October is the season when we celebrate fear. Fear in the form of ghouls and vampires. But not fear of starting a business!
If you’ve long told yourself you wanted to start a business but haven’t done it yet, I’m betting one or more of these fears is holding you back:
- Fear of failure: What if I don’t succeed? What will people think?
- Fear of competition: There are others already doing what I want to do. How could I possibly do it better?
- Fear of success:(Yes, this is a fear!) I’ve come to expect little from myself. Will I be the same person if I start achieving more?
Let me do you a favor and bonk those fears on the head. There are no guarantees in life, and there are certainly none in entrepreneurship. But that’s part of the equation. You take the risk of failure with the potential for great success and growth. If you can deal with that duality, you’ll make a great business owner.
Let’s get you shifting your mindset and on to actually starting that business that you’ve dreamed of.
Acknowledge Your Fears
The first step is to look at what really is holding you back, if it’s more than the list above. Write down those obstacles, then really analyze why you’re afraid.
For example: are you afraid you won’t make enough money to pay your bills? Here are some strategies to cope:
- Set a dollar amount that you would need for 6-12 months of living expenses. Once you save that amount, you can start your business.
- Keep working your full-time job while you launch your business. Once profits allow, quit your job.
A lack of knowledge about starting and running a business can be enough to keep you from doing it. So bone up on small business through blogs, books, magazines, workshops, conferences, webinars, and more. You don’t have to become an expert, but you should be confident in things like using accounting software, doing your own marketing, and knowing your industry.
Don’t Expect Perfection
You will make fumbles along your path to entrepreneurship, I guarantee. Knowing that can take the pressure you have built up expecting your journey to be perfect. The best you can do is to quickly realize your mistakes and learn from them.