1 week Ago By BY BRYAN GOLDEN Guest Columnist
I received the following letter from one of my readers: “I've been thinking about starting my own business — for years. I have read (again and again) a book about how to do it. I have done little in the four years since I registered my DBA.
In reading your column, I have realized that both fear of failure and fear of success are in my way. “However, what really seems to be holding me back is financial security. There is something about the “Steady-Eddie” paycheck and the unknown income from my own business.
In this economy, I'm scared to jump off the cliff. My intention would be to fly but I'm too scared to take the leap. Also, a lot of the research I need to do to see what the market is for this type of business is limited, since I'm working full-time.
Your thoughts?” My response: Starting one's own business is a dream for many. There are numerous benefits to being independent. There are also a lot of fears.
Is there a market for my business? Will I make it? Will I go bankrupt? What if I lose my investment? Am I making a mistake? Will I be giving up the security of a steady paycheck? Fear of the unknown is a normal emotion. Rather than becoming paralyzed by fear, turn it into a motivator. You conquer an overwhelming task by taking small manageable steps rather than becoming fixated on your destination.
As you take each step, your confidence will increase. Starting and running a business isn't for everyone. It requires commitment, desire, drive, and knowledge.
You have to be self-motivated and willing to do whatever it takes. But for those people who really want it, having their own business provides satisfaction and opportunity they can't realize as an employee. Investigating the market for your products or services is essential.
The more background you have, the better your chances for success. The internet is a powerful research tool that can be used to gather a great deal of information. Additionally, many local colleges and continuing education programs offer classes on starting a small business.
Speaking with people who own a business such as the one you want to start will also provide you with invaluable insights. To avoid the appearance of competition, visit businesses outside of the area you will be servicing. Any new business requires a certain amount of time before it becomes profitable.
Exactly how much time is needed is hard to determine and is based on a variety of factors. One common cause of anxiety and business failure is not having enough money to survive from inception to the point of profitability. Starting a full-time business while working full time is difficult.
The amount of energy required for your job, combined with what's needed for the business, can be draining. You have several options to ease the transition. You can work full time and start your business on a part time basis.
You can work part time while spending full time on your business. If you are part of a couple, your spouse or significant other can continue to work while you devote your efforts to the business. Another strategy is to save up enough money to start your business plus provide for living expenses.
An additional source of start up capital is Small Business Administration loans or grants. In desiring to start your own business, there are many successful businesses in your own town you can use for inspiration. Every prosperous business started with someone's dream.
So, if you really want to become a successful entrepreneur, you can do it also. To my readers: If you have a question or issue you would like me to address, please send it to this paper or email me at [email protected] .
NOW AVAILABLE: “Dare to Live Without Limits” the book. Visit www.BryanGolden.
com or your bookstore. Bryan is a management consultant, motivational speaker, author, and adjunct professor. E-mail Bryan at bryan@columnist.
com or write him c/o this paper. © 2025 Bryan Golden.
