Am I Ready to Face Fears of Starting My Own Business?

by Dave Thomas · Jan 9, 2012

Today’s guest post by Dave Thomas really resonates with me. As a self-employed gal myself, I can tell you that these fears don’t really go away even after you’ve decided to take the plunge into entrepreneurship. I just got off the phone with a friend who is self-employed and we both discussed how on bad days we are tempted to go back to a day job for that steady pay check. We debate how much we can afford to pay our interns and staff, we get easily distracted from our goals when client work gets busy and we could spend all day trying to build up our presence on the web. The article below gives GREAT tips that are crucial for anyone who is considering self-employment or who is already there. Let us know what YOU think. Thanks Dave! -Nicole

With 2012 up and running, is one of your New Year’s resolutions to start your own business? If so, there is likely some fear in your voice.

Statistics show that between 1.5 and 2 million individuals say goodbye to their steady jobs monthly, be it to start a new business or care for family. With those goodbyes come anxiety, stress and fear for many people.

Among the fears can be walking away from a dependable paycheck, a shortage of money to get a business venture up and running, all the responsibilities and burdens that come with overseeing one’s company, and the possibility of it not working out and having no financial cushion to fall back on.

If you find yourself going back-and-forth on this matter, take these factors into consideration before you say yay or nay to fulfilling your lifelong dream of being your own boss:

Steady paycheck or gamble? – The biggest question will come in the form of should you pass on the steady paycheck or not. While you may be unhappy in your present job, you have to consider whether or not you can get by without someone’s paycheck every two weeks. If you have some funds in reserve and they are not going towards your new business, then you may feel more comfortable in leaving your present corporate position;
Manage both current and future positions – It is easier said than done, but the ideal situation is to maintain your full-time job while you are in the midst of starting up your business venture. This way you can still have a viable source of income coming in while getting your dream business off the ground. In the event you have a family, this of course becomes more of a chore as you will need their support. If you are on your own and have the extra time such as weekends to devote to your start-up business, then try and handle both jobs;
The loan process – Unless you have been able to build up a nice cash reservoir or you have suddenly come into money, it is more likely that you will need some form of a loan to get the business venture up and running. If that is the case, make sure you have a well-crafted business plan together so that you can improve your chances for getting a loan. If getting a loan the conventional way is not likely, then check in with family and friends regarding their ability to invest in your business dreams;
The online presence – Don’t put the cart before the horse and go into your business venture without a quality Web site. In today’s Internet-driven world, having a bona fide business Web site is crucial. Make sure your venture’s site is ready to go and will be of value to potential customers. Even in the event you need to make some tweaks here and there, have the site serviceable from day one. Without a solid business Web site, you are already starting out behind the eight ball;
To have employees or not – As many small business owners can attest to, one of the first decisions they will need to confront is whether or not to bring on staff in their business ventures. In many cases, individuals will try and run the entire show on their own. In other instances, they may seek some part-time help, be it family/friends or outsiders. Either way, it is important to have a relatively accurate gauge on this matter so that you have funding put aside for salaries, health insurance, workers comp insurance etc. in the event you will be bringing on staff sooner rather than later;
Setting your business goals – Lastly, you should be able to comprehend what your goals were/are with starting your own business. Is it to simply make money or is it to fulfill a dream? You can have both, but it is important to have a purpose in mind. Going into a business venture with blinders on can lead to a number of heartaches, so carefully craft your plans. This is why starting a business on the side while still gainfully employed under someone’s umbrella is oftentimes the best solution.

So, have you ventured off and started your own business?

If the answer is yes, what have been the biggest challenges and the greatest rewards to date?

If the answer is no, what are you waiting for?