Overcoming the Fear of Starting a New Business in Kinston-Lenoir County

Are you thinking about starting your own business? Congratulations! This is a very exciting — and also very scary — time. It's normal to feel afraid when venturing into uncharted territory, but don't let your fear hold you back from achieving your dreams. Here are some tips from the Kinston-Lenoir County Chamber of Commerce on how to overcome the fear that comes with starting a new business.

1. Do Your Research

One of the best ways to overcome your fears is to arm yourself with knowledge. When it comes to starting a business, that means doing your research and learning as much as you can about the process. What type of business do you want to start? What are the legal requirements for setting up this type of business? What are some common challenges that businesses in this industry face, and how can you avoid them? The more you know about what you're getting into, the more confident you'll feel about taking that first step.

2. Put Together a Solid Business Plan

A well-thought-out business plan will give you a roadmap to follow as you start your business. This document should include your goals, strategies, and financial projections. Having a clear plan will help you stay focused and motivated, even when things get tough. It will also make it easier to get funding from investors or lenders if you need it. Not sure where to start? 

3. Choose a Business Structure

When starting a business, it's important to choose the right business structure. The type of business you operate will determine which legal structures are available to you. For example, if you're starting a sole proprietorship, you'll be the only owner and can make all of the decisions. If you're starting a partnership, you'll share ownership with one or more partners. And if you're incorporating your business, you'll create a separate legal entity that will have its own employees, shareholders, and assets. 

Each type of business structure has its own advantages and disadvantages, so it's important to choose the one that best suits your needs.

4. Find a Mentor or Support Group

Starting a business can be a lonely experience, so it's important to build a network of supportive people who understand what you're going through. See if there are any mentorship programs in your area for entrepreneurs, or join an online group for startups. These groups can provide valuable advice, resources, and moral support when times are tough.

5. Market Your Small Business

Marketing your small business can seem like a daunting task, but there are a few simple steps you can take to get started. First, think about your target audience and what kind of message you want to send them. Then, choose the channels that will reach them most effectively, whether that's online advertising, direct mail, or word-of-mouth. Once you've decided how to reach your customers, it's time to start creating content. 

Write compelling copy, design eye-catching visuals, and offer value that your customers can't resist. And learn how to convert file formats so that you can create and edit content in a flexible program and then save it into a more stable file type. This is how to convert PDF to Word for the editing portion, since Word is easy to manipulate. Then, you will reverse the process to turn the file into a PDF again, which will hold its formatting across multiple platforms.

In the end, don't forget to track your results so you can see what's working and adjust your approach as needed. 

6. Accounting

Maintaining accurate records is essential for any business, but it can be especially challenging for small businesses. With so many moving parts, it can be difficult to keep track of where money is coming in and going out. As a result, many small business owners choose to outsource their accounting needs. This can be a great way to ensure that your finances are in order and that you have the most up-to-date information at your fingertips. 

However, it is important to carefully vet any accounting firm that you work with. Make sure that they have experience working with businesses like yours, and get referrals from other small business owners who have used their services.

Conquer Your Fears

Starting a new business is an exciting—but also scary—prospect. If you're feeling afraid, remember that this is normal and there are things you can do to ease your fears. Do your research, put together a solid business plan, use free tools that are available to you, and find a supportive network of people who understand what you're going through. With these steps, you'll be well on your way to achieving your entrepreneurial dreams.

Membership in the Kinston-Lenoir County Chamber of Commerce offers invaluable benefits to entrepreneurs in our community. Join us today!