Now is the best time to start your own venture. You have had an idea, or you know you could do it better than the people you work for, but you are held back by fear of going out on your own. You can face and overcome the fear of starting your own business.
Lack of Finances
So, you think you don’t have enough resources to do your own thing?
There is this conception that starting your own business takes a lot of capital upfront. You think this because it is well publicized that buying into a successful franchise can cost hundreds of thousands of dollars.
If you have looked into it, you already know that franchises can be very expensive and can cover a wide range. For instance, $30,000 for a Dutch Bros to $200 to 350 thousand for a Quiznos franchise, or $1 to 2.5 Million for a McDonald’s to $12 to 20 Million for a Holiday Inn franchise.
It is no wonder that you think that you having a business is out of reach if you are unable to get that kind of cash. By the way, even if you were able to be the recipient of a financial windfall with enough cash to finance your franchise, be aware that you will also have to have sufficient credit history to qualify to be a potential franchisee.
In many ways, a franchise is the best way to get into a business, especially if you have not been in a business before because you can rely on the track record of the business and franchisees who have gone before. The franchisor will provide you with the help and support you need to have a successful venture.
Raising Money
If the business that you would like to build does require a substantial investment, there are ways to go about raising capital with one of the effective methods being crowdfunding sources, like Kickstarter, Indiegogo, GoFundMe, and Patreon, but be advised, launching a successful crowdfunding project is not as easy as it looks and there are many factors to take into consideration. If your plan includes a crowdfunding campaign, do your due diligence, spend some time researching the best ways to approach your campaign, or seek out a consultant who has expertise in crowdfunding campaigns.
That aside, you could do what so many people have done and that is to start your own enterprise from scratch with little or no investment. Now, of course, if you decide to build something from scratch on your own, you will have to be creative in the way that you start such a venture and have a plan in place to build the capacity and clue of your business regularly over time.
Doing it Yourself Online
There are online DIY (Do It Yourself) resources that you can take advantage of that will support your efforts to build a business one step at a time. You can use platforms already in place, such as eBay to get started, you can have your own website and e-commerce website using Shopify, or sell your wares through Amazon, the world’s largest retailer.
Fear of the Unknown
If you are feeling fear of the unknown regarding starting a business, you can overcome your fear or intimidation by educating yourself about what it takes to start a business. There have never been so many educational opportunities, and you would be surprised at how much you could learn just scouring over Google and YouTube for free. You could also join a Facebook or MeetUp group of people looking to start businesses, just like you.
The more you know, the less your overall risk. Just be aware that you do not want to fall into the trap of learning (because there’s always more to learn) and spending so much time in the learning process (which can be addictive) that you never launch your business. This is commonly referred to as the “paralysis of analysis.”
The best way to overcome your business-related fears is to face them head-on, but do not go into business blindly. This is the mistake most commonly made by inexperienced business startups, which leads to first-time failure.
Fear of Failure
Fear of failure is something that is easily overcome if you can think of your first venture as “training.” There is no better training than you can receive, not through any college or university. You learn things they would never teach by doing it yourself.
Experience is the best teacher, and you are its humble servant. So, don’t be afraid of making mistakes, look for the gold and wisdom to be gained in every experience. Do not think of these experiences as “bad.” Instead, think of them as advanced training, and you are blessed by the results.