How Business Cards, Planning, and Mentors Can Overcome Fear When Starting a New Company?

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According to the Bureau of Labor Statistics, more than 20% of new companies fail their first year. This can be a scary statistic for someone who wants to start a company. If you have always wanted to be an entrepreneur, but the fear of failure is preventing you from moving forward, it’s time to work to overcome that fear.

Here are some strategies that can help you conquer this feeling and build a successful new company, shared below by Daily Business Post.

Choose the Optimal Business Structure

Start with the right foundation by choosing the best business structure. Consider an S corps or C corps structure for the benefits. If your business is large, a C corps structure may be right for you with benefits like multiple stocks, foreign shareholders, and fewer growth limit restrictions. For a small company, an S corps structure may be ideal with pros like pass-through taxation, self-employment tax benefits and losses deducted from your taxes. File your structure yourself or with a formation service if you don’t want to hire a lawyer.

Write a Strong Business Plan

Another way you can curb your anxiety about starting a new venture is to write an ironclad business plan outlining every detail. Your business plan should be well-researched and inclusive of everything in your vision. Include details about operational structure, funding sources, hiring plans and marketing to give yourself a great foundation.

Start Small

If you aren’t ready to take a big risk with your finances by quitting your job to start a company, keep it as a side hustle at first. Stay in your current job and continue earning a paycheck while you work on your business on weekends and evenings. Eventually, you can quit your job and run your company full-time.

Design a Great Business Card

Having a good business card is essential when starting a new company. Not only does it serve as an introduction when meeting potential customers or partners, but it can also be an effective tool for advertising your services and products. A professional look and feel to your business card can make all the difference in how you’re perceived by both current and future contacts. That’s why using an online business card designer tool may help ensure that you create a polished, attractive design with all pertinent information included. Additionally, this may help to save you time and energy, allowing you to focus on other important aspects of launching your business.

Connect With a Mentor

Then, reach out to your business industry’s community and connect with an experienced mentor to help guide you through the first year of your new company’s life. Having a mentor by your side may help lessen your anxiety and help you feel more confident in your idea.

Set Realistic Goals

The next thing to do is make a list of your goals for the first few years of your company’s operation. Be realistic with your goals. Set goals for profitability, customer base, hiring and growth to plan for your company’s future.

Explore Your Fear Through Mindfulness

When you take risks and try something new like running your own company, recognize that feelings of fear and anxiety are normal. Work with a licensed therapist to understand your fear. Explore mindfulness through activities like yoga, meditation and guided breathing exercises.

Partner With Someone With Experience

It may also be beneficial to work with a partner to open a new business. Instead of running your business by yourself, consider partnering with someone you trust who has experience and knowledge in your industry. With your partner, you can divide up some of the risks and get more benefits with another person’s perspective and guidance.

Get Outside Support

Lastly, expand your circle of support for your mental health during this time period. Learn some techniques to deal with stress and other issues that may pop up when you’re trying to juggle a new business. Have a plan in place for regular exercise, healthy eating and mental wellness to keep your spirits and energy going.

It’s understandable to feel fear when you’re going out on your own with a new startup. Avoid letting this fear stop you from reaching your dreams and goals by picking a strong business structure.