Is Fear Taking Control of your Business?
For many years, we dream of owning a business so it can be the best feeling in the world when it finally happens. As it happens, we feel as though we’re in control of our own destiny rather than being controlled by a business and that dreaded boss. However, there’s also another response to finally owning a business and it leads to shock and fear. After waiting for so long, we don’t know where to begin.
In the past, we’ve seen people react by doing nothing for a long time. Then, they realize that something has to be done but they spend their time second-guessing every single decision. When this happens, decisions are made that have the potential to harm the long-term prospects of the business. If you have a few fears regarding your new business, this is absolutely natural so stop worrying. Today, we’re going to give you some advice for how to overcome these fears or even use them and turn them into something positive.
Before you do anything, you need to accept there are some fears preventing you from making clear decisions. Typically, this comes from feeling overwhelmed but you need to find the root cause of your fear so it can be removed and you can grow your business with confidence. In our experience, the help you need will fall into one of three categories; technical, strategic, or tactical.
Technical
During the honeymoon phase of building a business, everything is right with the world and the ideas just keep coming. Once this period has ended, you end up wondering whether your idea is a good one or whether you’re actually wasting your time and this is where technical advice will come in handy.
Just because you don’t know the technicalities of how your product/service will work, this doesn’t mean you shouldn’t launch the business. While some people are strong at accounting or marketing, others will have strengths in the practicalities of it all and converting the ‘idea’ into an actual business. If you need help with this process, there’s nothing wrong with having to accept this; it just means you’ve found the boundaries of your ability. In fact, admitting you need help is a sign of strength. Why struggle through this process yourself when you can invest in someone with more skill and experience?
Furthermore, we recommend pulling your business plan from the drawer and giving it a read. Sometimes, you just need to find the motivation and rediscover all the ideas you had during the honeymoon period. As you read through your aims and goals for the company, you realign yourself with the business and the technical aspect will become a little easier.
Strategic
If you’ve got the technical aspect of the business covered, you might be struggling with the strategy. As a business, what should be your goals in the coming months and years? Perhaps more importantly, why should these goals be achieved?
When you start a business, you’ll need to create a business plan and perhaps you’re in the process of doing this right now. Once finished, it’ll become the guideline for your business and the document you refer back to when making decisions. With your goals all laid out on a piece of paper, you also describe exactly how ‘success’ will be defined along with the results you experience.
If you’re looking for strategic help, you need an expert in startups and creating business plans. After explaining your vision and what your business is all about, they’ll bring all your thoughts together and create the document that will carry you forward. With this small investment, you get the biggest return possible because it’ll keep you in line during the success and potentially provide the answers when things aren’t going so well. As long as you keep your business plan nearby, it’ll help your business and there’s no need to be afraid of help in this corner of your business just as we saw with the technical aspect.
Tactical
Finally, you have the goals and where you want to go with the business plan but how are you going to get there? Within your strategy, you’re likely to have details regarding yourself, customers, suppliers, mentors, and more. With this, you should realize immediately that the burden of progress shouldn’t rest on your shoulders alone. Instead, it needs to be a well-oiled machine making progress every day.
If you need tactical help, we advise slowing everything down for an hour and just sitting down with your plan. If you have a team, bring them in with you and the group can discuss how you’re going to take the days ahead to ensure all the important tasks get completed. Once you have a plan and a set of tactics to help progress the business, everyone should come together and take their share of the responsibility as opposed to taking it all yourself.
Summary
If you need help or to slow things down and take a step back, do it now while you’re in the early stages of your business. Soon enough, you’ll be back on track and fear won’t have to hold you back with strategic, technical, or tactical decisions!