Getting Your Business Started: An Overwhelming Ordeal

August 16th, 2009 by | Print

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I tend to find that most up-and-coming entrepreneurs get overwhelmed while creating their business because they quickly realize that they are planning to fund a venture that still has significant risk. They start to question, “… should I give up?”; “… do I know what I am doing?”; “… will my idea work?” But then again, you have that inner energy that wants to keep you moving forward.

 

So what do you do to keep from getting overwhelmed?

 

First, realize that risk is a mathematical calculation with a number of unknown variables; the more unknown variables that you have in the equation, the bigger the risk. Risk creates fear and fear will want to make you quit.

 

How do you conquer that fear? Take action and do some research. But, where do you begin?

 

I recommend that you start with reading my last post, Finding Your USP (unique selling proposition). Creating a USP will give you focus.

 

Once you create your USP, then you can get to work on performing your market research which in turn will lead to the creation of your Business Plan. Now not all business plans require months or years of research before opening for business. You will never be able to do enough research to eliminate all of the risk out of your business. At some point you just need to get started.

 

As I state on my Planning page, there are three key criteria that will determine how detailed your plan should be – and they are:

 

  1. The complexity of your business
  2. The amount and source of funding
  3. The extent of damages you will incur if your business fails

 

The purpose of your plan is to see if there is a profitable way to make your USP work. Realize that you may find that the research data suggests that your idea is a dud. Don’t let the passion for your idea blind you to information that suggests why your business won’t work. Be flexible. An altered business idea that works is better than forcing your original plan.

 

Does the idea of completing the business plan still scare you? Are you thinking that creating USPs, doing research, writing up a business plan … is just wasting time while the competition is gaining ground? Can’t you just jump in, open your doors for business and figure it out as you go along?

 

Yes, you can just jump in, but you still have a higher risk of failing if you don’t get off to a good start. Launching a successful business is tough enough – and even tougher, and more costly without proper planning.

 

So refocus on research and planning and don’t try to jump the gun. Now, it is easy to get overwhelmed if you look at the daunting task of completing a business plan as a whole. Break the plan down into its section. Only create a couple of tasks at a time and keep record of completing them.

 

If you view your business plan as running a marathon, it easier to stay motivated if you only take it a mile at a time. Until you pass the half way point, you have a better chance of staying motivated by looking back at how far you have progressed past the starting line. Your growing knowledge about your market will strengthen your resolve to complete your plan. Take weekly breaks to review what you have researched thus far. Don’t focus on the finish line as a motivator until you are past the half way mark.

 

If you find that you are still having trouble, drop me a line. I would love to help.

 

All The Best,

Doug Dolan
The Solopreneur’s Guide

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One Response to “Getting Your Business Started: An Overwhelming Ordeal”

  1. Business Plan Writers Says:

    Hi,
    I personally like your post; you have shared good information.

    I totally agree with you, we should break our plan into small tasks, in order to maintain the quality of the business plan.

    Nice work, thanks for such information, which will help beginners in future.

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