Fighting The Fear Factor: advice for starting your own business
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Starting out in business can feel daunting at times, but fighting the fear factor is key to getting your business ideas off the ground.
Here's a rundown of five fears often faced by those on the brink of starting out – and some advice from our co-founder, Damian Baetens, on ways to overcome those worries.
1.Don't be afraid of failure
This is something that worries everyone when they start out. But by going through a few simple steps at the outset, you can prepare to succeed rather than worrying about things not working out.
Some market research, competitor analysis and business planning will give you a sense of whether your business idea is going to stack up for you – and if there’s demand for your product or service. This will either reassure you or tell you it’s time to move on and do something else.
Concentrate on building a business case for your idea, so you feel confident based on evidence, not just enthusiasm.
If you're looking at a Start Up Loan as a way of financing your venture, begin by downloading our free Business Plan template. With support and mentoring, we'll help you put together a formal business plan and a cashflow forecast. You'll then able to apply for a Start Up Loan of between £500 - £25,000.
2.Don't fear a lack of experience
If you’re starting a business or going self-employed, chances are you have limited previous experience of working freelance.
You only gain experience of running a business by starting a business!
The key to succeeding is to prepare well before you begin and minimise the risks where you can.
Most successful entrepreneurs have no experience when they begin, but they have a good idea and a solid plan of where to start.
If you're currently at the planning stage, we have a whole Business Planning section packed with free advice.
You could also benefit from signing up for a Business Fundamentals Course from Smarta.
3.Don't fear leaving paid employment
The days of a job for life are long gone, and today’s workforce are prepared to move around. In fact, a survey of 1,189 employees and 150 managers by Future Work Academy research found that 91% of Millennials (people born between 1977-1997) expect to stay in a job for less than three years. This means it wouldn't be unusual to have 15-20 jobs over a working lifetime!
With these statistics in mind, self-employment can be seen as a way of having more control over your own destiny. As well as that, being a self-starter is a great way to provide real evidence for your skills, and show people you can deliver something in the real world .
At 21, Transmit Startups customer Hannah Proctor set up her own online vintage clothing store, Aphrodite and Ares. She described the freedom of working for herself:
"Some people like the security of the nine to five and to know exactly what they are going to do each day, but that’s just not for me.
With my online business I’m not tied down to a particular location. If I decide to move to another part of the world, I can. I’ll just take my business with me."
4.Avoid freelance isolation
You are not alone.
Whatever your business, and wherever you are based, there are many agencies and support networks that you can tap into as you begin to grow.
These networks will also potentially be places where you will meet clients and start to sell your business.
Finding business mentoring is a good idea. As part of the Start Up Loans process, Transmit Startups provide expert support as you take the first steps into setting up your new venture.
Further training and guidance are available from Smarta - part of the Transmit Startups family.
Mentors will help you find out where your networks are and make sure you go into them with a clear vision of your next steps.
And, when you sign up to Smarta, you’ll also gain instant access to our massive business directory! Find a UK independent business that you'd like to buy from or sell to, and add your own business to this list for free! Just create an account and then click Create Listing. It’s an easy win and gets you straight into a community of other small businesses.
5.Set up your business at your own pace
Whatever your business is, it can form part of a portfolio of activities. It doesn’t necessarily have to be a full-time business, or full-time employment. You can do both.
If you've been struggling to find a job, have been out of work for while, working for yourself might be an option. You may just need to check the rules around self-employed income when you're in receipt of Universal Credit.
Many people in creative sectors are part-time self-employed and do other paid work.
This also means you can gain the experience you need while you get things set up and find your feet. Having a mix of activities and sources of income is very common – especially when starting out.
Single mum Sara Matthews founded her business Baravere Studio with the help of Transmit Startups, and is running it as a side-hustle from her home in Aberdeen - but it's not her only income stream. Sara says:
"I also do some photography and create NFTs to top up my income. I create monochrome photos and art prints, too. I’ve just completed a paid internship and have regular part-time work as well."
"We’re delighted to be the 2000th loan recipients!"