At first, this may seem like a generic question but I feel some of us do not come from a background of their family running a business, so the risk associated with setting up shop on your own seems like a major risk, if you experienced this, How did you overcome this and start your own business?
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Pff superr confident. But the problem is that my self confidence was always very high. Just curious how it will be for me end of 2024. When i need to find a new project😅
My first small business, a wedding video company run out of my home I was very confident. I knew the field, had very little downside if I failed.
My first big risk was buying a retail store. That was a different story. I risked absolutely it everything in order to buy that store and it was rough the first year or so. But now, 16 years later, I’ve become a serial entrepreneur. I’ve bought and sold and started a few other businesses along the way. Still own 4 of them. About to buy another one and have very little worry. Everything makes sense and the real estate is worth 90% of the purchase price.
Overall, you need to trust in yourself. You need to work harder than you’ve ever worked, make smart choices, hire good people and take care of them.
I had great confidence, even as I watched it burn. My first business failed. So did my second one. And my third one. My fourth business made me the high end of six figures, which jump started my fifth business.
I was not at all confident, I am a techy at heart which means I am rather introvert. To compensate for that I basically just surrounded myself with people that have what I lacked, and slowly but surely I started getting the hang of it. I partnered up with a couple of people and even though those businesses failed, I saw how it gets done and how risky people get. Because of this I realized I can do all of that but more calculated and risk free. Nobody in my family has their own business but I now run several successful business online and I have started a few family businesses with my wife on the side as well. It’s ok to fail if you learn from it
I think the best approach is to try to stack the odds in your favour. Keep costs down, spend a lot of time with customers so you know their pain points and then just get started when you see the window of opportunity. Grab it and start moving forward - one happy customer at a time…
I was beyond confident haha. Still am but confidence doesn’t really go anywhere…
How’s it going tho?.. Kinda bad-ish. I manage a few corporations and those are doing okay, but my own, I really need to focus on. I finally got my websites kinda fixed up, and I also moved a lot of skills and businesses into their own names instead of all under 1 name. That has really helped me because having it all under 1 was getting me… Frustrated
Now the problem is finding clients. My services are very per client and chasing each client has been a hurdle for me. I’ve decided to try cold leads with some sales representatives, we will see how that goes… Maybe some appointment setters, idk
Wish me luck!