Starting a business can seem daunting. However, you shouldn’t let these fears hold you back – especially if you’ve got a business idea that you’re passionate about. Denying yourself the opportunity to start a business could be a decision that you live to regret. It could be a chance to work under your own terms and live a happier (and potentially wealthier) existence.  

There are four common fears that tend to hold people back from their entrepreneurial dreams. Here are those four fears and how you can overcome them.

‘I can’t afford to start a business’

Starting a business doesn’t have to be expensive. In fact, the internet has made it possible to start a business with practically no funds. You don’t need an office or a shop – you can provide your services or run an online store from home. Some people even set up restaurants from home.

Many forms of marketing such as email marketing and social media marketing can be DIYed for free. You can even build your own website cheaply using a platform like Squarespace or WordPress. Both platforms require no coding knowledge, although they do have their own benefits – it’s researching the pros and cons of each platform online. Buying a domain name may be the biggest expense and these days this can be done pretty cheaply.

Even if you do need to acquire specialist equipment or applying for expensive licensing, you can always fund your business with a loan. Many of the most successful businesses were started by borrowing money. There are lots of lenders out there to choose from – it’s worth comparing interest rates to get the best deal.

Another option could be to seek funding from an investor. An angel investor may be able to give you a sum of money in exchange for shares in your business profits. There’s also the option of crowdfunding, which involves seeking investment from multiple people. Unlike a business loan, investment won’t leave you in debt, however you do need to have a strong business plan to gain the trust of investors.

‘I have no business skills’

Some people are afraid of starting a business because they don’t feel that they have the necessary skills. Such skills could include marketing, bookkeeping or managing employees.

While these skills are necessary, there’s no reason why you can’t learn them. Some people are able to learn them on the job, but if you’re not this type of person, you could always consider taking courses before starting a business. There are short courses available in everything from bookkeeping to digital marketing. You can also attend workshops and seminars, read books, read blogs and pay for professional advice.

There may even be the option of outsourcing skills, which is something many successful business owners do. You can’t be a jack of all trades – outsourcing allows you to hone your strengths while letting others manage your weaknesses. Accounting is an example of a skill that is commonly outsourced. By paying an accountant to handle your books, you don’t have to educate yourself in the intricacies of tax. A few others skills that are outsourced include IT management, writing legal contracts, marketing and HR.

‘There’s too much competition’

Competition can be a good thing in business. If another company is already successfully doing what you plan to do, it could be a sign that there is a need for your chosen trade.

Competition is also great for research. You can see exactly what tactics these businesses are using and you can reproduce the strategies that work, while skipping the strategies that don’t seem to be working.

Of course, you don’t want your business to be an exact copy of another company in the area – not only may you fail to stick out from the crowd, but you could also get into legal trouble. This is why you need to find a USP. This need only be a small detail that differentiates you from all the other competitors out there whether it’s a unique product, your style of branding, your pricing or the specific types of consumer that you appeal to. Research into what all your competitors are doing and try to work out what each of their USPs are.

In order to compete with already established businesses, you may want to first market yourself as a independent budget-friendly business. It’s worth using your network of friends and family to find your first customers. Focus on trying to get positive reviews and testimonials that will help to gain people’s trust – a lot of consumers are willing to try out small businesses if they have a good reputation.

 ‘I don’t have the time to start a business’

You need to be able to commit time to a business, but like anything in life that you’re passionate about, you can work out a way of making this time.

Quitting your job to start a business from scratch can be a big risk and so many business owners initially continue working for an employer while using their days off to start their business and get the ball rolling. Once all the tools and structure is in place and you’re starting to attract customers, you can think about going part-time or quitting your job completely.

If you have family commitments, you may have to consider booking babysitters for an hour or two a week or focusing on business planning in the evening while the kids are asleep rather than watching your TV. It will be difficult at first, but once your business takes off and you don’t need to spend as much time planning, it will be worth it. 

The great freedom of starting your own business is that you get to set your own hours. If you have too many commitments one day, you can take the day off.