How to manage the fear of setting up your own business
No matter how much experience, financial backing, or good luck you have behind you, setting up your own business is a terrifying prospect. You’ve left your previous job and lost the steady income. How do you know this won’t fall apart in a few months’ time? You have kids to feed; what if you’re not good enough?
In the UK, 36% of entrepreneurs are fearful of starting a new business, compared to only 8% who consider themselves fearless. So, first of all, you’re not alone. You’re bound to be scared, but here’s how to best manage these emotions and stay focused.
You want an in-depth plan to guide you through the beginning few months. You can keep track of everything you need to remember to do, lay out your goals for initial progress, and strategise for potential problems or mistakes. By planning for potential issues now you’ll relieve some of the stress later on.
Planning will not only get you in the best position to start your new business, but it will also help to ease your worries. You’ll feel more confident. This will go a long way in carrying you forward. The phrase ‘fake it until you make it’ comes to mind.
Set small, achievable goals
You can’t plan to be the next Steve Jobs before your business is even off the ground. Aiming this high will only pack on more pressure and stress. Again, be realistic and set small goals to serve as little checkpoints along the way. There’s a long road ahead, so try to focus on one small goal at a time.
There’s no space for perfectionism
Striving for perfection could very well be your downfall. Yes, your family will want to feel comfortable and supported, but they will also want you to be happy. No one benefits if you’re tearing yourself apart chasing after the perfect business or the quickest progress.
Understand that not everything will be perfect, pretty, or successful. Allow yourself the space to learn and develop as you go. By making mistakes you’ll learn the most valuable lessons.
Use your fear
Fear can be uncomfortable and unpleasant. But it can also be an extremely powerful tool if harnessed well. Use it as a driving force to propel you forward. The worst that can happen is that something goes wrong, and becomes a lesson learnt. In this way, fear goes hand in hand with growth. And as long as you’re growing, nothing you fear can really be that bad.
Starting your own business will likely be the most anxiety-producing and stressful time of your life. But it may also be the best thing you ever do. Feeling apprehensive or downright scared is normal. It’s about learning how to harness this into productivity or set it aside when focus is needed.
Here at Big Hand, we care about our clients and have first-hand experience of business fear. That’s why we’re the perfect team to help you find your feet, and get your business up and running. If you need financial advice, tips for business growth, or wider business guidance, get in touch on 0161 327 2911.