9 Biggest Fears of Starting a Business

Stressed business woman

Personally, the fears of starting a business would always freak me out and it was something I could never entertain.

However after reading Robert Kiyosaki’s Rich Dad book series, I have always known it was the only way to get a head in life especially if you’ve had some major life set backs. 

The following are a few of my fears of starting a business which have stopped me dead in my tracks.

What if this business isn’t the right fit for me?

1 puzzle piece missing

This question would strike fear to the very core of my being because I never wanted to spend a great deal of time or money starting a business, be a year or 2 in and say to myself, “Oh, I can’t stand doing this, what have I done?”

Being able to work in the business you are looking to start, reduces your fears of starting a business by getting a feel for the industry and the actual business itself.

The advantage of doing that is, you are still earning while you’re learning, giving you the opportunity to pay your bills while exploring your idea. It creates an opportunity for you to see the good and bad things about the business allowing you to make an informed decision looking at all angles. 

If working in the business while you’re leaning is not an option, then I would highly suggest to do the business on the side while holding onto a full time job. This would lower your fears of starting a business because you can still maintain your current lifestyle while working on your business.

Fear of the unknown.

Just the thought of starting a business, any business can be frighting for anyone who has never been in business before. Even more so if no one in your circle of influence has a business of their own to bounce ideas off.

Starting a business just like anything else, offers a whole new level of learning. It is always a good idea to talk to an accountant and a solicitor about starting a business. This would ease up the tension of not knowing. 

Finding out everything you can about the business you are looking to get into will also help.

If your fears of starting a business are still strong after doing all the research you can about the business, then the question has to be asked, are you fearful because you don’t have enough information about the business and the industry it represents?, or are you fearful because it is a completely new thing that you have never done before, but still have a burning desire to start anyway?

If you’re leaning to the second question, I would have to say to, feel the fear and do it anyway. You will begin a personal growth journey which will not always be comfortable and sometimes be in your face, but what you will learn about yourself will be priceless and empowering. 

Fear of Change.

man shining torch in the dark

Change isn’t always welcomed by everyone and can affect people in different ways, even if it is a positive change.

Life is always changing. Wouldn’t it be good to have some control on how and when that change is going to be, what it will be and why?

Maybe your life partner is feeling the fear of change. You might feel the fear of losing them, not being supported or understood.  

Having a strong reason for starting a business in the first place makes a big difference. Standing strong and true, based on the research you have done and the reasons why you believe this is a great move for you and your family, makes explaining the business to your loved ones easier. 

It is always better to have your partner on the same page with you when starting a business. Just like everything else, your business will have it’s ups and downs. So being able to work together to create the life you both wanted is always a great thing. 

If you and your partner are not on the same page, you really need to way up the emotional cost of starting a business and the affect it could have on your relationship. 

Are the fears of starting a business and the change that will come with it, something you are with willing to face together or is one going to be pulling against the other? 

Only you can decide that, it is always best to talk to each other first to find out where the other stands on such a topic. It could save a great deal of time, money and heartache down the track. 

Fear of success.

1 chess piece down, another upright.

This could be related to 2 things I can think of…

1.  Not feeling that you are worthy of being successful or 

2. Feeling that once something good, like some level of success coming into your business and awareness, you fear that for some reason it will be taken away.

These fears of starting a business are based on your up bringing, life experiences and limiting beliefs about money, success, business and self worth. These run much deeper than you might realise and it would be a good idea to take the time to look deeper into that. 

I spent a great deal of time and money going to councillors. Although they did help, my major breakthrough with this was doing the Emotion and Body code with Zazeh Morfittis at atotalapproach.com.au. This is a technique which releases trapped emotions and negative imbalances from the body by using a form of muscle testing. 

I also did the Demartini Method with Sarah Susac at mindcode.com.au. This method helps to challenge the way you think about your past and current life experiences so you have a balanced perception of the event. It truly helps to shift and move past things which would normally have you stuck.

These are just a couple of suggestions that released my fears of starting a business that worked well for me, there are so many options for self development and growth you could try and get amazing results from. Be open minded enough to realise that if you want something different in life, you have be different and change the limiting beliefs you may have. I know I had too. 

What if I am not good enough?

In starting a business, you will be doing new and different things you have never done before which will prompt you to ask yourself this question. Be patient with yourself knowing that if you take things one step at a time, it will be come second nature to you.

However if you are going to play the “What If” game, it’s always best to play the game properly by asking and answering the question on both sides, “what if you are good enough?” 

There is the saying “Anything worth doing, is worth doing poorly until you get it right.” 

The product or service you are looking to provide could help so many people in so many ways, why hold back and stop yourself from moving forward based on this question. You are affectively ripping off the people who could greatly benefit from your product or service.

The richest place in the world is the cemetery. Full of people who had wonderful ideas of how they could help and serve people but never did anything just purely based on this question.

What if I fail?

Chess board with pieces tipped over

This was one of my strongest fears of starting a business especially having 2 little boys to support. I asked a very successful business man how he over come this fear, he said he thought of all the things that could go wrong and come up with a solution for each problem before doing anything. He said he was able to start his business with a level of confidence, feeling as though all his bases were covered. 

His business has been running for well over 30 years now and is very successful. It would be safe to say it worked very well for him to think that way.

