How To Get Over The Fear Of Starting A New Business
Starting a business can be very daunting.
Investing in your first desired product, indulging in on your savings, the fear of failure is like a pendulum clock in our heart. What if the business fails/ what if I lose all of my savings? What if I don’t break even?
It is a lot of what if’s. Whether we are investing our time and money in a dropshipping business model or a binary system mlm, the uncertainties are all real. But there are some ways we can go about mitigating some of these intense fears that are hindering our progress.
- Research Is Your Best Friend
Most of our fear comes from complete uncertainty. We are either recently out of a job or looking for a side hustle and business happens to be the least of our expertise. But we all have to start from somewhere right? Our uncertainties will only increase with the lack of knowledge of the industry. Research your way into the business in the beginning, instead of jumping straight into hot water. You can read books, case studies, research papers, join business forums and groups for research purposes. When we read, we learn. The following step would be to apply what we learn. While we cannot learn everything from theory, we can have a foundation from the theoretical aspects.
- Talk To Industry Leaders Or Other Competitors
Your best advice comes from the competitors of your industry. They have failed multiple times before tasting success. Some may hesitate to give you any advice, especially if you are in the same niche. However,r if your demographics are different or perhaps the business model is different as well, they will be willing to open up to you. What they learn they can pass on to you. Make sure to reach out to your industry fellows and partake in some friendly mentorship along the way.
- Identify Your Business Objectives
Every business must have an objective. Objectives help us align our goals with the resources we have. It helps us prioritize according to the needs of the business.
Objectives not only help measure the progression but it helps you to stay focused. When you have a chosen set of goals you can keep coming to these sets of objectives to stay motivated. It is easy to get lost in the competition and stray from the initial goals.
- Understand Your Target Market
What is your target market? What does your primary target audience do? What do they dress like? What do they eat? How do they consume? What do they prioritize in their shopping journey? Your target market cannot be everyone unless your product is very general. Your business should have a prior demographic profile so that you can keep advertising to a profitable audience instead of spending your resources on everyone. Taking on all of the audience can make starting your business even more daunting than it already is.
- Start Getting Comfortable With Your Fear
Your fear is not your enemy. It should be your fuel. Your fear indicates that you care. Your fear also helps you become more cautious which is necessary when running a business. However, your fear becomes the enemy when it prevents you from taking the first steps. Start getting comfortable in situations that can possibly make you squirmy and uncertain. Not everything needs a definite answer. Sometimes it is a lot of trial and error and we should be prepared for the fear of uncertainty the process carries.
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