What scares people about starting a new business?
Posted on 9th February 2021 at 13:29
7 things in a 7-minute read (and how you can overcome them!)
What scares the heebie jeebies out of people when thinking of starting their own business? How many great business ideas fall fallow because of fear? What stops people throwing in the towel before they’ve even launched their idea?
1) Don’t know where to start
Heaps of fears and excuses: “There’s so much to do…not sure what order I need to do things…I’ve never written a business plan…how do a structure a business?..who might I need to help me?..how do I recruit a team?”..etc. Overthinking becomes so overwhelming. Stop. Think. What is the ONE THING you can do today? Even if this is just looking for someone who has already done something similar and copying what they did. Or reaching out to others already in business. Most people love to help. Seriously, we are a nation of ‘rescuers’ who love to talk about ourselves, find out about others and chat through similarities and offer advice. Follow people on social media. See what they are talking about. Access the library services. There is HEAPS of free advice. Talk to a business consultant (if you must 😊). Look at their website. If they don’t give you 5 free pointers in a free 10 minute conversation, don’t touch them with a bargepole! Give us a call – we’d love to help you!
2) Don’t feel as though they are the expert
Get over it. You ARE the expert. No-one knows your business/product/service like you! It doesn’t matter whether you’re making and selling pens, building a petrochemical plant or answering calls for other businesses. You are the expert. Even if there are some things you don’t yet know about running your business, you’ll learn (often on the hoof!). Don’t worry. Even the long-standing CEOs of major organisations learn something new everyday (if not, shame on them, they’re in the wrong job!). We’re all learning. You’ll never finish learning! ACT like the expert. Be believable. When you act it, you’ll believe it yourself. Your confidence will grow.
3) Don’t know how to find the money to start
Start small and build. There’s no magic wand (if there were money wands out there, we’d all have one!) But, there are grants available. Go speak to your Local Enterprise Partnership – they’ll point you in the right direction. Could you get someone to invest? The likelihood is, they’ll need to see a business plan to be persuaded – but they might help you with that if you can paint the picture of your future business. Speak with passion. Refine your ‘pitch.’ Seduce them to support you. Or do you have 0% credit available that may tide you over a start-up hump? (please, please please, don’t get into debt that you can’t repay – do your homework!). You’d be surprised at ‘how little’ money you actually need to get off the ground. Building capital slowly is the way to go!
4) Don’t have the confidence/self-belief required
Show up. Deliver. No-one will argue if you can demonstrate results! Your appearance is often more valuable than the credentials. And I’m not just talking about your attire! How do you come over to others? What’s holding you back? – Your attitude? Your past behaviour? Your work ethic? I’m guessing not. I’d like to bet these are all impeccable. So, crack on. You’ve got this far. Go for it. Remember that old saying “fake it ‘til you make it?” ACT your way into a new way of thinking!
5) Not sure how to market themselves
Do you want to know a secret? There’s no right and wrong way! The best thing you can do for yourself is promote, promote, promote on social media. But, remember, it’s not ALL about selling your product/service. It’s about sharing your experience. Sharing your passion. Sharing your belief in your business. Sharing your knowledge! Shout from the rooftops why you do what you do. People love stories. Share yours! When you have enough customers who are equally shouting about you from the rooftops, then spend money on advertising. But don’t throw heaps of cash at Google and Facebook – and the likes…until you know your audience and where they are.
6) Scared of pricing and charging for sales
Stop selling yourself short! What is your product/service worth? Have you done some market research? What will your niche market withstand? Are you too scared to ask for market value? Do you believe in what you offer? Have you worked out your break-even point? Do your homework! If you pitch too low, would your market withstand a rise in price? If you pitch too high, can you come down later on? Or offer a discount? Know your market. Know your pricing. Hold your nerve. Stick to your guns.
How willing are you to take a risk. ALL businesses have to weigh up risks – of both action and inaction. How big does a risk have to be before it becomes a sleepless night? Do people depend on you? Who can you talk to? Are you open and honest with your family and friends? If it’s not a worry about money, is it about reputation? Scared of what people will think about you, your company, your product or your service? ‘So what’ if it all goes wrong? Can you start over? Can you rebuild? Chances are, you won’t fail. You’ll make mistakes – but that’s only part of the learning. Remember how many lightbulbs it took to make the ONE that works! You’ve got this. Go build your dream business!
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