Whether you’re starting a new business or expanding your existing one, fear comes with the territory. Unless you’re like, a sociopath who is unable to feel emotion, anxiousness and nervousness are to be expected. What can you do to combat it? Face it head on and realize you’re not alone! Here’s a roundup of some common fears of starting a business and how to deal.
1. Not Knowing Where To Start
Starting a new biz is major and can be overwhelming.
It is definitely challenging sometimes to know where to begin.
You’ve got to have an even balance between planning and action.
I recently saw a graphic that described the difference between “entrepreneur” and “wantrepreneur.” Entrepreneurs take action while wantrepreneurs just think about taking action. If you fall into the “wantrepreneur” category, I want you to take a step forward to becoming an entrepreneur!
THE FIX:
Work backwards. Identify your big goal, then break it down into smaller microgoals. Whereas big goals can cause us to feel overwhelmed, focusing on these microgoals can prevent burnout and encourage progress.
THE FIX:
Work backwards. Identify your big goal, then break it down into smaller microgoals. Whereas big goals can cause us to feel overwhelmed, focusing on these microgoals can prevent burnout and encourage progress.
2. Not Having Enough Expertise
Guess what? If you’ve never done it before, there’s no way you can be an expert at running your own business.
Even if you’re well seasoned in business ownership, or even if you have your MBA, there are always things to learn.
When I first founded Dinosaur Stew as a website development business, I was nervous because it had been a while since I’d done any coding, not to mention I knew absolutely nothing about doing business taxes, advertising, and so on.
The beauty of it is that you don’t have to be an expert in everything right off the bat.
THE FIX:
Know that you’re gonna learn as you go along. Identify resources to help you fill in the gaps. And, realize that “imposter syndrome” is something that affects even seasoned business owners and people well into their careers!
3. Running Out Of Money
The cost of operating a business, even something small like a solopreneurship, can be more than a lot of people realize.
Starting a business requires a certain amount of money up front, and may require careful budgeting, saving up for a while, or even taking out a loan.
THE FIX:
PLAN AHEAD and don’t jump into business ownership without knowing what you’re getting yourself into. Make a budget for your start-up costs as well as your expected monthly revenue and expenses, and make it realistic. Don’t guess at what operating expenses will be: get hard data and exact numbers.
This will definitely help you from encountering any surprises 6 months after you launch your biz and your bank account is like, “Umm….what’s going on here?”
4. Not Attracting Clients
This is a toughie. If you don’t have clients, you don’t have any business, and if you don’t have any business, you don’t have any money. Unless you’re already super established, you might not have people beating down your figurative door ready to buy what you’re selling. This is why we have marketing.
THE FIX:
Develop a smart marketing plan — and actually put it into action. Consider pre-launching to build momentum and gather people interested in your business before you launch.
5. Not Having Anything Anyone Wants To Buy
This sounds kind of obvious, but creating value for your clients or customers is key. To do that, you need to know who your ideal client is, their pain points, and their triggers, and most importantly, what type of product or service will appeal to them and will be something they actually wanna spend their hard earned dollars on.
THE FIX:
Do the research BEFORE you launch your business: know your target audience inside and out. Test your product or service with a small amount of people before offering it to the general public.
6. Not Being Able To Handle Everything
On the flip side, what if you attract so many clients and are doing so well that you can’t keep up with everything?
It probably sounds like a dream, but it can be a valid concern. Growing and scaling your business can be difficult when you’re not prepared.
THE FIX:
There’s not a one-size-fits-all solution for growth and scale, but in general, make sure you are building your business with smart foundations. Work on putting processes and workflows in place that are easy, straightforward, and help you accomplish your business tasks quickly and efficiently.
7. Taking The Leap, Failing, & Feeling Like A Fool
I mean, is there anything worse than putting all the time & effort into starting your own business, telling everyone about it, and then….nothing. You run out of steam, and you’re embarrassed for even trying.
A whopping 80% of new businesses fail within their first year (“OMG, don’t tell me that now!” you’re probably thinking). But, a lot of those 80% business owners didn’t plan well: they didn’t offer value to their customers, they don’t know what the heck they’re doing with their money, they priced their product in an unprofitable way. Don’t be like them!
THE FIX:
First, plan well. Second, don’t look at success and failure in such an all-or-nothing way. If your goal was to get 100 clients your first year but you only got 65, is that a failure or a success? Many would consider that a failure, but it sounds like you’re doing something right. Take action, evaluate, and make changes where necessary.
All of the aforementioned fears of starting a business are very real. I get it! But they’re also totally normal. And trust me, some kind of anxiety will always be floating around somewhere in the back your brain…even if you’ve hit success and are doing well. But let go of your fear as best as you can, because you got this! Remember, you can’t succeed if you don’t try. If you never chase your dreams, you’ll never catch them.