Scary isn't Dangerous
Hay bales stacked 10 feet tall, the sound of a chainsaw rumbling in the cool, LA night. Out pops a clown swinging an axe, laughing demonically.
God, I hate the whole haunted hayride, house, maze genre. I'll never understand why people pay money for this? But, there I was, peer pressured, again, to join in on the "fun". Paying to get scared. Here's the only thing of value to come out of that October evening: The realization that "Scary" isn't always "Dangerous".
Wait, am I in danger? Or am I just scared? The actors in the LA Haunted Hayride and Maze were paid to be terrifying. Blood smeared costumes, flashing lights, and loud, horrifying noises were a plenty that evening. All a part of creating an environment as scary as possible. However, under no circumstance could the actors touch the participants. That chainsaw, Bo-Bo the psycho- clown was wielding, didn't even have a chain on it. So the potential danger for physical harm that existed that night was relatively low, if in fact, zero. Many businesses never start because potential entrepreneurs confuse scary with dangerous. "It's too dangerous to leave a comfortable environment and routine. It's too dangerous to start a business in this economy."
Is it scary to start a business? Yes. Maybe you are comfortable with your job, income, and lifestyle. The idea of deviating from that comfort-zone seems thoughtless. But, just because starting a business is inherently scary, does not mean it needs to be dangerous. Make scary safe! We can eliminate a significant amount of danger if we prepare thoughtfully before we dive into the crazy world of entrepreneurship. You'll never completely eliminate 100% of your fear - change will always be a bit scary. But, what we want to do is make the "scary" feel as safe as possible by eliminating as much "danger" as we can. You do this by having a plan. Knowing what you want to do, where you want to go and how you are going to get there. Honesty is the best policy The first thing you'll need to do when starting a business and mitigate some of your fear, is to be honest with yourself. Will you be willing to sacrifice resources? And not just money. You'll expend energy, sleep, and valuable time with loved ones in order to get your idea off the ground. While you're in a self-reflecting mood, do a skill set self-evaluation as well. What are you good at? More importantly, what aren't you good at? Again, be honest with yourself. You'll want to lean into your strengths first, then eventually hire for your weaknesses. Is there a market? Next you'll need a better understanding of the market your product will live in. And where your product will fit into that market. What needs does your product fulfill for what customers? How is your product different from competition? Who are your competitors? How much market share is already spoken for? Locally? Regionally? Nationally? Where is the opportunity?
Know Your Blood Work.
This is an important one. You'll need to understand the finances of the business. How much money will be needed to launch? How much money are you willing to invest, and what type of runway will that give you? There are a number of ways your can generate startup funds. Small business loans, cashing out 401K's, borrowing money from friends, just to name a few. The first two steps, being honesty with yourself and putting the effort into market research can help you determine if your concept is even feasible and likely be needed to help you generate the startup funds needed . Dot your I's and Cross Your T's Once you've established that your business idea has potential, and you are willing and able to commit yourself, you'll need to decide what type of business to start and make sure any and all appropriate paper work is filled out and filed properly. Will your business be an LLC or a partnership? Do you know where and how to apply for a business license? Does your product need additional permits? Don't forget about tax forms either. Will you have a set schedule going forward to report and file quarterly taxes? Yearly taxes? How will employees be paid? 1099? W-2? All important questions that need to be solved prior to you opening up. I'd advise talking to an accountant and business attorney to aid you throw this process. And believe it or not, there are great online resources that can make this stage in the process pretty easy. B-Plan or Plan - B? Once you've completed the proper filing procedures you'll need to take some time to draw up an "unofficially", official, business plan. A business plan has two primary purposes. First, and foremost, it should be used to help run your company with a more cohesive vision. It is your roadmap. Secondly, It'll help you analyze strategies specific for marketing, sales, manufacturing, website design, etc. It should be a living document that you reference, change and update periodically. Here's a link to 10 free business plan templates: Business Plan Templates If you are planning on applying for any type of small business loan, you'll need one of these in place already! Time to face the music
You've solidified your concept, you've researched the potential, you know what you need legally and permit wise to start. You're equipped with a better idea of startup cost and strategy. So it's time to answer the question: Should you start your business? Hopefully, all of this work has lessened the amount of danger that exists in your mind. Or, perhaps, it's elevated it. That's ok. Either way, you can move forward with either starting your business or passing on it without the fear of something gruesome happening! Scary isn't dangerous. Dangerous is dangerous. Do the work to identify the difference between the two. #scratchmade #scrathmadetips #leader #ceo #motivation #motivator #entrepreneur #technopreneur #leadership #startup #smallbiz #smallbusiness #smallbusinesssales #dreams #hustle #passion #mentoring #coaching #inspire #ambition #beyourownboss #businesspassion #business
