Most people would agree that just because you start a project and have good intentions for it, that doesn’t always translate to success. For every excellent business that hits the big leagues, there are a thousand that fail. But that doesn’t mean you have to hit the big leagues to be a success, nor is it a bad idea to launch a business unless you’re reinventing the wheel.
Sometimes running an enterprise at a small or mid-level can be more than enough to make an impact on your industry, offer something new, manage tens of thousands of happy customers/clients over the years, and give yourself the financial freedom you’ve always wanted.
Of course, the very real risks involved with business planning can put some people off, and that’s a value judgment each person has to make. For some, salaried life is much more dependable, and incorporates none of the financial risk. But with that in mind, if you have the inclination to, don’t let these common concerns stop you from striking out:
Insurance & Payroll
It can feel intimidating to learn how to implement business insurance for the first time, but have no fear! Many outsourced options allow you to integrate this at the modular level you need, making sure your baseline assets and liabilities are protected without leaving unattended-to holes. Moreover, payroll can also be outsourced if you have one employee, while outsourcing certain tasks will be conducted through invoices. Provided you pay tax on these transactions, you’re good to go, and services can always help with added bookkeeping.
Uncertainty About Market Demand
It’s quite impressive that in a world of interconnected online life, our “local market” doesn’t have to be the only market you target. It might be that you operate out of London, but people in Scotland seem to love your products most of all. This happens to many home businesses, as platforms such as Vietnamese seamstresses using Etsy might find a market for their goods in America, and vice versa. You never really can predict where your market will come, so be sure to promote yourself online and see how demand can shift!
Lack Of Business Experience
You don’t have to have experience helming many Fortune 500 companies to make a small business work. But if you have limited experience, or you only have employee experience, you might question yourself. Luckily, there are many excellent manuals, business advice columns, and even full explainers written by people who have been in your exact position. You don’t have to write an academic paper on this exercise, but there’s an online course, a blog advisor, a YouTube video, almost everything you need to learn smaller concepts to get started, like how to put together a unified branding presence and nail your writing copy. Knowing you have this background of potential can make a massive difference as you move forward.
With this advice, you’re certain to run your own business with confidence. Just give yourself the credit you need to begin with self-belief.
