive research. You’ll need to research every aspect of your business such as the target market to make sure that your business is truly viable. Confetti Design has developed our Clarity Process to support small business owners.
Here are a few from my checklist:
- Are there people already acing it in the same market?
- How large do you want your business to get?
- Do you want a business where you can keep life flexible, or a business with lots of responsibility?
- Consider speaking to other industry professionals for words of wisdom and to prevent mistakes early on.
Research ensures you get honest about the viability of your small business idea, before you launch in investing capital and energy.
In terms of the fear factor, it gives you a foundation and provides faith when uncertainty enters your mind. You can refer to the facts and see that your decision to start your small business is backed-up by research and real possibility.
Create a wall chart outlining key points of what your business idea is and why it’s possible. You now have a visual reference of what a great job you are doing and how you will succeed when uncertainty creeps in.
Planning is the other foundation-forming task as planning delivers structure, perspective, clarity and confidence.
One of the benefits of spending years in corporate roles is being exposed to the mechanics of a large business. Policies, procedures, strict documentation, filing, levels of approval, lots of crossing T’s and dotting I’s, legislation, industry governing bodies, quality levels to achieve, the list goes on.
I have replicated this thinking in planning for my small business.
For example:
- What is my cash projection?
- What will my profit and loss look like with varying sales/products over Year 1, Year 2, Year 3.
- Visit your Accountant to gain advice on book keeping and tax
- Investigate what industry bodies to apply for financial grants or community support.
- Investigate legality of industry and copy write implications.
- Legal things like, what insurance would I need? See more here for help on this.
- What are my privacy policy, terms and conditions?
Research and planning ahead of time built my confidence in the business success and created a great foundation to refer to when fear crept in.
Step 2: Focus on the Small Business Micro-Tasks
After doing your research into all aspects of starting your small business, we recommend taking a bite-sized approach to getting your small business launched. Things will get done when you ‘chunk it down’ and you will experience an absence of panic and worry as you make progress.
Schedule micro-tasks or divide your business goals into a series of smaller goals that you can accomplished day-by-day or week-to-week. There are quite a few benefits in taking it one job at a time:
- Tasks get completed: the usual tendency is to start lots of things and then get bored or it gets too hard, to switch to something more fun or not finish at all!
- Move forward, at a steady pace.
- Energy levels remain stable as you aren’t frantic, wasting energy on ‘what if’s’
- Doing what appears to be the next best action leaves a solid path behind, instilling confidence the business is moving.
There is no guarantee everything is going to run smoothly in any part of our lives, least of all in running a small business. We know the bite-sized approach ensures things get dealt with in a right-sized and realist process.
3. Reduce stress with this arsenal of strategies
Even though you have followed Step 1 and 2 there have been, and will continue to be, times when doubt creeps in, second-guessing your venture and your small business. This is when Step 3 kicks into support small business owners.
Here is a list of strategies to employ to get you out of the terrors! This is by no means an exhaustive list. I would love to hear what has worked for you in overcoming fear of starting your small business.
- Find a mentor who knows the path you are walking. When you hit overwhelm and everything looks bleak, they will you inspire and add perspective.
- Use meditation to take a break and transform your doom and gloom mind to one of positivity and often provides an amazing solution to challenges.
- Pausing. I use Inspirational literature or quotes to help disconnect for a few moments. They release the fear long enough to get back to my day absent from worry.
- Refer back to your wall chart and the solid foundation and research. This illustrates the process I have gone through and how far I have come, motivating me to keep moving forward.
- Self-care is very important to overcome fear. I accept that some days may be harder than others, but it is only today. I take care not to talk badly of myself, have a nourishing meal, get some fresh air and have a good night’s sleep.
These are some of the most important steps I have used in overcoming the voice inside saying I have a fear of starting my own business.
For more tips on starting out try this article on How to find customers for your business.
Love to hear your thoughts on what starting your small business has been like for you. If you are still struggling then taking our Clarity Process might be just what you need to build a solid foundation of research, confidence and customer insights. Check out our Clarity Process here
T
