Starting your own business can be intimidating. Fear of the unknown is natural, but harnessing that fear and turning it into excitement is one of the best ways to make sure your entrepreneurial ambitions aren't held back. It may be hard to take the first steps toward launching your business, but as you get organized and prepare for what lies ahead, confidence will start to grow. Before you know it, you'll be ready to kick off your startup plans! Today, the Downtown Orlando Partnership presents a few ways to push through your fear and get started. 

1. Write a Business Plan

A business plan is a written strategy for your goals and how to attain them. It is a road map to guide you through the first few years and keeps you focused and organized. A well-written business plan includes:

• Executive summary: a concise document that includes your mission statement, a description of your products and services, and your funding plans.

• Company description: your registered name, location, key employees to hire, and business structure.

• Goals: what you want to accomplish. This section can explain to potential investors why you need funds and how you plan to use them.

• Product or service description: a detailed look at what you plan to sell.

• Market analysis: how your product differs from the competitors and how you can improve.

• Marketing and sales plan: your plan to attract and retain customers.

• Financial projections: how you expect to generate profit to repay loans.

You may choose to include images of prototypes or mockups in your business plan. In that case, change your file types to PDFs first because it is a stable file format that also compresses larger image files. This tool can convert to PDF online; simply drop in the image and the conversion tool will do the rest. You can then add the PDF to your document.

2. Select a Business Structure

One of the elements of your business plan is your business structure, and your choice will influence your daily operations, including your tax structure. While you have a number of options, a limited liability company (LLC) is a popular choice because of the legal protections and tax benefits, not to mention the reduced paperwork.

3. Set Realistic Goals

This step helps by giving you a specific path forward. It keeps you from floundering and wondering which direction to take. When you achieve your goals, it increases your confidence. Your goals should challenge you while remaining attainable. Set deadlines and measure your progress regularly.

4. Redefining Failure

What is your idea of failure, and how does it define your business actions? If you fear failure, you're not alone. One way to overcome this fear is to look at failure differently.

For example, iIf you tried a new product that didn't generate profit, did you fail or did you learn something? If you improve the product as a result, then it is a success. If you determine failure is a lack of trying something new, you may feel encouraged to take action.

5. Overcoming a Fear of Success

Does fearing success seem strange? Many people experience success anxiety. You may be worried that if your company takes off, you will be unable to handle new responsibilities, alienate family and friends, or encounter criticism from others.

You can work through your anxiety. Start by acknowledging and accepting it. Consider its origins — is it rooted in an experience? If so, what can you do differently now? Next, think about what your life would look like if you didn't pursue your business goals. Will you have regrets? Finally, be kind to yourself. Use stress-management techniques and stay in touch with your feelings.

Don’t Fear the Fall

Confucius said, "Our greatest glory is not in never failing, but in rising every time we fail." Keeping this wisdom in mind as you pursue your business goals may help you find the courage to follow the success you deserve. Start by thinking through your business by writing a plan. This preparation will help you to make strategic decisions, which will increase your chances of success. You shouldn’t fear failing, but you should do what is in your power to prevent it.

Join the Downtown Orlando Partnership to get access to valuable resources that will help you build your business in our community!