Starting a small business can be a lot like looking at a mountain from far away, it seems like an amazing place to be but putting in the work to climb that mountain takes some time. It’s only natural to develop fears In different forms of self-doubt, the key to success is to overcome these fears. This article will go over five fears to expect and how to overcome them.
To succeed as a small business owner you need to acknowledge the fact that starting your own business is not going to be easy. It will require a lot of late nights early mornings and long weeks without weekends. Now that you’re your own boss you’ll need to act like one. Self-motivation is the key to getting anything done with your small business. The quickest way to fail with your small business is to have too much self-doubt. When you encounter different failures or challenges during your venture it’s important to develop a type of stoic attitude. Keeping calm amongst immense stress can be the key to keeping your small business running.
Fear of failure is a completely healthy and rational way to look at your business decisions, you don’t wanna make the wrong ones to force your business down into the dumps. However, letting the fear of failure consume you will not allow any creativity or action on the other side. Failure is sometimes the price of learning, You typically won’t have it right the first time, but through trial and error, you’ll develop a skill set and then eventually expertise in your field. You need to give yourself time in order to thrive if you focus on your failure that’s all you will have. If you look into your failures and find what you did wrong, or any other lesson that you can take away from the experience makes it truly not a failure.
Finances are of course a fear of running a startup. Especially if you are coming from a stable 9-to-5 that provides perfectly enough but in the end doesn’t provide enough happiness for your soul. A typical business plan won’t bring true profit until around three to five years. Luckily you may be able to turn around some profit in your first year, it is not impossible. If your current venture requires years of planning and build-up of capital for inventory, you may want to shift your focus slightly to a secondary business venture that has a quicker turnaround time to pay bills and give you the investment money needed. You may want to inch your way into the small business world by keeping your full-time job or backing it down to part-time. Just remember that starting your own business takes 100% devotion of your time and energy, so spending your days at a safe job may be exactly what’s taking away from your business’ success. Whether you worry about the finances to pay your own bills or to keep the business running, finances are a fear that holds a lot of people back, but remember, with necessity comes innovation so embrace the process and the struggle.
Letting your loved ones down
Letting the ones around you down can be a big motivator to make your business thrive and put in the work. It can also be a driving force that keeps you questioning your company and if you should pursue it or not. It all depends on the people you have around you. If you have supportive loved ones then you may not find much fear in this. However, if you have parents or significant others who think your business venture is a waste of time, and you should just go back to the working world of a 9-to-5 job, then you know how fearful it is to fail with your business. The key here is to keep your pride in yourself and in your business, you know what you’re worth and you know what your company can do, so it’s time to show it. Providing action to those who doubt you will make them begin to understand your company in a new light. Talk is always cheap, but talk about your business’ milestones is always sweeter. No matter the reaction you get from your loved ones take pride in your accomplishments no matter how small. You’re the one making all of this happen, you have the power to make it thrive and to make it successful. So never get discouraged or start to believe others when they say you can’t do it.
The competition in your sector could be vicious or it could be nonexistent regardless competition can way heavy on your mind when you begin your startup. I’ve run into it multiple times with ours, looking at other people who’ve already been established for years and have the platform and the customer following base. It makes it seem impossible to get to their level from where you are right now. However, there are lots of things you can learn from these companies that are already established. Be it marketing trends, sales strategy, product development, web design, etc. You can develop an image in relation to theirs because you know that their way works. Of course, you never wanna take anyone’s ideas however you can draw inspiration, guidance, and confidence in knowing that your business idea is worthwhile. The key here is to push past your fears of mediocracy, keep pushing up that mountain, and know that it’s a slow start. Look at these companies as one-sided mentors, the ones who are at the summit inspiring you to climb the mountain itself.
Getting Sick of it
Becoming burnt out is a very normal part of being your own boss. Letting it affect your drive for your own business venture can be toxic, it can be the beginning of the end for your business. You start your business more often than not because you love what you’re doing, so at first, it doesn’t seem like quotations “work”. However, as the weeks turn to months and subsequently into years, you may think you are losing your love for your venture when in reality you just need a vacation. Many people, especially in the food industry, will work day in and day out all year for their business to ensure its success. While it may be necessary, you need to plan a way for your business to run itself after a while. If not entirely at least the parts that you don’t like to deal with. Tired of keeping up with the books? Grab an accountant. Sick of running the kitchen on weekends, hire a reliable chef. There are ways out of your own business, and you should never feel trapped by your own creation. Remember why you started this business, to do what you love and to have the freedom to do it. Whether its the fact that you have been doing more paperwork or networking then the thing you love, or you’ve just been doing it too often, remember that self-care is the groundwork for a happy life and a successful business.
No matter the fear you run into, remember why it is you do what you do. What is your resolve? Stay true to your core beliefs for your business, and there is nothing you cant overcome. So stay strong, and remember there are so many people, including us that will help you along the way. We all have skills and resources to provide each other, so be sure to network and find yourself a group of likeminded helpful people. Something like our member community!