About to go into business, but am paralysed by fear of failure, what should I do?

Question

About to go into business, but am paralysed by fear of failure, what should I do?

Answer 1

I made this leap at the start of the year with similar feelings. I am pretty much in the thick of it right now but I am happy with our progress at breaking even plus abit. Saying that im taking no wages from it and I was used to a nice fat wage packet.

In my opinion the most testing part so far has been the lack of income each month so its worth ensuring you have a plan to cover this. If you do, then that takes a weight off your shoulders so that you can concentrate on facing all of the obstacles that arise.

I think important questions to ask are, how competitve is the market, are you able to offer anything unique to prospective customers, where will your sales come from and how consistent will this be etc. It really pays to have solid research for working out costs and margins to leave you with a profit.

Another huge one is whether you are able to pick yourself up when something isnt working and self motivate to make it to the goals that might seem a million miles away.

Answer 2

Try and contact the expert who would be in a better position to assist on how he went through the initial stage of his - www.job.com

Answer 3

Have you researched your market?  If you have and you know that your new business should do well in your area, then 'bite the bullet' and take that leap.

Some businesses take a long time to get off the ground - my Boyf started his own photography business 3 years ago, it was a slow starter and the first year was very tough for both of us but now there are instances he's having to turn work down - so give it at least a year before you decide to keep going or close it down.

Just think.  If you don't do it, you'll always be sitting at your desk at work and wondering what could have been.  

Be brave.  If the worst does happen, just go back to a regular job but at least you've tried.  

All the best for your future plans!

Answer 4

You won't know until you try. Whats the worst that could happen?

Answer 5

'Amazing's answer was pretty good.  I am in business for myself.  I never really wanted to be, but it was just too good an opportunity to pass up.

Have a business plan.  Very important.  Sit down and do a spreadsheet of money coming in and going out.  Be realistic about costs.  Be sure to include your own pay!

And yes, market research is crucial.  Talk to people who might be your customers.  Be sure you know what they want, what they need.  These people are going to be the most important people in your life!

It's natural that you are a little fearful.  You'd be crazy not to be.  But sit down and think of the very worst that could happen.  I mean reasonably.  And that's pretty unlikely.  Anything that happens will probably be better than that.  8^)

At one  point after I started my business I was losing money (slowly), I felt I was going nowhere.  I thought I'd made a huge mistake.  I was depressed and had trouble sleeping.  I was talking to a friend of mine and he said that most small businesses fail in the first 3 years.  I thought about that and realized that I could stay in business 3 years even if I didn't make a penny (I was still working part time at a job).  So I just decided then and there that I would stay in business for 3 years no matter what.  If I could stay in business 3 years, I would consider myself a success.  Then even if I had to sell the machine and get a real job, I could look back on this as an adventure.  Having made the decision, I was no longer depressed!  Things did improve and now I've been in business 10 years and I'm doing okay.  I'm not rich but I'm making more than I would at a job and enjoying it more.

You have to have faith in your ability to do the job, to meet your customers' needs and make them happy.  You have to decide that you will never lose a customer.

Best of luck!

Answer 6

Contact Business Link for help and advice, I did and it really helped.  Heading for the 3yr mark.