How do you get over the fear?(23 Posts)
I am desperate to start my own business and OH and I have so many great ideas. I always research them thoroughly, draw up detailed business plans and essentially talk myself out of them. There's always a risk, a what-if...
No matter how passionate I am about them, I can't bring myself to take the risk.
We're both young, have no dependants so now seems the logical time to be taking the risks. Between the two of us I think we have about £11,000 put away. By July our household income will be £40,000ish. We rent.
How do those of you brave enough take the leap into business? I almost feel like I'm researching too much.
Oh, in order to survive we would need to bring in about £150 each a week (after tax) bare minimum
You've just got to do it!
I was a trainee accountant about 10 years ago and got made redundant and started temping in accounts depts.
My mil had a cleaner in their village who did a bit of cash in hand and said she was really busy after putting a little note up in the post office offering her services.
This got me and dh thinking, so I took the plunge and set up a cleaning business. As I was temping, as I got more customers, I was able to reduce my temping hours.
I never looked back after that. I earned £15 per hour back then (south warwickshire) for doing something I wasn't 'qualified' in and I loved it.
I then started ironing too which also was good money.
I don't do it anymore as we moved to Wales 4 years ago(back last year), and had a little one, and due to the nature of my husbands business and how it's grown (property), I don't now have to work.
You've just got to sometimes go for it, it may just work out the best thing. My dh gambled everything buying his first couple of rental houses about 10 years ago too, now we're sitting pretty. It could have quite as easily gone tits up, but you've got to just believe in yourself sometimes
Good luck x
I'm exactly the same. A few years ago (with a background in recruitment) I took about 4 months to fully research the idea of opening a recruitment agency (for nannies and nursery nurses). I did tons of research, wrote a great business plan, joined the REC, got an office address (I planned to work from home but base the agency in central London), a website and stationary. And then just bottled it.
I don't really know why, fear of failure, fear of what people would think (other mums at school etc), fear of dealing with my own 'clients'. I'm still not sure.
I've since had other ideas, all mainly around the kids theme ie. a mums directory, kids music/movement group, second hand baby sales - (equipment, not actual babies..by the time they're second hand they're teenagers and not nearly as nice to squidge!) but you can see the theme - I get all excited about an idea, do loads of research and workings out and then bam, I just stop.
I'd love to help you get over your mind block, might just help me get over mine! (I'm great at solving the world's problems, just not my own) - even if you just want to chat please feel free to pm me and who knows, next year we could be millionaires....lol
Paralysis of analysis! I do that a lot. I just keep reading and planning.
Mine is the fear that I might do well and be out of my depth, or I might do badly and look like a fool to my friends and family, rejection - finding that no one wants my product.
But, I now know this about myself and so I just power through the doubts. I have promised myself to get my idea as far as I can. My husband is very supportive too which helps.
I have been meeting with a local business adviser through a service offered by the local council. It's taken the scariness out of a lot of it and made it seem manageable. Does your local council offer anything similar?
Meeting with a business adviser means that you plan steps to take to move your business idea from an idea to a reality. It's less scary that way.
I remind myself that I'll probably regret the things I don't try more than giving this a whirl and I really want to work for myself. My children are small and I work full time. DD1 starts school this year and I want to be able to pick her up and drop her off. At the moment my career doesn't allow that flexibility. I have an hours commute each way, the DDs cry when I leave them, I spend the day tinkering with spreadsheets and going to long meetings and then come home to see the DDs for an hour before they fall asleep. So my motivation comes from knowing why I want to start up.
Why do you want to start up?
I remind myself that I'll probably regret the things I don't try more than giving this a whirl - this is very very true.
I don't know why I want to start up - I think it is so I can sculpt my own job as I want to be able to use my creativity, organisation skills and feel like I've achieved something of my very own. I would love to have built myself up so that when i have children i can be flexible for all the reasons you described, Kettle. It's just something I really want to do!! But the risks, oh the risks!
Ok, what are you risking? Have you looked at your business structure to minimise risks? Ltd company? Is there demand for your business? Your not planning to open a small supermarket next door to your local Tesco are you?
I had a brief spell of working for myself and although I didn't like the work (long story) I loved the freedom of deciding my own direction and then when I had clients I loved making a difference to their lives.
I have a little day dream of a little office at the bottom of my garden and my daily commute after dropping DD1 at school and DD2 at nursery is to wander across the grass carrying a hot cup of tea
kettle - that sounds a dream! I would love to be an artist and have a garden studio but realistically art will always be a hobby!
I always thoroughly research my ideas, write a detailed business plan and create a complex spreadsheet weighing all of the costs, profits demands etc. And tbh I think i am more worried about failing - and being a failure - than losing the money in some ways. I have just (yesterday) bought a catering van though and really want to make a go of that! (I kind of just closed my eyes and jumped!)
