Leaving a secure job to start your own business, is one of the hardest things in the world. So many questions. So much to learn. So many doubts.
There is the financial side, the practical and administrative side, legal questions, and then, of course, having the courage to go out there and do your own thing.
Besides the practicalities of setting up your own business, most fear leaving a secure stable income, especially if they have dependents; and of course, we all hold insecurities around doing something different. Even when we hold a strong belief in our talent or product, we still fear the reaction of others, especially our close ones.
For this reason, part of the Start Your Own Business Coaching is about how to set safeguards and/or some passive income.
I rarely advise clients, to start their own business without these. Financial insecurity will hold you back, and amplify any other fears related to starting on your own.
Whether you want to start big, or simply do something small – just more creative, and that gives you more flexibility; you still need to go through some steps.
Marketing and Business Planning
Assuming that you already know what you want to do, you may still not be clear on how to market your product and build a brand.
A simple Business Plan is always required, whether or not you are borrowing money from a bank. The Business Plan will guide you in your decision making, help you do what-if analysis and put in the required securities. As you start the process, it will highlight if you are going off track, and therefore you can take corrective action, as needed, before its too late.
But first, of course, you must clearly define your product, your niche, how you will market your product or service, and how to attract, and retain your clients.
Having a solid Marketing and Business Plan, even if simple and short, is a must.
Yes boring stuff, but required anyway. Some frequent questions I receive, from people starting their own business, are the following:
- Where do I start?
- Where do I need to register my business?
- What about taxes, and national insurance contributions?
- Do I need to register my business name?
- And so on…
Taking the Jump
Starting your own business is not just about having a business idea, planning, and marketing. More often than not, you are putting yourself on the line.
You are no longer doing one, or a few functions, for a bigger organisation. This is your idea, your business, and more often than not, it entails selling a skill or talent you have. You are telling the world, you believe in this. Therefore there is more at stake here.
Some frequent fears are:
Do I have to hustle people?
How will my friends and family react?
Will they think I am crazy?
What if I fail?
What if my clients think I am a hoax?
What will the people I know, think of me trying to sell, or market my new services?
How do I attract my first clients?
“I accept my fear, and it will be in the car with me, but it will not be in the driving seat.”Lisa Nichols
Furthermore, your product or service could be creative in nature, such as writing, art or photography. It could be that you are the product, like being a life coaching or an energy healer.
New entrepreneurs know the added insecurities this brings about.
Am I creative enough?
Will people pay for my services?
Will they think I am presumptuous, to try to make money out of this?
While fear and doubt, will always be part of the entrepreneur’s journey; at the beginning, this may be crippling, and stop you from ever starting.
Start Your Own Business Coaching, includes exercises and tools to address these fears and be in control of them, rather than they control you.
Related Article: Overcoming the Fears of Starting on Your Own
Business coaching will help you:
- Formulate your Marketing Plan
- Assist you in completing your business plan
- Guide you where to look for funding
- Help you to overcome your fears
- And more ….
Contact me on firstname.lastname@example.org, or 00356 9922 8800, and we can meet face-to-face, or online, to see whether my Business Coaching, can help make the transition easier.