The Stress of Start Ups

April 15, 2020

Starting your own business can be an incredibly stressful time. Whether you are venturing out with an idea that will generate its own demand or simply spotting a gap in the market where you think you can do something better than those currently in the market, both are very stressful. Often the biggest step is taking the plunge! In a lot of cases, this may well involve quitting your nice stable job with its monthly salary and normal working hours, subsequently entering into an unknown world of being your own boss wondering when the next client will sign on. Thankfully there are some steps that you can take to mitigate this stress. After all, knowledge is power and it is a fact that the unknown is much more intimidating than the known. So before you quit your comfortable job to venture out on your own, tick these boxes and you may well sleep a little better during the initial stages of starting your own business.

Research

Make sure you know the market that you are entering. Do your research so that you know exactly what your future competitors are currently doing, their prices and how you will beat them. Research is followed by analysis and spotting where some companies are going wrong is crucial in the inevitable arms race of beating companies in pitches. So, know everything, and be honest with yourself. What is the exact figure of your projected overheads? How many clients will you need to secure within a certain timeframe to stay afloat. These sorts of figures give you targets, and targets are essential to hit during the early days.

Second Opinions

This is very much a follow on from research. Get some second opinions on your idea. There are a number of ways you can go about gathering this valuable data. The first is obviously ask your friends, family or trusted colleagues. Although you run the risk of getting a slightly biased opinion, they may well want to encourage you. The other option is using a market research company to see what people who don’t know you say. In this way you can get relevant data and be very specific in the questions you ask in your survey. Most of this can be done online with sites that have a database of people that can be screened according to your preferences. According to bitcoin loophole, unbiased opinions are key, so ask as many people as possible what they think of your proposed business and whether it would be a viable venture.

Don’t Rush into it

All of the above will prevent this (or should prevent this!). You need to take some time away from work to really consider what you are proposing with your new business. A holiday is perfect for this as getting caught up in the moment is not something you want to do. Leave it a few weeks (or months), do the maths, research, get second opinions, and if it still looks like a really good idea then go for it. You’ll never know until you do it.

Finally, try to remember that worrying about things rarely helps. Take an analytical view on things and trust the numbers

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