You've waited a long time for this moment — the day you launch your new small business — but instead of feeling excited, you feel terrified.
Why would you have a fear of starting your business? It's not uncommon.
You may be dealing with the fear of failure, or you might be overwhelmed with your new responsibilities. Learn more about how to move past this roadblock with the following tips.
1. Take Care of Must-Dos
If your launch day has arrived, you’ve hopefully crossed every T that you need to legally run your business. If you’re still building up to that day, though, now is the time to jump on those important to-dos, starting with structuring your business correctly.
There are many business entities in Texas to choose from, but two stand out for first-time entrepreneurs. The first is an LLC Texas structure, or limited liability company. This protects your assets (like your home) from being involved in any legal dealings your business may encounter, and they’re very easy to set up thanks to minimal paperwork. A Texas S corp filing is a good option for entrepreneurs looking for tax deductions on their business losses and who want self-employment tax savings. Carefully evaluate all of your business entity options, and then consider working with a formation service so you can be sure you’re set up in a legally-compliant manner.
2. Learn About Imposter Syndrome
If this is your first foray into the business world, you may not feel confident about your skills. Even if you've earned a degree in marketing, finance, or accounting, it's possible that you still doubt yourself.
Imposter syndrome affects everyone differently, but it usually involves feeling inadequate about performing work that you are truly capable of. It may help to talk to a trusted friend or a mental health counselor if you're struggling to understand why you feel this way.
3. Set Realistic Goals
Don't expect to become a millionaire (or even a thousandaire) overnight. It takes time to grow a profitable business. Even if you have big dreams, you'll have to start small by writing your business plan, deciding on a company structure, and hiring freelancers and team members as needed.
4. Shun Perfectionism
According to Entrepreneur.com, it's nearly impossible to hold onto perfectionism while being an entrepreneur. The more you learn to let go of small mistakes and flaws, the happier you'll be and the more successful your operation will be. This personality trait may go hand-in-hand with a fear of failure.
5. Train Your Employees Well
Having competent, knowledgeable people around you can go a long way toward making your launch less anxiety-provoking, but don't make the mistake of hiring people and expecting them to know exactly what you want. Provide staff training, workshops, and courses that your employees can take advantage of throughout their time with you.
6. Outsource Extra Tasks
Learning how to delegate is just as important as learning to lead a company. Give jobs that you're not good at — and ones you don't have time for — to someone else. This could mean hiring a virtual assistant to handle day-to-day tasks, a copywriter to rewrite your website, or contracting with a web designer to create a more functional homepage.
7. Embrace Failure
Failure is a normal part of life as well as business. Unfortunately, when you're a leader, your failures become much more public. Try to look at your failures as learning opportunities and ask yourself (and your business partners) what you'd do differently next time. For example, you may ask the following questions:
Why did that marketing campaign not work?
Why did we lose so much money in the last quarter after making a profit during the quarter before?
Why did three employees quit after working with us for only two months?
Regardless of the type of business you're starting, the above tips will serve you well throughout the launch process. Don't be afraid to admit that you don't know it all, and look to your mentors, partners, and team members for help when you need it.
The Hurst Euless Bedford Chamber of Commerce can help you access the resources you need to make your business a success. Join us today!