Friday, July 15, 2011

How To Lessen The Fear Of Starting Your Own Business

Are you are working a dead-end job thinking it is time for a change? Do you keep thinking the change you are looking for is to start your own business but are too scared to give it a try? Why let your fears stop you from making, what could be, the best move of your working life?

Caution is good and will help prevent you from making wrong decisions, but fear is not because it will prevent you from making the right ones. In order to overcome this fear, you need a way to answer your questions and address your fears.

The fear of starting a new business is largely the fear of the unknown. What will I do if my business does not make enough money? What will happen to my marriage if we go bankrupt? How will I pay my bills?

What will my friends and family think of me? These are all legitimate questions and you certainly have many more. The answer to all of them is research, preparation, and planning.

In order to lessen the fear that comes from starting a new business, you will need to expend the time and effort it takes to thoroughly research your prospective business. You must study every bit of information you can get your hands on. Many industries have member organizations that provide help to get you started, take advantage of them.

Go to the public library and ask for help. There is an enormous amount of information on the Internet, make use of it. Visit every business remotely similar in your area. Lastly, spend some time talking to the suppliers you will be using, they can provide answers you will not find anywhere else.

Preparation should also play a large part in lessening your fears. Many community colleges offer instruction in starting and running a small business. There are also many online options here as well. A trip to the local bookstore or library will yield many books and training videos.

Perhaps the best way to prepare for your new business is by getting a job doing the same type of work. It is no coincidence that people often open their own business doing the same work they formerly did for someone else.

Planning is the third key to overcoming the fear that is holding you back. Write up a business plan, even if no one will ever see it but you. This will force you to consider all the elements of your new business and give you the information you need to decide if it is right for you.

A standard business plan is meant to cover every aspect of your business and includes sections on marketing, financial projections and cash flow, market analysis, your management structure, and a thorough analysis of your products or services.

By using the three keys of research, preparation, and planning, you will acquire the knowledge you need to make an informed decision about the feasibility of any new business you are considering.

This will, in turn, give you the self-confidence you need to overcome the very rational fear you feel, along with the absolutely essential benefit of having a well thought out plan to get you started the right way.

Aldar Nagy is the author of several informational type websites. These include The Business Startup Resource, which offers new business profiles, ideas, advice, and other resources for you when you are starting your own business. The Business Startup Resource can be found at: [] Check back often, new business profiles are being added all the time.

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