Regardless of when you start your own business, whether that be ten years ago, ten months ago, or today, there will always be a pool of fears you’re trying not to fall into. Part of being a successful entrepreneur is learning how to navigate those fears and overcome them.
Many small business owners allow fear to hold them back when it comes to starting and growing their business. We run into this far too often and want you to know we are here to help you succeed. Today, we’re going to identify some of those fears you might be dealing with.
“Can I really make a career out of my passion?”
Many people have worked for years in a typical business setting, with steady hours, income, and expectations. To leave that all behind and take a leap of faith in starting your own business venture can feel intimidating. You put a lot on the line in the hope that you will be successful at pursuing your passion and turning that into a viable business.
To overcome this fear, it can be helpful to have a network of people you trust and confide in. This network can include business professionals in your field for advice and friends or family to remind you of your skills and expertise, leading you to start this business. Refresh yourself on your business plan and know your “why.”
Fear of the Unknown
Like many small business owners, this may be your first go at starting a business. There are problems you are anticipating, and other situations you know may come by complete surprise.
Having a mentor that you can regularly check-in with is endlessly beneficial. Hopefully, this individual has hopefully already gone through the different stages of business start-up and can help you better prepare for the “what if’s.”
In conjunction with your mentor, an accountant specializing in small business accounting can also prove beneficial as they offer experience in working with other entrepreneurs, just like you. They can work with you to set up a secure foundation and help you put a plan in place to grow your business.
Cash Flow Problems
Many small business entrepreneurs begin their venture with savings they have, and the looming thought of crisis keeps them up at night. This is a completely reasonable and understandable concern.
Whether plan on borrowing money or sticking to your hard-earned savings, it takes time and planning to build your business and turn towards profit.
Accounting can directly impact your business growth, which is why it is so important to have a plan. Since you’re probably busy getting your business off the ground, putting the cash handling into a professional’s hands will bring peace of mind and reduce stress.
Change is Inevitable
Perhaps your business is already running. You may even presently have a way of doing your bookkeeping and managing your business finances. In the infancy of some small businesses, many owners wear multiple hats or even have a friend or family member running the books.
Maybe your business is on the fast-track and is experiencing quicker than expected growth. This can become unmanageable rapidly and brings about more challenges, and requires better planning.
Moving away from what is comfortable and what “has been” can be overwhelming. However, the fear of insufficient accounting practices should be a greater fear than change.
Business growth is unavoidable if you want to be successful. Planning for this growth will keep you in an ideal position when new stages come about and, in turn, help remove fears that may hinder progression.
“I’m Not Qualified.”
You may be starting your business without any prior experience; perhaps you don’t have the typical background you think is needed to be successful. Business requirements and start-up processes can be extremely daunting.
It is important to remember that you are an entrepreneur because you are self-motivated and unafraid of stepping outside of your comfort zone to do something you feel passionate about.
Suppose you don’t have a business degree. It may be beneficial for you to look into project management courses or other specific business skills classes to help you build confidence. If you have already acquired the skills and education required, you may just be dealing with fear through excuses.
Having a reliable professional to turn to for business planning can put you at ease. Working with an accountant will allow you to hone in on what you excel at and let your accountant do what they do best.
“What if I fail?”
One of the largest and most apparent fears of small business owners is failure. You put your heart and soul (and finances) into getting your business started–the last thing you want to imagine is losing it all.
Doubt can creep in when business slows down, or social media engagement lessens. You may have launched a new product or campaign, and the turnout was not what you anticipated.
You must take these small “failures” in stride and use these experiences to shape your motivation and direction. If you see something did not work, stand up and try again. Rethink, reimagine, and ask for help!
Using setbacks as a learning opportunity will keep your business moving in the right direction. Entrepreneurship is about risk. As you can see, it is important to manage your fears so you can continue to manage your business.
If you’re ready, we’re here to help.