Attempting to form your own company can fill you with financial and personal worry. These are reasonable concerns to have; research shows that over 18 percent of small businesses fail within their first year. Luckily you can mitigate these fears with proper preparation and the use of available assistance and resources.

Have a Plan

Starting a company is an uncertain endeavor, especially with the volatility caused by recent events, but having a plan will give you guidance and decrease anxiety. Uncertainty breeds anxiety, so knowing exactly what services you'll provide, how much funding you'll need and where every dollar goes, how your company is structured, and what profits you can reasonably expect will help to keep your fears in check. Investors will be impressed, too. A solid business plan will make you and any potential sources of funding considerably more comfortable moving forward with the project.

One of the most crucial aspects of your business plan is deciding how to structure your company. An LLC in Idaho is a good option for most entrepreneurs, as it offers protection of your personal assets from business litigation and provides tax benefits. An Idaho S corporation makes more sense for those who want to see self-employment tax savings and the option of claiming business losses as tax deductions. Some online research will help you decide whether an LLC, S corporation, or another business entity works best for your situation, and an online formation agency can take the sting out of filing the necessary paperwork.

Brand Your Business Early

To give yourself and anyone who might want to contribute to your goals more faith in the business, consider creating a logo to put on advertisements and documentation. This is best done earlier, as having a consistent brand icon as far back as your first business plan draft will give your organization credibility others could only hope for. Making a logo is the easiest it's ever been, with logo design tools allowing you to customize every aspect of the insignia and download a high-quality file of the final product.

Make It Easy on Yourself

It's perfectly normal to be hesitant to put all your eggs in one basket. Leaving your current job in the hopes that your business will be successful can seem like a reckless risk, knowing that if the company fails, you'll be without income. Consider starting small and kicking your business off as a part-time side hustle. Getting a bit of additional income while learning the ropes will make you far more confident when it's time to open fully.

Even the most successful entrepreneurs need help at some point. Finding a mentor, whether that's someone in your industry who is accessible and successful enough to show you the ropes or a personal friend with greater business acumen, will give you a support system you can lean on. Learning from your mentor's successes and mistakes will save you from having to take many gambles of your own.

While your project may need to take up a considerable amount of your time and energy, it's important to allow yourself to rest when you need it. Burnout symptoms such as loss of focus, irritability, or increased anxiety will not help assuage your fears. Focus on some of your more relaxing hobbies when you feel the stress of entrepreneurship is becoming too much to bear.

Spread the Word

You'll be far less nervous to start your new business knowing you have a solid customer base waiting to access your services. The best way to attract this clientele is through effective advertising. Flyers can be printed and distributed fairly inexpensively, or you can take out space in a local publication. Online ads can be targeted to any demographic you choose and can even gain you international business if your company has an online store.

As anxiety-inducing as it can be to start your own business, it is a great way to pursue your passions while still making an income. Taking the time to learn and prepare will make the project less stressful and more easily accomplished.

Join the Meridian Chamber of Commerce to connect with other local entrepreneurs and access business-building resources to help your company thrive.