5 Tips for Overcoming the Fear of Starting a Business
1. Make a Plan
A business plan is an essential document that provides your company with a blueprint for growth. Take the time to draft one that identifies all of the important elements of your business, such as your marketing plan, company values, branding strategies and goals for growth. A well-written business plan helps you stay organized as you build your company.
2. Find a Mentor
Other people have built successful small businesses. By looking at successful small business owners and asking questions regarding the formation of your own company, you can find the inspiration you need to take the risk of launching your own business.
3. Choose a Business Structure
Having a business structure protects your company in various ways and offers different advantages depending upon which type of corporation you choose. The four types of business structures are sole proprietorships, S corporations, limited liability corporations, and C corporations. Each type of structure offers various benefits and protection, so it's important to do your research before making a selection.
S corps and C corps have similar formation restrictions, but they have vastly different benefits. S corporations are usually best for small businesses because they offer self-employment tax savings, tax deductions, and pass-through taxation. C corps allow you to buy multiple stocks, reduce growth restrictions, and permit you to work with foreign shareholders. Regardless of which type of business structure you choose, hiring a lawyer or formation service helps ensure you comply with all state regulations regarding formation.
4. Know Your Strengths
Everyone has various strengths and weaknesses. It's important to know what you are good at before you start your business. For example, if one of your strengths is creativity, you may need to outsource accounting if that is not a skill you have. Focus on how your strengths can enhance your business, and find ways to work around your weaknesses so they do not hinder company growth.
5. Develop a Good Marketing Plan
Seeing how people respond to and interact with your business idea helps you feel more confident when starting a new business. Start a cost-efficient marketing campaign to spread the word about your business and engage with your target market. For example, a social media campaign allows you to interact with potential customers and see what they think about your business idea.
Neal Schaffer reports that 93% of businesses around the globe have a social media presence, and joining their ranks is a great way to generate interest in your business. Be strategic when you launch your campaign. You should share content that appeals to your target audience and supports your brand. But you should also share PDFs more than other file types because they contribute to your SEO (search engine optimization). You can use a free tool to help convert your JPG to a PDF so you don’t lose image quality, but you still get the backend benefits for your SEO; this will convert a JPG to PDF if you simply drag and drop the file you want to update.
Push Past Fear with Strategic Steps
Starting a new business can be scary, but if you take the proper steps to prepare, you can alleviate some of your anxiety and increase the chances of your launch being successful. And don’t be afraid to ask for help. Experienced professionals often want to help others with less experience, so reach out and benefit from their expertise. Joining the Claremore Area Chamber of Commerce is another great way to connect with others who can help you push past your fear of starting a venture of your own. Join us today!
This Hot Deal is promoted by Claremore Area Chamber of Commerce.