According to statistics, 20% of small businesses fail in their first year and only half make it to the five-year mark. With those dire odds, it is no wonder that many people find the prospect of starting a new business frightening. However, there are ways to overcome your fears.
1. Create a Business Plan
Your chances of success go up dramatically with a good business plan. A business plan helps you stay focused and organized. Your plan should include a description of your business, how you plan to sell your products or services, your marketing plan, how much money you need, financial projections, and how your business will be structured.
Choosing your business structure is one of the first decisions you must make. Many small businesses are formed as either limited liability companies or S corporations. The best option for you depends on your circumstances and goals, so do your research before deciding whether you want to form an ??S Corp or LLC. In a nutshell, a New Hampshire LLC can have an unlimited number of members. An NH S corporation is limited to 100 shareholders. Non-US citizens can be LLC members but not S corp shareholders. LLCs can be managed by members of the LLC. S corps are managed by directors and officers, not shareholders. Whichever entity you decide to use, you can choose to work with a formation service to save money.
2. Create a Marketing Plan
The success of your marketing efforts plays a big role in whether your new business will succeed. When you are working on your marketing materials, you may need to make formatting edits to PDFs. Editing a PDF file can be difficult and time consuming. You can make the process easier by using a tool to convert a PDF to Word, making it easier to edit. To use these tools, upload your PDF, convert the file and then make your edits in Word. Once your edits are complete, save the file as a PDF.
3. Start With Your Work-Life Balance in Mind
Many people fear that succeeding in business will require them to neglect their families and personal life. It doesn't have to be this way. Start by planning how much time you want to invest in your business, and then surround yourself with like-minded people. Build up a support network that can help you keep things going without allowing your business to take over your life.
4. Set Attainable Goals
Start by defining the overall mission of your business. Then, break that mission down into smaller goals. Make sure that each of your goals is realistic and achievable. Your goals should incrementally move you toward achieving your mission; however, if they are too hard to achieve, they may kill your motivation and increase your anxiety.
5. Boost Your Skills
If you are afraid that you don't have the expertise required to excel at your business, improve your skills by taking some classes, working with a mentor, or obtaining some hands-on experience. Be prepared to continue learning new things throughout your career. No business owners are such experts that they can afford to stop learning new things.
It is normal to have fears when you start a new business. However, you should not let your fears stop you from starting.
Membership in the Exeter Area Chamber of Commerce offers an array of benefits for entrepreneurs who live in our community. Join us today!
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