Preparation is the Key to Confidence

Fear is a sign we’re doing something new and unexplored, but it shouldn’t stop us from going on with our plans if those plans are well thought out. Sometimes, it’s the lack of fear that should be concerning. If you’re fearless about starting a business, maybe it’s because you’re a daredevil and a thrill-seeker. Or maybe it’s because you’re new, inexperienced, and haven’t thought your idea through. A big part of starting smart is assessing your risks and planning for how you’ll handle them. Here are some steps you should be taking before you start your business.

Get the market research that will prove there is a demand for your product or service. How big is the market and how easy is it to penetrate? Are there lots of competitors, or none at all? Is the industry you’re entering growing or declining? After you have the answers to these questions, your confidence will likely soar. This is where a professionally researched business plan will pay for itself many times over. 

Make sure you know how much will it cost to start your business, including paying yourself if you need a salary. Do you have the capital you need to start your company properly? If not, where will you get it? Once again, your business plan should be your map and guide.

Most startup business owners assume everything will go according to plan. But successful business owners also plan for the opposite. Consider what you will do and how you’ll react when things don’t go right. What if your financing doesn’t come through, your marketing strategy doesn’t work or your prices turn out to be wrong? Are there any bigger trends around the corner that could torpedo your business? It’s crucial to have a backup plan.

After you have taken these precautions, your confidence may look like bravado to some folks, but you’ll know it’s not.