Yay! Funnily enough DH and I were looking at catering vans yesterday - talking about having a quirky one to take to festivals. Bit too tricky with the little ones though
What kind of food are you going to do?
I think it could be a really good business!
I love the idea of a quirky van at festivals. Would work brilliantly at those kind of events!
Not sure what kind of food yet. I strongly attracted to a "monster" brand (nice monster, not the scary kind!) with Monster chips and Monster burgers and Monster brownies. All high quality ingredients, with lovely toppings. Chips would be fresh, hand cut and double fried. Burgers would be thick and handmade with fresh bread and homemade relish.
Made a test batch of Monster Brownies last night - gooey triple chocolate brownies with a scoop of welsh clotted cream and a drizzle of raspberry sauce.
My neighbours are my best friends at the moment (I made too many)
Can you pls tell me how much wud that sort of van cost? Also how much investment (money) wud one has to consider for food? I thought about it ages ago but wasn't quite sure what wud be the total investment like.
I really wanted to open a shop yen years ago, daydreamed and planned, even went on a few business courses. But, didn't have the guts to go for it.
Now, I have just turned forty, my kids are 12 and 14......and I have put my name down for a shop in September Scary and thrilling at the same time!
The reasons I'm going for it this time :
*it's a long time dream
*I am unfulfilled in my current line if work
* There are no jobs on offer anywhere and when i have applied, failed to get an interview
*I am old enough to ignore my DF's well meaning advice and horror stories
*I will create Saturday jobs for my kids
*i live in a deprived area which is receiving a lot of government help which means I will benefit from a refurbished shop, rent and rate free for six months then £50 a week.
They will provide me with shop fitting and a till, signage and help with marketing.
I can't afford not to do it!
Wow, that's amazing panadbois! Congratulations and good luck to you!!
I'm excited! but loads to do and loads to sort out before then. It has to come together though, there is no turning back. ( It has to work i can't afford it to fail, but i have a plan b in case)
You'll be a long time dead, go for it x
Yes, the organisation and sorting out doesn't emerge until after an initial investment does it?
I'm glad I was slightly niave to the workload - even before starting to trade - else that would have put me off.
Busy busy busy!
Panadbois - can I ask which area you are in? I also have a couple of business ideas but the investment risk is what holds me back (amongst other things which are less tangible..!)
Sounds like you've got a great deal and if it works out (which I'm sure it will given that you've held the dream for so long) it will be a great legacy for your kids as well!
To your new venture!
I'm in a flying start area of north Wales.
Today has been a day of WTF am I doing. I thought again how we're struggling now and I need £250 a week as drawings (proper business speak )
Cold sweat :-O
Mine is a very small venture, but I knew that if I wasn't careful I would do too much research, get too wrapped up in the things you are meant to do in advance of starting a business, and not ever get around to doing anything. I was offered a good opportunity, and as a result, just had to go for it. It means that I have done things a bit back to front, but it also means I have been able to be flexible and change direction slightly as needed. Mine was a low investment start-up though - I would have been more cautious if more money had been involved.
Find out if you're able to get any start up grants from your local council, DH got one to start his business plus free courses as, at the time, our postcode was in a 'regeneration area'.
When I started my business a few years later I didn't qualify for any grant as our postcode was no longer in the 'regeneration area'.
I worked full time whilst DH set up and established his business, then I saved up and left my job to set up my business and DH supported me for the first year.
If you don't try, you don't know, just make sure you've got a back up plan, don't let your start up costs spiral and if possible don't take out a loan to get started.
I work for myself and it's gone well.
A lot of people start whilst still employed and do it at weekends (if their employment contract allows that) and only once they are making decent money give up the day job. That can be a good precaution. If you can start something with very few overheads that can work well too as it is much less risk.
On the women who earn £1000 a day thread a few months ago a lot of them were in effect selling their brains - management consultants, IT consultants and things like that, selling some skill virtually no one else has so they can sell it at high value.
I started on my own when my part time activities in many fewer hours brought in the same as my full time salary. obviously that seems much less of a risk than in many people's cases and it's gone very well (20 years next year). 5 children. Goes well. Great fun.
I'd agree with the low risk, low cost, low overheads start up myself. It gives you a chance to develop gradually, and get to know the strengths and weaknesses of your business. I started as a single mum with a baby- that does mean I have the safety net of benefits, but am very time poor. If you don't have kids, you can work P/T while you start up.
I used to have a mobile catering business (and do temp jobs in the winter)- I'll warn you, it can be tough. Festivals and events can charge HUGE pitch rents. However, some community events can be relatively much cheaper. Research, research, research I'd say, and understand the importance of providing a slick image and doing your marketing.
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