Let’s take a minute and call out the monsters under the bed. If you are thinking about starting a business and recognize these fears of starting a business, you are not alone!

These are the fears, the frustrations, the challenges and the struggles that we often face when starting a business.

• There is the fear of failure.

No big surprise here. Many people are afraid of starting a business because they fear they will fail. We KNOW that businesses fail- 1 in 5 in the first year, but that is not the reason to give up.

• There are financial challenges.

  These can be a huge thing for most of us. Starting a business can be expensive and securing funding can be difficult.

• Sometimes we think of our lack of experience.

Starting a business requires knowledge and experience in a variety of areas, including marketing, finance and operations. These are areas that we have often never had to deal with before.

• There is the challenge of time management.

Starting a business, without a doubt, can be time-consuming, and many struggle with balancing their personal and business responsibilities.

• There is the competition.

We are, after all, going to be competing with established businesses in the same area. I can share two pieces of advice with you right now: first, competition is a good thing! It tells us that there is a market for what you want to do. Secondly, once you find what makes your business special, you get in your lane, and you stay there.

• There is the whole issue of marketing and branding.

This is an area that can seem frustrating and challenging. Creating a strong brand is important but can prove difficult for those with little experience.

• Compliance with legal and regulatory requirements.

This is something we all have to deal with, but it can be confusing and time-consuming.

• Managing employees can be challenging.

This is especially true if you have little or no HR experience.

• Scaling and growth.

This can certainly present challenges as your business grows and you have to expand your operations.

• Finally, there is the inevitable burnout and stress.

Starting a business can be stressful and overwhelming. Many entrepreneurs struggle with burnout and mental health challenges.

 

These are really just a few of the things that entrepreneurs might face when starting a business but with careful planning, persistence and support from others it is definitely possible to overcome these obstacles and build a successful business.

 

What’s the best way to overcome these fears of starting a business?

First is to acknowledge that these exist, in one degree or another, in most entrepreneurs first starting out. You are venturing into unknown territory and that can result in fearing what is ahead.

Secondly, take some time for introspection. Identify the ones bothering you the most. Taming that beast by recognizing what you are working with can be helpful in lessening some of the fear.

Then, come up with an action plan. How can you break that fear of starting a business down into manageable steps?

Find a mentor or another entrepreneur that you can share your fears, frustrations, challenges and struggles with.

We offer a great mentorship program if you’d like to check it out.

 

Want to know more? Contact us at:

rhondaloweconsulting@gmail.com