How to Start a Business When You Lack the Confidence to Go it Alone
Starting a business may be something you’ve wanted to do for a while. But taking this leap can seem incredibly daunting if you’re going it alone. Luckily, there are a variety of ways to limit some of the personal risk of starting a business by yourself.
Find a Partner
According to Moneycrashers, finding a partner is one of the best and most obvious ways of mitigating the risk of starting a business on your own. As you look for a business partner, make sure to go in with someone you really trust.
Starting a business not only entails a lot of risk, but it also entails a lot of reward. You want to go into this scenario with someone who has a lot of integrity. You want someone who you can trust to not duck and run if things go bad and not cheat you out of profits if things go great.
Start a Franchise
Starting a franchise is another great way to start a business without having to do everything from scratch. When you start a franchise, you are able to lean on their already-established brand credibility and built-in customer base. Do research on your area to decide on the best franchise to try and build. According to Franchise Gator, franchises do have some royalty fees involved you should be aware of.
Don’t Quit Your Day Job
Another great way to mitigate some of the risk and stress of starting a new business is to do it part-time. According to Menabytes, when you start a business from home and are able to manage it from home or after hours, you can still maintain your current job and not risk having no income.
If you decide to go this route, think carefully about your expectations—are you hoping that your business will expand to the point where it is sustainable and you can quit your job? Or are you hoping for it to stay something on the side that brings in some added income? Thinking about these questions will help you build a better business plan.
Building a business takes a lot of work, risk, and investment on your part regardless of the route you take. Be prepared to sacrifice your time and your own personal resources. Even though there are ways you can make the risk of starting a business more manageable, you can’t eliminate them entirely.
Read this next: What You Need to Make it as a Solo Entrepreneur
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