So you're ready to take the plunge and become your own boss. This is a huge accomplishment. But as you start to take the steps necessary to make your dream a reality, you may feel overwhelmed or even intimidated by the task ahead of you. Trust us—we've been there. The good news is that there are things you can do to ease your fears and increase your chances of success. Here are a few tips from the Conyers-Rockdale Chamber of Commerce for aspiring entrepreneurs on overcoming the fear that comes with starting a new business.
Set Achievable Goals
One of the most important things you can do as you start planning your business is to set realistic and achievable goals. Asana explains that, when you have a clear understanding of what it is you're hoping to achieve, it's much easier to develop a plan of action and map out a path to success. And when you break down your goals into smaller, more manageable pieces, the overall task will seem less daunting.
Figure Out Your Startup Costs
If you're worried about running out of money before your business really gets off the ground, sit down and calculate exactly how much it will cost to get up and running. This includes one-time costs like purchasing equipment or renting office space, as well as ongoing expenses like marketing, payroll, and inventory. Once you have a firm grasp on your startup costs, you can start developing a budget and begin seeking out funding sources.
Create a Detailed Business Plan
A well-thought-out business plan is essential for any new business owner—regardless of whether they're starting a brick-and-mortar store or an online business. Your business plan should include information on everything from your target market and marketing strategy to your competitor analysis and financial projections. Not only will having a solid business plan help reduce some of the stress, but it will also make it easier to secure funding from investors or lenders if needed.
Choose the Most Sensible Business Structure
The type of business structure you choose for your new venture will have major implications in terms of liability protection, taxes, and even how easy (or difficult) it is to secure funding. So, before making any decisions, it's important that you take the time to research each option carefully and consult with an attorney or accountant who can help advise you on which structure would be best for your specific needs.
5. Network As Much As Possible
If you're anxious about being able to compete with other businesses in your industry, start networking now! Fundera suggests that you get involved with trade associations so that you can meet other professionals and learn more about what it takes to be successful in your field. Building relationships with others in your industry can also help position you as an authority figure within your niche—which can go a long way when it comes time to start marketing your business!
Effectively Market Your Business
Last but not least, don't forget to promote your new business! While traditional advertising methods like print or radio ads can be effective, most small businesses nowadays rely heavily on digital marketing tactics like SEO and social media marketing. Not only are these methods usually more affordable than traditional advertising techniques; they also tend to be more effective at reaching today's consumers who are constantly bombarded with marketing messages from all sides.
If the logistics of marketing and setting up a website make you break out into a cold sweat, outsource. There are great freelance designers and marketing consultants who can help you establish the basics and a good plan for far less than hiring your own marketing team. But remember that designers tend to use specialized programs and therefore often communicate using PDFs, so it can be advantageous to find a file conversion tool to make communication easier. Look for a free PDF to Word converter to make this process simple.
Start with a Plan
The key to starting a successful business is to take things one step at a time and not let the fear hold you back. Start by writing a detailed business plan, as it will cause you to think through many important details of your business. And when you feel lost or overwhelmed, reach out to experts, like designers and other entrepreneurs in your area. By taking things slowly and carefully planning, you'll be able to set yourself up for success!
If you’re ready to grow your business with the help of great local resources and partnerships, join the Conyers-Rockdale Chamber of Commerce.