As someone who has started multiple businesses, I’ve experienced what it’s like to be a part of a start-up multiple times in the past. From the fear of not having enough customers to my hesitance of whether people will like my product, I’ve been through them all!
And if you’re reading this, chances are that you’ve had the same worries. Since it’s the Halloween season, I thought it would be fun to offer some advice and address how to conquer the most common business fears of new entrepreneurs.
1. Not enough capital
People say that money can’t buy happiness but let’s be honest. It can open a whole lot of doors with the right amount in your bank account.
But let’s admit that there was a time (or maybe you’re going through it right now) that money is the one thing that’s stopping you from starting your business.
“I don’t have enough money to start everything.”
“I don’t think it’ll last me throughout the remaining months.”
“I’m not sure if I can blow $500 when I’m just starting out.”
While money can open a lot of opportunities, it can also be a huge roadblock for some.
But here’s the thing: You don’t really need a huge amount to be successful. The joy of having your own business is the process of building it. You start with something small and eventually, you cultivate it. What’s important is that you started.
Take a look at your wallet and take into account what you’re willing to invest right now so you can jumpstart your idea. Maybe it’s just a hundred bucks. Not a problem. That’s enough to start building your website.
2. Fear of failure
“What if I can’t really work for myself?”
“What if I’m sh*t at managing people?”
“What if I don’t reach my target sales?”
Well, let me throw the question back to you: What if everything goes right?
Remember that the chances of you failing is as high as the chances of you succeeding.
One way to conquer all these worries is to think about the worst possible scenario that might happen. From that thought, work backward and start taking little actions that will help prepare you in case it might happen.
More than anything else, know that you do you. You’re the one in charge of your brand and business. If you feel like everything’s not falling into place and it’s not exactly how you envisioned it, there’s always a chance to pivot. I’ve pivoted many many times in my +10 years of being an entrepreneur!
3. The instability of it all
Going out of business is one of the leading fears of SMBs. When you’re a budding entrepreneur, not having a safety net and doing everything on your own IS a scary thought.
But know that all these are normal. Even Louis Vuitton, Starbucks, and Disney started somewhere and they started small, without the assurance that it will take off.
Of course, telling you not to worry is easier said than done. One way to conquer your fear of the possibility of everything falling out of place is to build a solid network along the way.
You can never go wrong with cultivating a following and creating relationships. Not only does it make your business more meaningful (and less lonely) but it also gives you the assurance that you have someone to reach out to in case business is getting slow.
4. Scared of getting judged
You might have imagined or have been in this scenario at least once in your life:
You tell an old colleague that you’re starting your own ice cream business. You are so pumped up about it and you’ve even thought of various flavor combinations that people might like! …only to get a disapproving look in return.
No judgment from me here. I know how hard it is to get past the habit of always thinking about what others might think. We’re social beings. Of course, we’ll always be conscious of the things people say.
But here’s a wake-up call: has considering other people’s opinions served you well? While you’re busy worrying about catering to their approval, remember that you might be stalling YOUR growth.
My biggest tip when you are struggling with the fear of being judged: unfollow/block people who you fear are judging you. If they don’t show up in your feed chances are you will worry less! Believe me, this little trick does wonders!
With these four biggest fears of small business owners in mind, know that the scariest thought of them all is that you’re the one limiting yourself if you give in.
Out of all these business fears, which one do you think is blocking your path to success? Comment below and tell me all about it! (Or you can reach out to me on Instagram and we can have a little chat about it!)