We’re back again with more from The Advice Corner!

Introducing…The Advice Corner!

We’ll be regularly sitting down with our team of skilled Business Advisers, picking their brains and sharing their knowledge with you right here on the blog. Our Business Advisers have helped thousands of women get started into the world of enterprise. From bakeries to bookkeeping, from hairdressers to handywomen – Businesses are their bag…So they’ve got a lot of advice to share with you!

Next up on the blog we hear from fantastic Senior Business Adviser; Huda Mamoun as she tells us how you can combat your fears around starting a business…

Huda is a Senior Business Adviser at The Women’s Organisation providing one to one advice, support and guidance for women starting up and developing in business. Huda previously worked in the legal profession and administrative roles within Universities and Colleges and have also worked in large scale regeneration programmes and community organisations.

So, let’s hear what Huda has to say about how to conquer your fear of starting a business!

When it comes to launching a business, oftentimes the fear factor prevents would-be entrepreneurs from taking the leap and turning their ideas into reality. Multiple factors constitute this fear, and the ultimate fear of failure can be overwhelming. But it doesn’t have to be!

When facing those challenges and strategizing your way around them, you’re removing fear and replacing it with courage, which in turn can provide you with some key opportunities and potential for growth.

Below are a list of some of the most common fears of budding entrepreneurs and a concise round-up of each to help you tackle these fears head on.

• Money
• Time
• Lack of confidence 
• Support

Money

It goes without saying that passion for what you do goes a long way, so with this in mind obtaining the sufficient funds to get your business off the ground will drive your determination to do so.

Personal savings, bank/venture loans and crowd funding are just some of the finance options available to allow you to meet all of your start up and running costs until your business becomes established.

Thoroughly researching finance options can help combat your fear of organising your finances and allow you to better understand what is available to you to help get things moving. Consider business start-up loans with low interest rates at 6.17% from banks or Government Venture Loans like Merseyside Special Investment Fund (MSIF), Start up Direct, British Business Bank and some others

 Time

The fear of not having enough time to run your business or not feeling like it’s ever the right time can both equally hold you back.  But you should probably tell yourself that it’s never going to be the right time, so delaying the process from fear of ‘the perfect time’ can perhaps do more harm than good. So, as long as you have everything in place such as sufficient funding, research, a clear marketing plan or strategy, and all of the other crucial bases covered, don’t let time hold you back.

When it comes to the fear or not having enough time to run your business, alongside your part-full-time job for example, enough ground work should bring to light how much time you will need to dedicate to your business to ensure its success. The best way tackles this fear is understanding your business inside out to best understand what is and isn’t possible.  Produce your business plan and work on capacity plan to achieve your goals.  Valuable support from an experienced business adviser at the Women’s Organisation can help you ascertain this. The Women’s Organisation also, provide Planning for Success one-day course which gives an overview about setting up and running a business.  This can be a best way to start the process.

Lack of confidence

Lacking confidence can be the result of several things, such as uncertainty around whether consumers will buy your product/service or a gap in knowledge and experience.

This is where research and utilising as many resources as you can will help equip you with the necessary tools to achieve success and combat your fear. Sufficient market research will allow you to establish whether or not there is a market for your product/service and if there is potential demand for it.

Additionally, finding the right information via a plethora of valuable resources, such as those available at the Women’s Organisation on business information, management thinking, and government initiatives will fill your knowledge gap leaving you feeling more confident.  Attending Be More Confident You day course at the Women’s Organisation will help you identify your strengths and opportunities and utilise yourself, goals and actions towards building self-confidence and achieving your target to start up in business.

Support

Knowing where to seek the right advice and support can be crucial, particularly during the start up phase and the first few months of trading. An experienced business adviser, coach or mentor is a great way to receive advice and they can share a wealth of business knowledge and experience.

They are bound to help you conquer your fear and you’ll be ready to hit the ground running with that additional support behind you.

The Women’s Organisation offer expert support and guidance, with a team of dedicated business advisers who have helped launch a multitude of successful businesses to date across Merseyside.

Visit The Women’s Organisation to learn more about how we can help you get started and turn your idea into reality.

• What skills do you have that can form the basis of a business?
• Can you see some form of opportunity from your existing
• work or occupation?
• Can you turn a hobby into a successful business?
• Could you run a home-based business?
• Can you see an innovative solution to a problem?
• Can you take advantage of new trends?

So! Some fantastic tips from Huda! If you’ve enjoyed this be sure to check back on the blog for more tips from The Advice Corner or you can subscribe and receive them straight to your inbox!

If you’re thinking about starting your own business, and would like to receive one-to-one support and advice from ourselves, get in touch with us! Email us on hello@thewo.org.uk or ring us on 0151 706 8111 to see how we can help you.