Dealing with the fear and uncertainty of starting your own business.
How do I start my own business? Many individuals dream about starting their own business and are uncertain how to go about it. We long for the freedom of being our own boss and setting our own hours.
However, most of us don’t follow our dream and we choose to stay tied to the job we currently have, one we know is certain and reliable. We struggle with fear of the unknown, judgement and surprisingly, fear of success.
We are concerned with questions such as, what will others
think, if I am not successful? What if I fail? What if I am not good enough?
As creatures of habit, we do not like change. It feels awkward and uncertain. It is easier to remain comfortable and stay in the same situation.
We are afraid and often this fear, is crippling. So we stay in our same routine, same lifestyle, and same frustrations. Essentially, our fear of failure becomes greater than dealing with the failure itself (if it were to happen).
Perhaps the concept of failure depends on our perspective. Just because something didn’t work out the way we anticipated the first time, does not mean we are doomed. If we feel we have failed, we can always take a different course of action. Take a look at one of our greatly admired inventors.
Thomas Edison failed at least 1,000 times in his attempt to invent the light bulb. However, he did not view these unsuccessful attempts as failure, he said the light bulb was simply an invention that REQUIRED 1,000 steps!
In other words, it is how we view our lack of success in accomplishing our goals. Are we learning from them and applying this new information?
Billionaire and media magnate Summer Redstone, sums it up nicely, “Great success is built on failure, frustration, and even catastrophe.”
Don’t let fear stop you!
We can learn more from our efforts and failing, than if we had never even tried the endeavor. In reality, what do we really have to lose, other than perhaps some pride?
We need to realize that fear is part of our daily life and
vital our very survival. It never will leave us, but we can use that to our
advantage.
You may be wondering.. How do I get past the fear and how do I start my own business?
A practical thing to do, to help alleviate your fears in starting a business is to make some strategic moves before you start. These will help give you confidence and a stronger direction, ensuring a more successful launch of your company. If you want to start your own business, consider doing the following:
Perform research about your business idea ahead of time. Identify the potential market for your idea and your customer base. The more you can refine your niche, the better. You may look at other reviews for products or services similar to yours and discover customer likes and dislikes. Aim to be better than the competition!
Learn who your potential customers are, where they are, how they think, and how you can meet their needs. This is vital to effectively monetizing your product or service.
Develop a basic business plan. What are the goals you have with your company? This is like your roadmap, so you know where you are going with your company and why.
Identify your monetary needs. How will you support your business initially, until it can be self-sustaining? The number one reason small businesses fail is due to a lack of cash flow! If possible, develop an emergency fund for potential cash flow needs.
Outline the physical needs of your business. Do you need office space, furniture, supplies, etc.? Incorporate these expenses into your startup budget.
Develop a strong brand identity. Your brand is one of the most important steps in establishing your company. This is what gives your business its individual personality and helps differentiate it from others in your industry.
Your brand should be consistent through everything your business does. This includes, print, website, signage, online advertising, social media, etc. In other words, your website logo, business card logo, and any other business presence needs to be the same. You don’t want your business cards to have different colors and fonts than your website.
For example, when we see the Nike “swoosh”, we immediately know what company it belongs to and what they sell. This is what branding is all about. Your brand is your reputation, your identity.
Your brand logo is a significant part of your organization’s brand. It is one of the most important investments that you can make, as it provides immediate identity of your company. If you need good logo design, I can provide you with the perfect logo for your company!
Create a website. Even if your business is one that is local, it is essential to have an online presence. This will give your potential customers a place to go and discover more about your services or product. Often your website will help answer any questions they may have.
Your new website can be used as a marketing tool to help convince individuals why your products or services are better and why they should choose you! It can be a great source of gaining contacts for future business as well as, another avenue they can purchase from your business.
However, building your own website can be a daunting endeavor! You will need a domain name, website hosting, and also the website itself. I enjoy helping new companies like yours, gain an online presence at an affordable price. I can create a responsive website for your company, which means it looks great on a laptop or a mobile device. My web design services are listed on this link.
Marketing. This is how your customers will learn about your new venture! The success of your small business is dependent on effective marketing.
A cost-free way to get the word out, is to simply let people know what you are doing. If there are people you know or other businesses in the area which could use your product or service, let them know! Often you will gain a few customers, simply through getting the word out.
When your newly gained customers are thrilled with your product or service, they will immediately tell others they know. This is the BEST advertising you can get! These customers will influence others and encourage them to go to you!
For more affordable and FREE marketing ideas when you have no money, click here.
Another effective (but more costly) method, is to use online marketing methods. This would include advertising on social media sites like Facebook, Twitter, LinkedIn, etc. Even if your company is local, the online advertising can be targeted to those in your specific area. This is an excellent opportunity for you to get the word out about your business to others who you may not otherwise connect with!
I do provide marketing services to clients. If you need this for your business success, please get in touch with me here.
I hope you take the plunge and follow your dreams! Starting your own business from scratch can be scary, but I’m here to guide you along the way. If you need help setting up your own business, I am here to help you along the way!
How do you expand your business without breaking the bank? There is a 10 ft. rule, anyone within that parameter is fair game, as long as you aren’t selling them anything.
Making friends in that “new circle” is your strategy. Winning them over with sincere enthusiasm is your goal. As is true with most start-up businesses, operating capital is usually minimal and does not stretch very far.
Engage in ways that others can enhance “getting the word out” about your new venture. Contact newspapers, with buzz about you and your product. Find area magazines that can interview you.
Prepare a contact sheet about yourself and your product with interesting facts, ideas and your business concept. This creates immediate interest and makes an interview more interesting. Your interview will be framed more favorably and you will come across as an expert. Radio interviews are a must, as are television segments.
If you are not the best spokesperson for your company or business, have an enthusiastic employee represent you.
Look for other ways that open doors. If you have purchased materials to make your product, use that company as a spring board. Ask them for referrals and network with their channels.
Offer incentives for networking, with a “pay it forward” concept. Gift cards are usually cheaper than a big ad campaign, so create opportunities for employees or business relationships to be rewarded for their referrals.
Also take names, contact information and email addresses of everyone you talk to about your book or business. Keeping in touch builds a personal relationship. Remember intimate details about potential customers or clients, by using a log. When we make someone feel important, it means so much more.
Word of mouth travels fast, make it positive in nature. Take a small amount of your inventory (or offer one of your services) and distribute it for free, to give ownership to the recipient. Then ask them for a reference or a review on your website, or in a product brochure.
Follow up as often as you can. A minimum of 3 times of contact with a potential buyer creates an impression. However, each of your approaches should be slightly different, but with the same goal in mind.
Try email, a phone call or a hand written note. Hand address all physical correspondence. It is more memorable and will have a greater chance of being opened.
Lastly, believe in what you are doing, if you don’t no one else will! Your enthusiasm will be contagious, others will be wanting to be a part of your dream.
Create urgency as your buyers will be inspired, to “act now!”
