Taking the plunge to start your own business is not for the faint-hearted.

But if you’ve done all your research, identified your niche market and have a solid business plan in place, then it might be time to take that leap of faith and just go for it.

Read on to find out what some of the most common fears are which prevent many would-be entrepreneurs from taking this huge step and how to beat them.

The unknown

If we knew the outcome of every decision we were asked to make before taking action, frankly life would be somewhat boring.

The unknown may seem scary at first but you can turn this round and think optimistically – what if it turns out to be the best decision you ever made?

The unknown can be managed by having all your plans nailed down and having safety nets in place should something unexpected happen during your launch journey.

Running out of cash

This one is crucial.

Failing to plan is planning to fail and letting your cashflow get out of control isn’t an option.

Budgets must be stuck to if you want the new venture to get off the ground before you start to make any clear profit.

Alternatively you may also have the option of consulting a small business coach or mentor for advice on how to manage the cash you need to inject to get things off to a strong start.

Taking on too much

In your efforts to make a success of your new career managing your own business, you could fall prey to wanting to do it all and micromanage every little tiny detail so you know it’s done to your own standards.

Taking on too much and overwhelming yourself could lead to you needing to take a break and putting your plans behind schedule.

Accepting help or asking for some isn’t a failure and loyal friends and family who want to see you succeed will only be too happy to assist in helping you achieve your dream.

Self-doubt

There are bound to be moments of doubt somewhere during your journey.

Being overconfident can be detrimental to success so embrace your doubt but channel it in a productive manner – obtain qualifications, be zealous in research and use your doubt to push you forward.

Remember why you’re doing this and focus on your end goal when this attack of nerves strikes.

When you achieve your success you’ll look back and wonder what you were ever panicking for.