We all have fears – fear of heights, fear of spiders, fear of missing out, and for many, fear of self-employment. These fears often prevent us from doing things and moving forward. However, if you want to achieve success in life and in your career, you need to face these fears. Here are five fears of self-employment that we often hear and how you can overcome them:
- I won’t make enough money
Most are afraid to give up their steady paycheck out of fear that their business won’t make enough money. Cash flow should be a concern for every business owner, but you don’t have to fear it. Control and knowledge are your best weapons for overcoming this fear. Before you launch, run a profit/loss forecast. This tool will give you some clarity on what it will take to be profitable. From there, make your adjustments, track your progress, and adjust again as you go.
- Managing a business will be too much to handle
Owning a business can be stressful and there will be a lot of things you don’t know how to do yet. There are three things to do to overcome this. 1) Take on new tasks one at a time and teach yourself. 2) Arm your business with the right people and tools to help manage your business such as CRM, accounting, and expense tracking 3) Create work-life balance.
- I won’t be able to compete
Fear of competition is not uncommon, and it prevents a lot of business owners from growing their business when new opportunities arise. Our recommendation here is to do a SWOT analysis. This will give you a visual representation of your position in the market and gives you the clarity and confidence you need to face competition and differentiate your business.
- No one will want to buy my product or service
Our answer to this fear is that you will never know if you don’t try! Start with a small group of family, friends, and colleagues who you can trust to be honest and test out your idea. Be open to their feedback and then slowly experiment with your test market until you feel you have a good product or service to offer.
- My business might fail
Fear of failure is one of the biggest barriers to success. To overcome it you need to build confidence in your business idea. Take the 5 Steps to Successful Self-Employment, talk with a business counselor, and build up a support network. Your network will help you succeed, and if your business does fail, they’ll be there to help you back on your feet. Instead of fearing failure, look at it as an opportunity to learn, grow, and try something new.
Becoming self-employed can be a scary step to take. Business by nature is risky and you can’t guarantee that your business will be a giant success, but your fears shouldn’t stop you from considering this career opportunity. As Babe Ruth once said, “Don’t let the fear of striking out hold you back.” You have the potential to be great. Accept that and you take the first steps to overcoming your fears and achieving success.