If there’s one thing certain in starting a business, it would be the fact that it’s full of uncertainties. You’re never sure what the business landscape will look like in the next years. You don’t know if your idea will be a hit to consumers. You can’t even tell if you’ll be able, health-wise and skill-wise, to sustain the business you want to start.
But all the same, getting into business is a rewarding endeavor. If there’s one thing uncertainties do to good entrepreneurs, it’s inspiring them to push through regardless of the costs and against all odds. You don’t back away from the unknowns; you deal with them head-on.
If you know you have the fight in you but don’t know where to start, here’s how to manage uncertainties when starting a business:
1. Bet wisely
Gamble in small increments. When you start small in the business, it won’t be as heartbreaking as it’s supposed to be if the business goes flop. Take a cue from people who are trying to break into the fashion industry.
Instead of launching their own business idea, they try their hand first at a retail clothing franchise. It’s a relatively less risky bet than building the business from the ground up. What’s more, opportunities such as this have very budget- friendly starting costs that people are comfortable using their personal savings.
Another route starting entrepreneurs take is maximizing online platforms. Instead of building or renting a physical store, which would cost a lot, a big gamble at that, people try to sell their products online, through a social media page or a website. The principle here is to start small when investing, then grow it from there.
2. Have a solid plan
The reason uncertainties are overwhelming isn’t entirely because you have no clue about what will happen, but more so because out of the many things that can happen and that you can’t pin down what it is exactly you’re going to go through. There’s only one way to overcome this kind of fear: write.
List down different possibilities and outcomes of your endeavor. As you lay these down and see everything, you can now take a defensive position, preparing for such, drafting your plan B, C, D, and so on. Try to learn then as much as you can about the industry.
Research and see historical trends. Consult seasoned entrepreneurs. With a plan and back-up plans, you can now be more confident in diving deep into your business.
3. Build your community
When self-doubts kick in at the face of uncertainties, the people around you could make or break your business. It’s important then to surround yourself with a community who have the best interests for your endeavors.
When laying down the foundations of your business, having the key people in your team is crucial. You should at least have an accountant, a lawyer, a marketing specialist, and a mentor right at the beginning.
When you’re able to get the commitment of these professionals on the work you do, they will help you keep your business afloat. So, be especially picky when getting people for your team. Look for those who possess the same values as you. Cultivate good relationships with them. Share your vision. Make sure you’re on the same page.
Again, there’s nothing sure in business. But that doesn’t mean cowering and backing down from the challenge. If anything, this should make you all the more fired up. Tackle uncertainties with confidence with these mentioned strategies.