How to Overcome the Fear of Failure When You Start Your Business
Editor’s note: This is a guest post from Cloe Matheson, freelance writer.
If you’re thinking about starting your own business, congratulations on getting this far!
As you will realize there is often much fear involved when you decide to leave the comfort and safety of a regular, full-time job to start your own venture. Fear is completely normal – but don’t let it stop you. Try the following tips to overcome the fear of failure when you’re starting your new business:
Visualize Your Success
Even if you have that determined little voice in your head saying that this might not work out, you must decide, for your own well-being, that you’ll be successful. Consider what success means to you, and what steps you need to take to seize that success.
Keep a Part-Time Job While You Start Your Business
It’s not always feasible, but if you can work a part-time job while you get started with your business, you’ll have a safety net – meaning you’ll be less worried about the consequences of the possible failure of your business.
Consider Everything You’ll Need to Get Started
If you’re planning on launching a business, there are some key tasks for your initial to-do list. First, you should create a business and marketing plan, which is essential to success. For example, if you’re planning on opening a cafe or restaurant, sourcing inventory and furniture will be one of your primary tasks, for which you might like to hire a specialist. You should also research your tax requirements and decide how and when to take on staff. Each business is different so your to-do list might not be the same as the next person’s – but you will feel much better knowing exactly how you will carry out all the tasks – big and small – involved in running your business. Failure will feel much less likely if you’re well-prepared.
Have a Plan for What Will Happen If You Do Fail
Every small business owner hopes they will succeed, but unfortunately, failure is always a possibility. It isn’t tempting fate to have an action plan in case your business doesn’t work out. You should always have a Plan B with your next steps, and ensure you have enough money to live on for at least a few months in the case of your business failing. Having a plan and knowing that failure won’t ruin your life will help you to take careful risks.
Don’t Let Your Business Become Your Whole Life
While it’s true that starting a business will take up much of your time, especially as you’re just beginning, it’s important to allocate yourself time to practice your favorite hobbies or socialize with friends or family. If you are unable to think about anything but your business, you’re more likely to ruminate on possible failure. If you have trouble relaxing, you might like to take up yoga, meditation, or a sport like cycling or swimming. Having something to focus on when you’re stressed will help to give your mind a break and remind you that your business isn’t the only important activity in your life.
Every successful entrepreneur has had worries about failure – if you’re scared to start your new business, you’re by no means alone. Even though the old saying, ‘if you don’t try, you’ll never know’ might be a bit of a cliché, with lots of hard work and careful planning, you will be looking back on your present self in five years’ time, glad you dared to take a risk!
Cloe Matheson is a freelance writer from the Gothic city of New Zealand – Dunedin. She loves to write anything about business, travel, and lifestyle. On weekends, she finds time off with her friends hiking or wandering around nearby cities.