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How To Take The Stress Out Of Launching A Business

The COVID-19 pandemic has caused individuals across the world to deal with financial uncertainty – and with job losses and redundancy at an all-time high, it’s hardly surprising that the pandemic was also record-breaking in terms of the number of start ups formed in a twelve-month period. In fact, a recent study has found that 407,510 new businesses were launched in 2020.

For many, putting their entrepreneurial skills to the test during a global pandemic may seem risky – especially as it has led to the closure of numerous well-established businesses. However, thousands of companies have achieved great success during this time – meaning 2021 may be the perfect time to turn your side hustle into a fully-fledged business venture. 

Nevertheless, it’s important to understand that launching your own business is no easy feat. In fact, around 45% experience high levels of stress on a daily basis. This is due to the fact that running a company comes with a great deal of challenges and responsibilities. However, if managed effectively – there are plenty of ways in which you can take the stress out of running a business, leaving more time for success.

Here are some great ideas to get you started! 

  • Stress is one of the ways in which our body responds to pressure or uncertainty. Therefore, you can remove the stress from the situation by ensuring that you are well prepared and have a plan of action in place for when things go wrong. The easiest way to achieve this goal is by putting together a strong business plan

 

  • One of the biggest tasks you will face as a business is finding and retaining customers. After all, without customers, your business is doomed to fail from the start. However, building your customer base is easy if you know how to market your brand and stand out from the crowd. In order to do this, you must find your niche (i.e. a particular selling point that sets you aside from your competition). You should then incorporate your nice and USP (Unique Selling Point) into your market plan and advertisements. For example, you should ensure that it is referenced frequently on your socials.

 

  • While you may already have a brilliant business model under your belt, there are a lot of other factors that go into running a successful company. For example, there are various legalities you must uphold when running a company – especially in regards to contracts with employees and suppliers. This can be difficult to understand without a law degree or previous experience, especially when you don’t have the funds to bring in an expert. Thankfully, there are various companies out there, such as Legislate, who offer no budget legals. This means that you can streamline and better understand your contracting without having to put together a legal budget. 

 

  • Before launching your business, you need to ensure that you are a skilled and competent leader. While this does not necessarily mean you need to have previous managerial experience, it will definitely come in handy. Alternatively, you may wish to take on some leadership courses. By knowing what is required of a good leader, you will be better prepared for any challenges that are thrown your way and will know how to support your team in their daily operations. 

 

  • No matter what industry you work within, good communication between colleagues is essential if you want to succeed. Furthemore, it could also be the key to a stress-free work life. For example, enhancing your communication skills means that you are able to resolve any conflicts or disputes in a timely and effective manner, as opposed to allowing them to spiral. Furthemore, good communication across the board will allow you to cultivate a productive and welcoming workplace environment. 

 

  • In order for your business to grow and develop, you need to ensure that you continue to grow your customer base. As such, you should spend a significant amount of time working on your marketing strategy – and ensure that you update it regularly in accordance with current marketing trends. The more your customer base grows, the less you will have to worry about earning money and keeping your business afloat. 

 

  • When your business is in its infancy, it can be hard to get your name out there – which in turn, makes it difficult to introduce yourself to your customers. Thankfully, you can combat this in a variety of ways. For example, you could host a launch party and invite members of the local community to attend. This way, you’ll be able to meet customers face-to-face while ensuring that your business gains the traction it deserves. You could also introduce your brand to the international market by hosting a virtual event. This way, potential customers can join in on the fun no matter where they live. This could also be a beneficial move during the pandemic, where customers may be wary of crowded in-person events. 

 

  • Sometimes, a little stress is unavoidable – especially in the world of business. However, you can reduce the amount of stress you feel by figuring out what exactly is causing you to stress in the first place and putting together a plan of action that will enable you to move forward. For example, you may feel stressed as you feel as though your workload is too intense for one person to handle. This can be resolved by expanding your team, investing in time-saving technology, or outsourcing certain tasks. 

 

  • Remember that running your own business does not necessarily mean you run a business on your own. In fact, if you want to succeed, you’ll likely need a bit of help. As such, you should strive to expand your team as soon as it is financially possible for you to do so. When hiring new employees, keep an eye out for candidates who do the work that you cannot do or bring something new to the table. While it may be tempting to bring in those whose professional experiences are similar to your own, alternative mindsets and skills can help change the face of your company for the better. This is due to the fact that a change in perspective can help you come up with new creative ideas or resolve problems that you may have been dealing with for a while. 

 

  • Sometimes, we feel stressed because we feel as though our goals are too far away and that we will never reach them. However, it’s important to remember that there is no real timeframe for success – and just because another business may be performing better than yours doesn’t mean that your time is not around the corner. As such, you can reduce the stress associated with launching a business by learning to celebrate the journey as much as the end goal. For example, if you wish to reach 1,000 sales before the end of the year – celebrate each milestone along the way (250 sales, 500 sales, 750 sales) – as this shows that you are on the right path. 

 

  • Poor time management is another key cause of stress in the workplace. While it’s easy to get swept up in deadlines, particularly during busy periods, it’s important that you are able to manage your time effectively if you want to succeed. Therefore, in order to maximise your time, you should begin each day by putting together a list of everything you need to do that day. If you aren’t sure where to start, it’s better to begin with the biggest tasks (i.e. the one you want to do the least). This is due to the fact that our productivity levels are often signigantly higher in the morning. 

 

  • Find as many ways as possible to improve employee productivity within the workplace, as increased productivity is often associated with lower levels of stress. This is due to the fact that they will be able to complete their tasks in a timely and efficient manner, as opposed to leaving things until the very last minute. Thankfully, there are various ways in which you can boost productivity. For example, you can ensure that all tasks are delegated fairly, support teamwork and collaboration and provide them with incentives and awards for a job well done. 

In short, there are various steps you can take to take away some of the stress from running a business. However, it’s also important to remember that stress is sometimes unavoidable – and that the best solution to the problem may be to give yourself a break. This gives you the chance to relax, destress and return to work the next day with a clear mind and fresh perspectives. You should use your stress as a motivator, as opposed to allowing it to control you. 

 

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