Month: May 2022

6 Ways to Overcome Fear and Start Your Business

Do you have an amazing business idea but are too scared to start? From inexperience to money management, there are many fears included in ‘ 6 Ways to Overcome Fear and Start Your Business ‘ that hold entrepreneurs back. If you want to start your business with confidence, take into consideration these 6 tips.

1. Get Advised

No one knows better than those who have experience. You can ask for advice from any business owner, but ideally, you should consult one who works in your intended industry. Try shadowing a business owner to get an idea of what a normal day would look like and get a little experience under your belt.

2. Create a Business Plan

A business plan is not just useful for communicating to potential partners and investors what your business is about. It’s a powerful organizational tool that can help you set the roadmap for your business, force you to focus on the details, and give you a broader understanding of the market. A good business plan will explain your company structure, your values, your products, and your financials. When you use a business plan to really get a grasp on the possibilities, you’ll gain better project management skills and feel more confident moving forward.

3. Start Small

Keeping your operations small at first is a good way to mitigate risk. If you keep your main job and work your business as a side hustle, you can still gain essential knowledge about the business world and work out any kinks without putting your income at risk. Once you have a secure foundation, you can start expanding.

4. Use Other People’s Money

Part of risk management in business is keeping track of your finances. Start-up costs can seem scary, but using other funds besides your savings can help dramatically. Utilize financing options that are not as costly, such as crowdfunding, angel investors, or pre-orders to cover the early development stages. You may even be able to take advantage of private and government organizations that help mentor and finance new business owners.

5. Use Online Services

Some of the most intimidating parts of starting a business are the legal requirements, such as picking a business structure, registering your name, applying for permits and licenses, and more. Luckily, there are easy-to-follow checklists to help keep you on track. You can even hire formation services to create the business on your behalf if you find the process too daunting. They’ll ensure your business is in legal compliance. All you’ll have to do is choose which business structure is right for you.

If you’re going into the fintech field, you’ll want software with access to a loans API for vetting accounts. The kind of edge this provides will help you stay solvent. You’ll also want a cloud bookkeeping system with invoicing to ensure that invoices are transmitted efficiently and payments are processed correctly. Maintaining good cash flow is vital to your business’s health.

6. Embrace Failure

Is the fear of failure what’s holding you back? You’re not alone. Statistics show that 33% of Americans don’t start their business because they’re afraid of failure. Failure in the early stages, however, can help lead you towards better success down the road. Knowing that you can learn from your mistakes will help you not get discouraged. Making those adjustments early on will make your business stronger and will better prepare you for future challenges.

Starting a business can be scary, especially with all the emotions, finances, and time invested into a start-up. However, with proper planning, a can-do attitude, and help from the experts, you’ll be able to embrace your entrepreneurial ventures without worry.

6 Ways to Overcome Fear and Start Your Business

Let’s CEO is a leading independent online resource committed to helping aspiring entrepreneurs, freelancers, and budding startups grow their businesses. Being deeply committed to building a vibrant entrepreneurial committee, our number one value is innovation.

Our mission is to provide you with the latest and the most effective content that will help your business stay tuned in to the pulse of your industry. At the same time, learn proven tips and techniques to grow as a successful entrepreneur.

For more information, please visit our website or contact us today!

Article submitted by:

Cherie Mclaughlin
“You’ve seen the social media posts promising to help you start your own business as new entrepreneur from the comfort of your couch…for a small fee of course. You have to take a course, read an e-book, or sign up for a one-on-one information session.
Lucky for you, she’s been creating and growing couch-based businesses since her couch was in a dorm room! And she knows that all you really need to be successful is a willingness to learn as you go and the boldness to give it a shot.
She created Couch-Based Biz to help guide you. It offers tips, tricks, and guides to help you separate fiction from fact and gimmick from reality.”

 

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6 Ways to Overcome Fear and Start Your Business

When it comes to owning and operating a small business venture, there are some practical tips that can help you stay organized, effective, and profitable. It all starts with charting a practical course for yourself that looks at all operational functions and needs of your business. Below, Let’s CEO dives into how to put it all together.

Develop a Business Strategy

One of the first – and most important steps – is developing a comprehensive business plan – something you’ll need if you plan to apply for a small business loan or grant. This will encourage you to create a budget, research your marketplace, analyze customer demographics, craft a targeted marketing outreach plan, and help you decide where your funds are best invested.

It will also help you set reasonable expectations around cost projections, expenses, and staffing needs. According to SCORE, pre-startup strategizing is key in the business-building process and will be the foundation your business needs to grow from.

Get Organized

Organization can save you time and money, and help you reduce the stress that comes with starting up a small business as a new entrepreneur. Create comprehensive to-do lists starting with location and equipment needs, required vendors, software and security programs, hiring employees, and getting appropriate insurance, permits, and business licenses. One way to keep your team organized is to use a template for a monthly planner. This template allows you to plan for the month ahead, and you can customize it with your own videos, sticky notes, and images.

A stellar website should also be top of mind. This is how you spread the word about your products or services. Yes, you can build a website yourself, but the better option is to work with a dedicated agency that can deliver a polished, professional site. Experts can also apply tools to enhance your site with special features. For example, if you want to take payments via the web, your designers can use a third-party site to create a verify bank account number API, which allows you to access a client’s bank account while keeping their data and information secure.

Create a Culture of Innovation

According to McKinsey & Company, a great way to set yourself apart in a crowded marketplace is to encourage creative brainstorming and innovative thinking in your company. This includes understanding who your competition is and looking for creative ways to differentiate your business. Encourage employees to speak up and bring all ideas to the table. You’ll also want to develop communication vehicles for staying in touch with vendors and employees and taking steps to foster collaboration. This can be done through a project management tool like Wrike, Slack, Microsoft Teams, or Workfront. Collaboration leads to innovation!

Communicate Well

A majority of business problems arise due to a good old-fashioned lack of communication. You can avoid this pitfall by having straightforward communication strategies in place from day one. Develop an employee handbook and style guide; have detailed job descriptions that include performance metrics; hold regular staff meetings and one-on-one huddles; and develop a company intranet for sharing information. With vendors, clearly define expectations and agreements in writing, and ensure there’s a dispute mediation clause if either party fails to abide by the terms of the agreement. Staying ahead of the curve on communication issues will serve you well.

Provide Exceptional Service

One of the best ways to set yourself apart as a new entrepreneur is to consistently provide exceptional levels of customer service. This includes ensuring front-line employees who are the face of your business are courteous and knowledgeable. This starts with training around key customer service issues in your line of work. Answer complaints and concerns quickly, underpromise and overdeliver, and provide extra perks, like discounts for referrals. This will help you build a loyal customer base which can be the foundation of a long-term successful operation.

Being a small business owner or new entrepreneur presents some challenges, but the nature of your business structure also gives you the freedom to be creative, pivot as necessary, and use collaboration tools to expand operations. Consider joining a chamber of commerce or other local business group to help you with networking and to keep you abreast of best practices in your industry.

Article submitted by:

Cherie Mclaughlin
“You’ve seen the social media posts promising to help you start your own business as new entrepreneur from the comfort of your couch…for a small fee of course. You have to take a course, read an e-book, or sign up for a one-on-one information session.
Lucky for you, she’s been creating and growing couch-based businesses since her couch was in a dorm room! And she knows that all you really need to be successful is a willingness to learn as you go and the boldness to give it a shot.
She created Couch-Based Biz to help guide you. It offers tips, tricks, and guides to help you separate fiction from fact and gimmick from reality.”