In saying this, no one has a crystal ball, and things do happen. This is where the term “Failing Forward” is helpful. With every failure you have, you learn great lessons to build and grow from. The mistake becomes the lesson. Looking at things this way helps to take the sting out of failing, giving you the strength to keep moving forward.

What if I run out of money?

To help reduce this pressure, it is always best to have a full time job and start your business on the side. This way you are able to pay your bills while building your business.

Creating a budget for the expenses of the business, knowing before hand just what those expenses will be, gives you peace of mind and a sense of confidence, especially having planned for them in advance.

Coming from a head space of “how can I be of service?” in stead of “I need money” or “I don’t have enough money” will make the difference to the level of success you will see in your business, especially when you are genuine in wanting to serve people.

Who do I turn to for help?

business people helping each other.

This was a very important question to help me over come my fears of starting a business. Knowing that there is someone or a community I could plug into to get answers to my questions was huge 

It is always a great idea to get around people who are like minded. Find and join groups, forums, business and wealth creation clubs. The business I got into already had a community I could get involved with and to be honest it has made all the difference for me.

From those groups you will find people who are where you want to be. Some may be able to share how they got started and give you ideas about the business you are looking to get into. This alleviated many of my fears of starting a business and gave me the courage to just keep going.

I would definitely not go to anyone who doesn’t have a business, and I sure wouldn’t go to people who are more likely to shut your idea down and discourage you completely. Be picky with who you share your ideas with.

The ultimate fear

Being on my death bed and asking the questions I know I will be asking myself which are, did I live my life fully? and did I give it my all?

This fear makes me want to do something especially if the answer to these questions is no. Being on your death bed taking your last breath would be way too late to do anything.

This is something I really don’t want to feel when I am leaving this world, however in saying that I know not everyone feels the same as I do. This is personal for everyone, so on this final point, I encourage you to follow what feels right for you, and go with that. Life is way too short.

If you are interested to find out about a great online business opportunity with a fantastic support network, please click on this link which will give you access to a video series, informing you on just how it all works.

Dedicated to your journey of prosperity and personal growth.

A photo of Jane Camilleri
Jane Camilleri
jane-camilleri.com

6 Differences between E-Commerce (Online Selling) to Traditional Businesses

Credit Card Near Computer

Business has come a long way from the local corner store. With the introduction of the internet, a great deal of opportunity has come with it. From trading shares and currencies, to running a very profitable business online, providing people all over the world with the ease of shopping from the comfort their homes.

Here are a few differences to having an online business which has come to my attention, that I’d like to share with you!!

  • Lower costs to run an online business.
money and calculator

When you compare the cost of running a traditional business to the cost of an online business the differences are huge. 

You don’t have to maintain a shop to keep it presentable for your customers, or change the shop window to entice customers to come into your store. You don’t have to pay hundreds or thousands of dollars in rent, insurance, water and electrical bills each month. 

In addition, you don’t have to find a place to store your products or hire people with all the expenses that come with that like paying wages, super and WorkCover just to name a few.

  • Opportunity to profit from your online business increases.

Due to the fact that you are saving so much money on costs means that any money you do put into an online business comes back quickly and so do the profits.This creates a level of peace of mind not often found in normal businesses. 

I know a person who owns a very successful traditional business and he often says that he had to mortgage his house to start the business. This is pretty scary, and not many of us could afford such a risk. Online businesses are far less riskier and less likely to cause sleepless nights.

  • Advertising to people who are looking for what you’re offering.
Lots of street advertising

This is a huge advantage. Normal businesses usually advertise on signs, radio, TV and  local newspapers. Marketing their business to as many people as possible to attract a sale, this sounds good in theory, however wouldn’t your advertising be more effective if you marketed to people who are actually looking for what you are offering? How much more likely are they to pay attention to your ad and later purchase from you? 

By advertising online to people searching for what they want on Google and other similar search engines, creates the possibility of your ad being seen by these people, and your chance of getting sales will increase. 

  • Shopping made easier saving time for your customer. 

We are all living such busy lives compared to the generations before us, we are always looking for quicker and easier ways to do our normal every day tasks. Take for example, how stores like Coles and Woollies, have modernised their service to meet this demand by providing online and home delivery options. This would not have been possible without these companies utilising the power of the internet creating the opportunity for customers to place orders online. 

Fast food giants such as KFC and Macca’s who were amongst the first to change fast food via drive through service and have now jumped on the bandwagon of offering customers home delivery via an app.

  • Open 24-7 for the customer.
Lady shopping on phone

In comparison to how shopfront businesses operate with the normal opening hours, online businesses have taken the common trading hours of 9 to 5 and completely smashed them. Creating the opportunity for people to buy what they want, when they want, from wherever they want it. This is great not just for the consumer but for the business owner as well, because the business owner can run their business with just a laptop and an internet connection.

  • Selling on a global scale. 

Your opportunities are endless. Marketing on a global scale which is now possible via the world-wide web, means you can reach into every household that has an internet connection. Doing away with the difficult things needed to set up an international business in other countries, dealing with the laws, rules and regulations attached to those countries. 

This also means that your business could be making sales while you sleep. Making sales while the owner sleeps was not a concept taught in commerce class at school but is a very real possibility in todays world.