How To Overcome These Two Common Startup Fears

There are loads of article online (and on this website) about making money through starting a business, but for many people, the prospect is too overwhelming. Plagued with fears about the various things that could go wrong, many of us don’t take the proverbial plunge due to the ‘what if’s’ that circulate around our fretful minds. Does this apply to you?

Let’s be honest for a moment. You shouldn’t start a business if you don’t know what you’re doing, but with a little bit of research and helpful advice, some of your fears can be allayed. In fact, being the good people that we are are, we aim to reduce two of those fears right now. After reading this, you may decide that starting your own business isn’t as scary as you imagined.

What if I get into a financial muddle?

And here’s the biggest worry of them all! If you’re planning on giving up your day job to start a business, then income will be a concern. There’s the prospect of not making enough money to live on, as well as the overriding thought that your business might collapse because of financial failure. To be fair, you have a right to be concerned, as many businesses do fail. However, you can reduce the risks. Don’t give up your day job just yet; start your business slowly until you have the experience behind you to consider taking it full time. Read money blogs to give you advice on saving and making money while you are getting your business started. We listed a few here; https://mymoneycottage.com/top-uk-money-blogs/. And do your research into what you are doing. Your business won’t succeed if you start it without planning, so consider what the competition is up to and find ways to market yourself. Search for accounting firms in new york or wherever you are located and speak to an accountant to manage your budget. By doing each of these things, your business has a better chance of prospering financially. It’s a good idea to use an accountant local to you so that you can easily arrange a meeting with them to stay on top of your business finances.

What if I fall foul of the law?

Knowing where you stand legally before starting your business will help, so get to know the various rules and regulations before opening your doors. There are all kinds of acts you need to educate yourself up on, so do a Google search and read them. These will include the Trades Description Act and Sales of Goods Act, both of which are set up to protect you and your customers. Ensure you set yourself up with the HMRC too. By running your own business, you are liable to pay your taxes so fill out their online form when money starts coming in. It’s not that complicated, we promise! And if your business is going to operate primarily online, then you need to meet compliance mandates when keeping you and your customers safe from fraud. Firewalling your computers, using antivirus software, and considering the benefits of this service, https://www.jumio.com/trusted-identity/netverify, will minimise any risks. You don’t have to be afraid of breaking the law if you do all you can to stay safe, so be sensible and don’t do anything you know to be criminal, and speak to a solicitor if you are in any way unsure of business laws at the outset.

Finally

There are other ‘what if’s’ of course; we haven’t covered all of them. But consider this. What if you never increase your income? What if you never escape the 9 to 5 treadmill? What if you are stuck with a job you hate until your retirement? Surely starting your own business to escape these ‘what if’s’ is better than having regrets later on. It’s about taking a risk, but provided you commit to research and planning, many of your fears will be minimised down the line.

*This is a collaborative post.