You know the feeling. You have a great idea for a business, perhaps something that even meets an unmet need in your community. The only problem? You’re afraid of how people will react to it, whether or not you can actually make money from it, and – most importantly – if you’ll fail. Starting a new business is risky, but with the right preparation and support, you can increase your chances of success. 

In this post, we discuss many aspects related to starting a new business. But no matter what type you choose, the process involves taking some risks and mustering up courage whenever things get challenging. If the thought of venturing into entrepreneurship scares you right now (understandable), read on for some insights from the Osceola Chamber of Commerce on how to overcome this fear so that you can take action on your business idea.

Know your why

The first step to overcoming any fear is knowing your why, the reason you’re pursuing this business idea in the first place. Why is it so important for you to start this business? What are the feelings that drive you forward? Why does this matter to you? What keeps you coming back for more, despite all the obstacles that stand in your way? 

You need to know the “why” before you can take action. Knowing your why can help increase your motivation and fuel your passion when times get tough. It will also make it easier to stay on track with your plans and better prepare yourself for what lies ahead. If you don’t know your why yet, try writing down answers to a few of the above questions before reading on.

Have a plan

If you’re starting a new business, it can be easy to get overwhelmed. With so many pieces to successfully launch and run your business, it can feel like there are way too many things to do. The good news is that you don’t have to feel this way anymore. Having a business plan will help you stay on track, save time, and work smarter instead of harder. It’s important to have a vision for the future of your business in order to stay motivated when challenges arise. 

One important component of your business plan is what structure your company will operate under. Take a look at the different types of business entities to narrow down what works best for your needs. For instance, a limited liability company, or LLC, offers personal protection of your assets as a business owner and provides some tax benefits. Or if you form an S corp in Florida, you can expect lower self-employment taxes and the option of claiming tax deductions on your business financial losses.

Another integral part of your plan must be to invest in key tools and technology to simplify your business processes - accounting, for instance. If you don’t have an in-house bookkeeper, upgrading your accounting software to one that takes care of everything from payroll to invoicing to tax reporting becomes more important than ever to ensure that your figures line up and that you allocate your resources efficiently.

Turn your marketing plan into action

Your marketing plan should have been included in your original business plan. Now it’s time to put those ideas into action. Social media is a great place to start because it is free and there are already a lot of people in this virtual space waiting for new content. Set up accounts on the platforms most commonly used by your target audience. Then look online for free templates and tools that will help you create professional looking banners, posts, and stories quickly and easily.

Email campaigns can also be very effective, but lean towards using PDFs in your content because they preserve your document’s look and formatting regardless of the program or device used to open the file. However, you may find it easier to edit and draft your documents in Word. Not to worry. You can quickly convert Word to PDF using a free online tool. This way you can make your edits quickly and easily, and then convert the final format into PDF to ensure a professional looking message is sent to your clients.

Lean on the support of trusted friends and family

One of the best ways to overcome the fear that comes with starting a long-awaited business is by leaning on the support of trusted friends and family. Support doesn’t have to come in the form of money, either. It could be someone who has done what you’re about to do in the past, or it could be an emotional support system. The point is this: Don’t go at this alone. 

A number of entrepreneurs cite the lack of social support as one of their biggest regrets. Lean on your friends and family for emotional support, and find another entrepreneur who has done what you are doing so they can share their lessons and experiences with you as well. With these two forms of support, you have a better chance of success!

Commit to taking action – even if it’s small

Committing to taking action is key in overcoming the fear of starting a new business. It doesn’t matter if you start with a small action or make a grand proclamation. By committing to an action, you will eventually cross that hurdle and realize it wasn’t as bad as you thought it would be. You may not succeed on your first try, but remember that this is just one step in the process.

Join the Osceola Chamber of Commerce to connect with local entrepreneurs and resources that can help your business grow.