Are you losing your hair over what small business ideas are right for your startup?
When I got started, I put in some research regarding small business ideas and online businesses. I wanted something low risk and high reward.
I’m unwilling to start something with the deck stacked against me, so I fail. Because when it comes down to it… I’m the one who needs to be able to do this. So, I know your fears. As a potential new business owner, they are telling you the same things and holding you back.
This article takes you through how to stop those nagging fears and allow a great business idea to flourish.
Let’s address these concerns so the fears don’t haunt you. After this, you’ll get some well-deserved sleep and be ready to take on the idea of being a small business owner.
Fear #1: I can’t quit my job to start something uncertain.
Master fear #1 so you can rest peacefully, knowing you won’t break the bank and go broke. How to conquer this fear…
- Build as you learn – First off, you don’t need to leave your day job. It’s best to learn as you begin starting your new business adventure. An online business is a fantastic way to gain sole proprietorship. Online businesses afford you leniency with your time. It offers learning skills at your own pace while you hold down your regular 9 to 5. Take full advantage of this and begin your initial venture here.
- Smart finances – This means working until you’re making enough that your day job costs you more to be there. I encourage you to make smart financial choices. Jumping in without forethought isn’t the best idea. Wise entrepreneurship avoids putting you in a position for failure. Once your startup business idea starts making money, calculate the time and profit. When your profits exceed what you make at your day job, that’s when it’s time to make a move. Starting with a good financial standing sets a business plan for fast growth.
- Outstanding community support and mentorship – Find guidance with a community that provides helpful resources. Often getting this level of hands-on support means paying for mentors or personal trainers. Spending a little now certainly saves you a headache further down the road. Note that these people should be successful entrepreneurs who have come down the same path you’re beginning. In this way, they lead you through the obstacles you’re likely to hit that others could not foresee. Having a personal trainer or mentor also motivates you to move forward. They suggest the next steps so you’re not left confused and without direction.
Fear #2: I don’t believe I can do this.
Master fear #2 so you can be confident in your decision-making skills. How to conquer this fear…
- My personal discovery – I was scared to begin too. Folks, I am not computer-friendly by any stretch of the imagination. The step-by-step process I used had walk-through manuals and instruction videos as well as online courses. Look for startup business ideas that have tools such as these. With video, you can start and stop while working through them. You can also refer back to them as often as needed and take notes as you watch. I took on affiliate marketing, an online business venture. If I can do this, you can too.
(Want to see exactly where I started? [Click here])
- Look at the success of others – Don’t fall for scams. We all get hit sometimes, but look into the validity of the company you’ll be training with. Whether you’re learning to start a fresh new business idea or using someone else’s business model, scams are out there. Find a proven system with a solid community and hundreds of business owner success stories. A key indicator is when the success stories often attribute victory to the detailed level of care provided. Stories such as this reveal a genuine feeling that the company contributed to their success. That’s a good sign that the business has their client, not their profits, in mind.
- Overcome fear – Now, here’s one you may not have thought about but is paramount to what many entrepreneurs consider their steps to success. Your ability to overcome fear is part of any entrepreneur’s adventure. But, all too often, no one tells you how to do that. Mindset training keeps you on track and helps you balance your mind with your new lifestyle. Mindset training can begin with community interaction, tutors, or even reading books. Here’s a great one to get you started: Dr. John Demartini, The Values Factor. Click the book below to see this affiliate offer.
Now the likely biggest fear that all new business enthusiasts tackle…
Fear #3: How do I know it works?
Master fear #3 so you can reduce the stress of the unknown, have a low-risk trajectory for success, and build a legacy for your kids and grandkids. How to conquer this fear…
- Research – I’ll repeat this because it bears repeating. Folks, I’ve said this one before, and I’ll repeat it here for you now. Any intelligent entrepreneur with a good idea does their homework. Research your small business ideas. Compare costs as well as the knowledge and resources provided through similar companies. Use more than cost as the sole determining factor. Give value to what you’re getting. Cost, resources, courses, material, community, and guidance all have a monetary worth. For example, if you’re getting videos that explain a concept, Google the cost of similar videos. Now give it a value of X. Then consider the quality of the videos. A concept video discussing how and why it works may be worth X. Yet, step-by-step instruction is likely more beneficial. So give it a higher value, say X + .25%, for example. When you weigh the benefits over the initial investment cost, you can choose what’s an easy business to start for extra money. These subtle differences become necessary steps to your research. Research analysis builds success where others may have failed. Or even where you may have failed before.
- Learning skills – A proper growth strategy starts with having the right tools. Understand there is no magic formula. No mysterious overnight success guarantees a profitable business. The key to your business idea taking off is the determination you put behind learning skills. Customize learning to suit your unique business requirements. Apply these skills in practical ways to generate income and unstoppable growth potential. Remember to include such things as understanding your potential customer, their actions, and emotions. Even if you plan to hire salespeople, you must first understand your clients. Your customer is the crux of your business idea and marketing the product successfully. Without an entrepreneurial mindset, you’re likely to miss opportunities as they present themself. Often the difference between an entrepreneur and a businessman is seeing a different set of possibilities. Otherwise, the world would be full of wealthy entrepreneurs.
OK, to recap what we just learned. You must overcome three main fears to stop holding back small business ideas from coming to fruition. 1 – I can’t quit my job to start something uncertain. 2 – I don’t believe I can do this. 3 – How do I know it works?
Felling that you cannot quit your job is entirely valid. Work around this obstacle by choosing a business idea that offers flexible hours. Find something you can put less effort into while getting it off the ground. Do both until your new business is sound. Quit when it is most beneficial to do so. Also, reflect on the value of mentorship and community. You often hear businessmen speaking about the importance of networking… this is why.
The fear that you cannot do something is overridden by following others with proven successful business ideas put into action. Deal with your fears head-on. Come outside your comfort zone and begin believing that you’re just as capable as anyone else.
To know something works before it’s actually in motion requires research. Entrepreneurs accept calculated risk, not haphazard risk-taking. Do your homework. Examine startup business ideas using a set of criteria that works for you. Think about if the business idea requires excessive time, resources, or funds. Know what you can give to the business and ensure it fits what is needed to succeed. Be realistic. Start small with a mindset to build into something much larger. You don’t start with a Nike-level business plan. You begin by making a good sneaker and improving it as you grow.
Lastly, I will always recommend affiliate marketing as the beginner’s stepping stone. Learning to sell other people’s products online involves many new skills. This can include social media, affiliate marketing, an online store, digital marketing, content marketing, email marketing, customer relatability, investment planning, business mindset, and much more. Once learned, you can easily move these abilities over to launch your dreams of a successful business idea. Marketing and affiliate program offers are where I got started. [See the winning webinar that kickstarted my online entrepreneurship] Now, I’ll be honest, at the time I’m writing this article, I’m not where I want to be yet. But I’m learning the skills and am well on my way.
I hope you found this article helpful. Reach out if you have questions or comments. Thank you for reading.