Obviously you want to channel that fear in a positive way and make sure you're not paralyzed by it.
The advice to create a business plan was spot on. Creating a comprehensive business plan is the single most important thing you can do to achieve success. Basically, a business plan is showing how every aspect of your business will work on paper. If you can't make it work on paper, forget about making it work for real.
Don't start a business and hope people want to pay for what you have to offer. Find out what people want and find a way to competitively provide it.
Start small and build your business up. Know when to take an opportunity and know when to walk away.
Have a good solid business plan and if you're going for a business loan to cover set up costs be prepared to put up 50% at the very least. Remember that a great number of new businesses fail in the first year. If you've taken out a loan you will still have to pay it back.
Keep on top of your paperwork, insurance, tax and all legal aspects.
Don't take on staff until you actually need them. If you still have time to do a task yourself, you don't need staff.
I used to manage a small business, we fixed computers & TV's.
Since I didn't know computers I had techs come in to help me, I paid them $50 a unit.
You didn't say what kind of business it is, probably you'll need people to come help in learning the business. are you planning to run a web based business or rent an office?
You'll need to advertise buy I don't recommend the yellow pages, they usually want you to sign a one year contract, I found it much better to advertise in local papers where I could pay for a month's ad or the recycler newspaper I could run a 3 month ad. Our last manager built a web page for our business.
Try to keep your bills current, remember there's often late fees added on to things like your rent and yellow pages ad. It's probably going to take a year or more to get the business going so hopefully you can afford to stay afloat until then.
Everyone who starts a business is scared, business is a risk. This is PERFECTLY NORMAL.
If you have done your work correctly and can see on paper the business can work, you have talked to the bank, and other places which offer free business advice and the research shows a market for your business then you should still be scared but our advice would be go for it.
You are likely to be one of the few who make it big. AS long as you dont let the fear stop you taking that first step into self employment.
Success and Failure are part of life.
There are many people in life who found success earlier, but later they failed coz they couldn't innovate, or keep up with competition.
There are many people in life who faced a lot of failures before they found success. I heard Walt Disney got fired from job because he lacked imagination. I know an author who was rejected from 18 publishing houses and became a best selling author. Neither success nor failure are permanent. They are just part of the journey. And again, success is not really in making money - success lies in being happy.
So just keep trying. Failure once - try again. Failure twice - try again. Keep learning from failures. Keep trying. Even if you find that elusive success - still keep trying to make it better. Don't dream of destination, just think about the path.
Good luck!
Be prepared. Do you have a business plan? Do you know your numbers? How much does it cost to provide the good or service? what will you sell it for? Are there fees, taxes, rent, utilities,? Maybe post a questions with some details and you could get some specific advice that will help you be successful. Good luck to you! I quit my job and started on my own after a few years of experience working for someone else. It was a good choice, because I planned ahead
Starting a business is always a risk. You start out with not too many sales / profit. If you are really determined in your business and have good marketing ideas then you should definitely take the leap and go for it. What type of business are you planning on starting anyways? Wish you the best of luck.
Cheers!
only a fool is not scared in battle and competing with others
in biz is a form of battle.
I'm scared as hell to be honest and I can't shake this feeling. I want to be successful and I'll do whatever it takes, but I'm scared. Can anyone give me some words of advice?
I haven't started it yet btw. Soon.
