Starting your own business can be an exciting and rewarding experience, but it can also be filled with fears and uncertainties, especially for experienced leaders who are used to a steady salary of over six figures. While the potential for success is high, the risks and challenges can also be daunting. Our program, “Exit Planned,” helps in addressing and guiding through the fears of going out on your own.
Here are four prominent fears that get in the way:
Fear of Financial Insecurity
One of the most common fears of starting a business is the fear of financial insecurity. Leaving a steady job and paycheck to start a business can be a scary prospect, and the thought of being unable to pay bills or support oneself or one’s family can be overwhelming. However, it’s important to remember that every successful business starts with a leap of faith, and most entrepreneurial leaders face some level of financial uncertainty when starting out. To overcome this fear, we help you create a solid business plan that includes financial projections and contingencies.
Fear of Failure
To be human is to fear failure. Nobody wants to put in months or years of effort into a business only to see it fail. You can reduce your risk with careful planning and building a strong foundation for your business before you leave your current role. Fear of failure is usually about the unknown; education tempers anxieties as we remove the mysteries and replace them with strategies.
Fear of Lack of Expertise
Starting a business often requires expertise in various areas, such as finance, marketing, operations, etc. Many aspiring entrepreneurs may feel like they lack the necessary knowledge or experience to run a successful business, which can be a significant barrier to starting one. However, it’s important to remember that nobody knows everything, and part of leadership is continued learning, collaboration, and partnerships.
Fear of Overworking
Starting a business can be all-consuming, and many entrepreneurs fear that they won’t be able to maintain a healthy work-life balance. Creating a plan and setting boundaries are essential to ensure that work doesn’t take over one’s life entirely. This could include setting designated work hours, outsourcing tasks, and delegating responsibilities to others. Creating a plan and sticking to it help entrepreneurs overcome the fear of overworking and ensure that they have time for both work and personal pursuits.
Learn more about the ways we can support your journey at brgtplaces.com.