In today’s highly digitized world, starting a business has never been easier. In fact, with social media marketing and DIY website builders, you could start a business from your couch at 3 AM if inspiration struck. Of course, starting a business is also one of the scariest things anyone could do. The “unknowns” are enough to keep even the best-laid plans from coming to fruition.
Unfortunately, there’s no escaping this uncertainty and the fear it inspires. All you can do is face it. With this in mind, here are the most common fears entrepreneurs must overcome when starting a business.
1. It’s Too Expensive
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The fact is, you can’t start a business without putting a little money on the line. With that said, there are ways to keep your start-up costs low. For example, depending on the nature of your business, you may not even need an actual office with expensive equipment and supplies. A quick Google search for “serviced office near me” will likely produce a professional office setting with all the necessary bells and whistles to get started without having to pay large rent payments each month.
Generally speaking, the trick is to avoid viewing business expenses as negative. Instead, think of them as a means for growing and improving your business. If spent wisely, every dollar that goes out is an investment in future profits.
2. It’s Not the Right Time
Perhaps you don’t have as much money in savings as you’d planned. Maybe your current job is paying well enough that you don’t mind the fact that it’s not really what you want to do with your life. Whatever the case, we often use timing as an excuse for not pursuing our dreams. Most of the time, if we wait until the time is right, it’ll never happen.
If you find yourself using this excuse when it comes to the topic of starting your business, take a closer look at why it’s not “the right time” and find a way to make it the right time. For example, if money is the issue, create a budget that allows you to save the money you need and stick to it. If you’re appreciating the pay at your current job, consider starting your business as a small side hustle.
3. Fear of Failure
This fear stops many people in their tracks. The fear of failure is real, but if you remember that you have a solid plan and that your product/service is something people need and want, you can feel secure in these facts and start building a great life for yourself and your family. Yes, failure is always a possibility, but so is a success! So, think positive and work hard to achieve your goals.
4. Fear of Instability
Your current 9-5 job is stable. You receive a regular paycheck, and your weekends and evenings are free for personal time. Starting a business could see this stability crumble for a while. Your time may not be your own, and you may not see a regular paycheck for quite some time. Change is scary, but staying in a job you’re not happy with only leads to resentment later that you didn’t take the opportunity to make your dream a reality.
Starting a business of any kind is scary, but overcoming these fears is your first step to success. Fear is a powerful motivator, so embrace it, use it to propel yourself onwards and upwards, and revel in the fact that you’ve overcome the things that threaten to hold you back from making your dreams come true.