Financial problems can be stressful for everyone, but for entrepreneurs who have had setbacks in the past, it can be particularly difficult to venture back into the world of business. The hesitation to move forward with a new plan is understandable, but with careful strategizing, it can be perfectly safe to do so. Starting an online business can be a great way to go back into a business mindset with relatively low overhead.

At PrettiPassionate, we encourage you to follow your own passion and create a business that makes your dreams come true. Here's how.

Starting Over With Caution

Entrepreneurs can start over and make it work, yes, but it will feel less risky to start over with a cautious plan in place. Create a growth strategy for your business; map out your plan in as much detail as you can, starting with a low-risk first year and gradually expanding as your business grows. You can develop your own plan or hire a consultant to assist you if it feels like an intimidating process.

Starting out slow may mean taking fewer risks during your initial year of business. You may decide to opt for low-risk funding options and, if your business is suited for it, keep expenses low by basing the business out of your home. The cost savings of a home-based business may allow you to expand your products or services and pocket more of your profits. If you do opt for a home-based business, your success will largely depend on your ability to draw in customers through your online presence.

Drawing in Customers Online

With a home-based business, an online presence is crucial, but even if you have a brick-and-mortar shop, you can better meet customer needs if you have online accessibility. There are many ways to create an online presence, but the most important is to build a website. Strive to create a user-friendly professional website that clearly outlines your products or services and offers multiple points of contact for potential customers.

The easier it is for customers to find you, review your products, order, or contact you with questions, the more likely you are to make a sale. Meet customers where they are — in the digital landscape, you can meet them in their own living room through social media. It may be worthwhile to consider hiring a professional to develop an online ad for your business. You could also opt for ad spots on popular YouTube sites with adjacent interests or create your own YouTube channel with content that is relevant to customer needs. Concentrate a lot of time and energy on branding as a regular aspect of business — especially in your first year as this is your introduction to the world.

If you remain apprehensive about starting over as a business owner, consider the source of your fears. You may feel as though you are not prepared or need to learn more about business operations to be more successful in your future ventures. There are many options for entrepreneurs to brush up on skills or earn a degree.

Expanding Your Skills

Whether you opt to take a few courses in business management or decide to invest in yourself further in the process and go for a degree, expanding your knowledge and skills and building business acumen is always a smart move. Online classes offer an easy way to continue your education while running your business.

As you explore online degree options, there are a lot of choices available from business management and leadership to marketing. There are also financial aid options available to assist you in your educational journey, many of which offer deferred payback options. You may even qualify for grant funding.

Even if you have had financial setbacks and feel nervous about getting back into entrepreneurship, you can start over and create a successful business. With careful planning and strategy, your business ideas can take flight.

For inspiration and guidance, join the movement at PrettiPassionate today!