Taking your first steps in starting a new business can be terrifying. These fears are not unfounded, as many small businesses don’t survive. As tempting as it may be to give up before even starting, having a plan and accepting help where it is available will give you the skills and confidence needed for a successful venture. Here’s some advice for planning your small business.
Planning for Success
It can be scary to start a new business. Your idea doesn’t have to be perfect; there are dozens of small business ideas you can start from home. Start with an idea that appeals to you and work hard at it.
The anxiety of taking on the risk of a new venture can be mitigated by having a solid plan of attack. A well-made business plan will provide you with a roadmap to building a successful company. This guide on how to start a business with ZenBusiness explains that while there are several components your business plan should contain, one of the most important is the entity your company will operate under. Research the different types and consider what benefits you’re looking for so you can choose the right fit for your needs. For instance, starting an S corp in Florida could be your ideal move if you desire self-employment tax savings or the option of claiming tax deductions on company losses.
In addition to knowing what business structure you’ll use, having every financial, organizational, and operational detail laid out in front of you, including how much funding is needed and what sorts of employees you'll require, will make launching a company easier to complete. Potential investors will also be impressed by how well your strategy is constructed, making them more likely to take a risk with your company.
There is no shame in asking for help when you feel it over your head. A mentor can provide invaluable advice based on years of experience, allowing you to learn from their mistakes and build off their successes. A friend in the industry or a seasoned professional offering to share their stories will give you the confidence of experience and make you feel less alone on this journey. A mentor can help whether you're completely unsure of where to start or just have a simple question of semantics.
Taking It Easy
If you don't have confidence in your idea just yet, there's no need to jump right in. Building experience in the field while still maintaining your current job is a great way to convince yourself that the idea is viable. Consider starting a side business based on a scaled-down version of your business plan. This will develop your skills and pull in a bit of extra money while you prepare for a full-scale startup.
Spending the time and energy it takes to start a business can be incredibly draining. Doing so without a break can lead to burnout, where you're not thinking clearly and anxiety can increase in severity. Be sure to take time to decompress and work on your more relaxing interests.
Make sure your home is conducive to a low-stress environment. Natural light and indoor plants can help a lot. Also treat yourself well by eating healthy foods and drinking plenty of water. Having a space setup for the purpose of solitude and meditation can be helpful as well.
Advertising With Confidence
A good marketing strategy can give you just as much confidence as it would give your customers. Look into what other successful companies are doing and emulate them if possible. Knowing that when you open, you have the tools to draw in a clientele will make the road ahead feel less treacherous.
Beyond standard advertising methods like printing ads in local publications and buying ad space online, developing a social media presence for your business can help get the word out as well. If your potential customers can see an active and community-minded brand, they'll be more likely to give your company a try.
Whether you’re starting a business from home or renting office space, the initial steps in forming a business are often the scariest. Preparation, information, and relaxation will mitigate your stress while keeping your new project on track.
The Upper Tampa Bay Chamber of Commerce can put you in touch with local resources that can help take your business to the next level. Join us today!Image via Pexels