Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. Once you conceive the idea, it can be scary to actually put the rubber to the road and start your own business. Somewhere though you must find the confidence to start it. The following contributed post is entitled, Finding the Confidence to Start Your First Business.
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Most of us know or at least know of people that have started their own businesses. Some of these are small home-based businesses that just make a little pocket money to support a full-time income as an employee. Others are more substantial businesses that support a family and mean that their owners no longer need another income source. Some people make money with a company doing what they have spent their whole careers doing, just for themselves. Others have found ways to make money from their hobbies or from doing things that they love. Some people start one business, and that’s what they do until they retire. Others start multiple companies, selling them when they are worth it, moving on to the next great idea. There’s no one way to start a business, and you might know people that have tried all different things. And you might be jealous of all of them.
Starting a business is a risk. Giving up a career, a full-time income, the security of employment, and the safety of doing what you have always done is tough. You might watch jealously as your friends and colleagues go it alone, wishing that you had the confidence to do the same. Well, here are some tips to help you to find that confidence.
Make a Plan
You know that you want to start a business, but what do you want to do? Having a vague idea is excellent, but the more you know about your business, the more confident you will feel when it comes to actually starting it. Make a business plan. Think about premises, suppliers, marketing, costs, and prices. Ask yourself if you could work at home, or if you’d need a workspace? Plan as much as possible, and try to identify any problems that you may have before they crop up.
Find the Right Help
You can, of course, do it all for yourself. But, things often work out better when we have help. You might want to take on an assistant or someone to handle admin. You might need someone to help with packaging and shipping or a social media manager. You can find detailed information here on managed IT support services, which can protect your business, as well as pushing it forward. Think about the help that you need to get your business off the ground and take your time to find the right people.
Know Your Strengths and Weaknesses
Sometimes, knowing what help you need is more about knowing what you are good at than what your business needs. If your background is in marketing, you might not need any help here (unless you hated it and are keen for a change) ask yourself what you are good at, take confidence from your experience, knowledge, and strengths, and know that help is available for the rest.
Minimize the Risks
A big part of having the confidence to start is knowing that the risks are as small as possible. You might want to wait until your family is in a strong financial position or until you have saved enjoy to survive with a limited income. You could consider starting your business as a side hustle around your job. There are plenty of ways to start a business with limited risk.
