Taking the plunge and moving forward with a business idea takes courage and determination. The first few years of a new business are usually the most vulnerable. Despite the risk, active businesses continue to increase for the fourth consecutive year in Australia, according to the Australian Bureau of Statistics. This is encouraging for anyone looking to get started in the big bright world of business.
From idea development to market research, financing, and business launch, it’s a daunting task to start a business. Debt consolidation loans from Latitude can help finance your idea and allow you to have a cushion in order to start running a successful enterprise. With this support, you can get on with getting your business off the ground and start making steps towards establishing a presence in your niche.
Let’s explore a few ways to handle the concerns of starting a business.
Table of Contents
Fear of Failure
There are people who are the “dreamers” of this world and then there are the “doers.” The difference between the two is perseverance and determination. Yes, you may fail, and you may fail more than once. There is a famous mantra, “failure is the pathway to success.” If you allow doubts to creep in and take over your thoughts, it can paralyze your inspiration and drive to succeed. Each morning, wake up and write down an intention for your day.
Learn to Delegate
Many new business owners burn out quickly by trying to handle all tasks on their own. Maybe they don’t have the money yet for hiring an employee. With sites like Upwork and Fiverr, many small tasks can be outsourced to remote workers for a fraction of the cost. Marketing campaigns, blog writing, web design, social media posts, administrative tasks, and so much more can be outsourced to someone willing to do the work for you while you can concentrate on the parts of your business that only you can do.
While it may appear that self-employment gives much more free time, in fact, you may end up working more hours to get your business off the ground. This is why delegating tasks is so important. If you have a spouse and/or children, outsourcing can be a lifeline so that you don’t have to spend all your time at the office.
Finances
The main reason for so many businesses failing within the first few years is lack of financial management and cash flow problems. Delving into savings or retirement funds, while tempting, are not the best idea to keep a business afloat. Better to start small and with caution. Then you have room to expand without risking all of your capital.
Before starting your business, take stock of your finances and spending, and start to cut back so that you have more access to capital when you take the plunge.
Self-Care
In this stressful time of starting a business, it is important to continue (or start) taking care of yourself. If you get run down and sick, there isn’t another employee to pick up the slack. Exercise, healthy eating, and de-stress techniques are crucial to keeping energy levels up. Feeling your best will directly help you with all the challenges that come from the first years of your business.
Remember the Why
When you find yourself in times of anxiety and wondering why in the world you left a salaried, stable position for an entrepreneurial lifestyle, take out your original inspiration list or business plan and reflect on how far you’ve come. It is normal to have doubts and fears about self-employment. Persist and persevere and the fruits of your labour will eventually appear.
About Carson Derrow
