Businesses fail every day, and they fail for reasons that are repeated over and over again. Fear can make you question what you’re doing and why you’re doing it. It can cause you to over plan, and never take the first step. It also can eat away at your confidence, and eventually, leave you feeling incapable of taking action.
Three of those reasons are:
- You Are Shooting In The Dark
Some will tell you that planning is of no use. The best solution is somewhere in the middle. In some cases, you do need a formal business plan — if you’re trying to land investors or get a loan, for example. On the other, hand you may be better served with a simple business plan. A working document that gives you a foundation for your business, while helping you plan out the steps you need to take.
Regardless of which plan fits your needs best, you need some kind of plan that outlines where you are, where you want to go and how you intend to get there. In the long run, it doesn’t matter what this document looks like, as long as it gives you the direction you need.
- Can’t stop the money worries
The majority of us do not have bags full of money at our disposal when we are getting started with our business. Being anxious about money is common, but not healthy. Most small businesses don’t make money in the first year. This is why a financial plan is essential to a business owner. This will help put the financial uncertainty behind you.
- You refuse to do a reality check
When running a small business, we are seriously emotionally invested. This isn’t always a bad thing, but it can cloud your objectivity and blind you to the reality of what you’re doing. One of the worst things you can do is get tunnel vision and lose your ability to see the big picture. This can weaken your ability to explore alternatives, try new approaches and even remember why you started your business in the first place. You may need to take a step back and get an aerial view of your business so you can make better decisions.
Now, lets look at 5 steps that that we can take so that the fear of failure is not paralyzing. We can take that fear and let it be a motivating force for us.
These tips are great if you are starting a business, currently running a small business, or on the brink of another significant accomplishment. Use them to overcome the fear of failure and push through to success.
- Do Your Research
While you can’t possibly have every piece of relevant information, having access to information, and being “in the know” can be empowering. One thing to be cautious of when researching and gathering information is not focusing so much on data that you lose sight of the purpose. Be diligent and thorough when gathering information, but keep it in perspective.
- Create a Solid Plan
Now, creating a business plan isn’t easy, but it is usually well worth the time you put into it. An effective plan can act as your road map by guiding you through the entire business start-up and growth process. Setting goals can also be an effective way to stick to a plan.
- Identify a Plan B
Some may say that creating a contingency plan sets you up for failure, but I disagree. Having a fall-back plan can make it easier to take a chance. When you start a small business, you are taking a measured risk. By considering the possible outcomes and planning for them accordingly, you can build confidence and be secure in your decisions. Plan B doesn’t have to focus solely on an alternative course that you will take if you are to fail. Your Plan B can be a way for you to consider and plan for alternative paths to your end goal. This can give you flexibility and help you make adjustments to your primary goal as you go through the process.
- Consider the Price of Inaction
Envisioning what may happen if you don’t take a chance by striving for your goal and starting a business can be a powerful motivator.
- Get Support
Your support system could be a business partner, spouse, mentor, coach, friend or local networking group. As long as your support system boosts your confidence, helps you think objectively and cheers you on, you know you are not alone. This kind of support can make you work harder, prepare more and enjoy your success fully.
I encourage you to try letting go of fear and embrace the challenge, and you may be surprised where it takes you.