New Summit County Entrepreneurs: Fear Does Not Have to Hold You Back

Fear is one of the driving factors that keeps future entrepreneurs stuck in a cycle of working for someone else. Unfortunately, the fear of failure has likely kept many valuable business ideas locked away in people’s heads. You owe it to yourself, your family, and your future customers to turn fear into something that motivates you. Today’s tips from the Summit Chamber of Commerce can help you overcome your anxieties so that you can start the business you have inside of you.

Research Before Filing Your Business Structure

There are four primary types of business structures in the US. These are sole proprietorship, partnership, limited liability company, and corporation. Each has its pros and cons, and there are plenty of online resources to help you determine which entity is right for you. Before you file your business structure, make sure that you have a formal business name and that you know your primary goal with your structure, which might be lowering your taxes, having management and stockholder flexibility, or reducing your personal liability.

Start Slowly

If you have at least 10 hours per week to spare and you want to ease yourself into entrepreneurship, start a side hustle first. This will help you build confidence in your future profession and learn how to manage any issues that may arise during the startup phase.

Get Marketing Help

Marketing is one of the most intimidating factors in starting a business for many hopeful entrepreneurs. However, it does not have to be. There are many freelance professionals, including graphic designers and social media managers, that can help you get the word out about what you’re offering. Make sure you have a system to collaborate with these professionals. You might, for example, use JPEGs and PDFs to send images and notes back and forth. A PDF will not degrade in quality the same as a JPEG, and you can even put multiple pages into a single file. Follow these steps to saving it on your computer so that you can collaborate with ease no matter what operating system your marketer utilizes.

Draft a Business Plan

A business plan is a document (formal or informal) that acts as a roadmap that will help you go from a startup to a successful business entity. The GrowThink blog explains that there are several steps involved in the business planning process, and among these are research, strategizing, financial forecasting, and revision.

It is helpful to get feedback from trusted individuals during your drafting process, especially people who have successfully started their own business. Because this is a visual document as well as a content-driven one, a PDF can be the most effective way to preserve your formatting as you share the file for comments. Writing and editing a doc or docx file is usually easier, so you can simply convert Word to PDF through a free online conversion program. That way, the document will retain its formatting. You can also use editing tools to leave comments directly on the PDF, so that you can get specific feedback and apply it in your next revision.

Surround Yourself with Inspirational and Encouraging People

The people that you surround yourself with will support you in your endeavors. Ideally, you already have a group of family and friends that will rally around you as you take this new journey. But, it’s never a bad idea to network with other professionals in your area. Your local Chamber of Commerce, co-working spaces, and networking membership groups are all great places to meet and mingle with other entrepreneurs. You never know when he might forge a relationship that’s mutually beneficial.

Take the Leap

Starting a business is scary. There is really no way around that. It takes a leap of faith in yourself and your community. But simple actions, such as forming your business early, finding a mentor, and communicating and collaborating with your marketing professionals, can all help you get the ball rolling so that it’s a downhill stride, not an uphill battle. Take advantage of free and inexpensive resources when you find them, and let your community encourage you along the way.

Connect with and learn from other local business leaders by joining the Summit Chamber of Commerce!