4 Biggest Fears For Small Business Owners (And How To Fight Them)
Owning your own small business can be scary. Really scary. Like, Friday the 13th scary. But although many of the fears associated with owning your own business can be frightening, they’re a reality that need to be dealt with. We’ve discovered some of the biggest fears that small business owners face, and how to confront them head on.
1. I can’t make money doing what I love:
It’s every person’s dream: do what you love to do – and get paid for it! But is it actually a reality? When there’s so much on the line, many entrepreneurs often feel the “too good to be true” fear start creeping in. You’ve left a steady, dependable job in order to pursue your dream – can you actually make money now? The important thing to do is to remind yourself that you have a solid business plan, superior skills, and experience, otherwise you would have never gotten to where you are now. Lots of people make money by pursuing their passion, so why not you?
2. Fear of the unknown:
Most small business owners are first time business owners as well, meaning they have no clue of what can pop up out of the blue. It can be terrifying just thinking of all the unknown problems that could arise from week to week. So how do you deal with that? Find an entrepreneurial mentor who has owned their own small business for a while. Your mentor has been around the block more than a few times, and they can share with you what you should actually be worrying about, and what you shouldn’t spend a second thought on. Try reaching out to someone you’ve worked with before via LinkedIn or other social networks – you’d be surprised at how willing most entrepreneurs are to help one another!
3. The insecurity of being your own boss:
Business always tends to ebb and flow, but when you’re just starting out at your own small business, a couple slow weeks in a row can be pretty alarming. It’s important to realize that slowdowns aren’t always permanent, and two slow weeks can always be followed up by two amazing weeks. If the fear of running out of money plagues you, try to build up an emergency fund to help with bills during slow periods of business and take control cash flow issues.
4. The fear of failure:
Pretty much every entrepreneur or small business owner has encountered the fear of failure at one time or another. After all, with so many different factors riding on your success (time, money, etc.), how can you not get a little scared from time to time? A slow week of sales, lack of engagement on social media, or some other “mini failure” can all lead to self-doubt. Just try to overcome your fear by using the failure to your advantage. Use negative feedback on Facebook or a missed sale as learning opportunities for how you can improve. Turn the fear into your gain.
It’s okay to have scary days in the world of small business – we all have them! Just remember these tips to face down your fears so you can focus on growing your business.