Common Startup Worries (And How To Alleviate Them)

July 4, 2018 12:10 pm

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Starting up in business is both an exciting and worrying time. On the one hand, you have finally set yourself up to do something very few people have the courage to do. You have taken a step away from traditional employment working for ‘the man,’ and boldly entered the world of self-employment to work for another man (or woman); that being yourself. On the other hand, there are common worries many entrepreneurs face during the early days. We will have a look at some of them here. Do any of them relate to you? We have some helpful advice if so.

Worry #1: What if nobody notices my business?

You’re not the only business on the block – it’s very difficult to be original – so a common worry is that your business will get lost in the face of the competition. However, there are ways to get your business seen. Marketing is key, be that traditional methods – newspaper, flyers – or the current trend in marketing – digital marketing – using social media, email, and a business website, to showcase your business. Then focus on word-of-mouth. Encourage those people closest to you to talk about your business to others, and when you start bringing in customers, encourage them to pass word on about your business as well.

Worry #2: What if I make a catastrophic blunder?

Mistakes in business are common. You are only human, and you won’t always get it right. However, you may be worried that your mistakes will get you in trouble financially. You don’t want to make an error with your accounts, as you don’t want to face ruin. You don’t want to make an error with your taxes, as you don’t want the tax man knocking at your door with legal threats. You don’t want to hire the wrong people, as you don’t want to face the repercussions of a lazy/dodgy employee. These fears can be alleviated. When it comes to your accounts, hire an accountant. The same applies to your taxes, although you can always use a tax disclosure service if mistakes are made (on your part or the HMRC). And when it comes to employees, use an HR company if you need to hire people, as they will have vetting procedures in place. Still, if you do make mistakes of any kind, don’t sweat it. Learn from them as you move forward.

Worry #3: What if I don’t make enough money?

If you have sacrificed all you have to start your own business, and if you have left the safe environs of paid employment to work for yourself, then this is an understandable worry. If you don’t make enough money to survive, you and your family are going to suffer the consequences. Still, there are a number of things you can do. The first is to not give up working for somebody else in the early days. Perhaps get a part-time job to give you the means to pay your bills etc. while you are finding your feet in running a business on the side. The other thing to do is find ways to save money within your business, curbing the temptation to buy the newest equipment, and focusing your attention on only buying what you need in the early days. Again, marketing is your next focus, getting word out there to improve your chances of business success. It’s unlikely profits will start rolling in straight away, so be prepared for this, follow the tips we have just given you, and perhaps have savings in reserve to see you through the lean times.

Final word

Any worries can be overcome; you need to keep a level head and use your common sense. Find the people who can advise you, and seek advice online and through business courses. You could let your worries overwhelm you, but you may give up early if they do. That would be a crying shame, especially if you do feel deep down that you have what it takes to make a success of your startup.

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