When you’re getting ready to start your own business for the first time, you might be feeling anxious, hesitant or scared. This is totally normal.
Starting a new business can be a daunting prospect, especially if, like me, you’ve had a long corporate career and never run a business before.
In this article, I will talk about 5 fears that many people have when they think about switching from working for a boss to starting their own business. And I’ll also give you some tips on how to deal with these fears.
The 5 Most Common Fears New Entrepreneurs Face
- Fear of the Unknown
- Fear of Financial Insecurity
- Fear of Criticism
- Fear of Failure
- Fear of Success
- The One Solution I Found For Overcoming All These Fears
- Summary
Background – Lessons from a Former Corporate Employee
To set the scene a little, when I started my first business in 2019 I was starting from scratch. I had zero experience of starting or running a business, and no-one in my circle of friends, family or colleagues had done anything like it before, so I had no mentors to follow.
I had quit my job already and was using my life savings to fund my business & support myself while I set it up. I had enough money in the bank to support myself for around 6 months (I didn’t have a partner or children to provide for, or to support me), so I was in a hurry to get something up and running and income coming in, before I couldn’t afford to keep a roof over my head any more.
But at the same time, I wanted to set the foundations of a business that would support me for the rest of my life, and would give me the lifestyle of freedom & flexibility I dreamed of (this is why I specifically chose an online business).
One thing I knew for certain was that I had to find a way to overcome my fears, because I absolutely refused to go back to working for someone else in a regular job ever again.
Read on to find out how what fears I faced & how I overcome them to start my first online business in 2019.
– Back to Top –
1. Fear of the Unknown
Starting a business can feel like stepping into uncharted territory. “Here Be Dragons”!
If you’ve never done something before, how do you know how, or if, it will work out?
You may be thinking things like:
“I don’t know anything about running a business, what if I make a mistake?”
“I don’t know where to start, there are so many things I need to figure out.”
“I don’t know if I have what it takes to be an entrepreneur.”
“There are so many things that could go wrong, what if I can’t handle it?”
“”I don’t have anything to sell.”
“I don’t know if people will want to buy what I’m selling.”
“What if I don’t have enough time or resources to make this work?”
“I don’t know how to market my business and attract customers.”
“I don’t know how to manage my finances and keep my business profitable.”
“What if I can’t handle the stress and pressure of running a business?”
If you’re anything like me, endless unanswerable questions this this swimming around inside your head can tie you in knots. This is where many people get so overwhelmed & exhausted, they give up on the idea before they’ve even started.
Please don’t let yourself be one of these people!
This thought pattern is just your ego trying to protect you. It wants to keep you safe, in your Comfort Zone – even if you know that’s not a place you want to be!
A common tactic people employ to overcome this fear is trying to find answers to all these questions through endless research. But… needing to have it all figured out before you start is another trick your ego has of trying to keep you safe.
As long as you’re researching, learning, reading around the subject, it feels like you’re making progress… but you’re not. You’re procrastinating.
At some point, you’re just going to have to take the plunge.
“If you want something you’ve never had before, you have to do something you’ve never done before.”
Thomas Jefferson
Ultimately, the key to overcoming Fear of the Unknown is to take action.
I’ve learned from experience that you don’t need to see the whole staircase before you take the first step. The journey will unfold before you, as long as you keep climbing the stairs, one step at a time.
This is precisely what I did (eventually). Ok, it took losing my job and my best friend to find the courage to go for it, and take that leap into the unknown, but boy I’m so glad I did!
– Back to Top –
2. Fear of Financial Insecurity
Starting a business involves financial risk, which for many is a significant source of anxiety.
As an entrepreneur, you have to invest time & money upfront into a business idea, with no guarantee you’ll make that money back.
And no-one can tell you how long it will take, or how much it will cost, for you to get it up & running. Let alone to the point of providing the level of income you want, reliably & consistently.
This is tough to get your head around, particularly if you’re someone who:
- is used to receiving a consistent, regular salary each month
- has never run a business before
- has a finite amount of money to invest
- has scarcity beliefs around money (“there’s not enough”, “if I let it go it may never come back”)
You might fall into this category if you’ve had thoughts like:
“I can’t afford to start a business. It’s too risky.”
“I don’t have enough money to invest in a business.”
“I need to save up more money before I can start a business.”
“I can’t take any financial risks because I might lose everything.”
“I need a steady income to survive. Starting a business is too uncertain.”
“I’m not good with money. I’ll probably just lose everything.”
“Money is too important to risk on a business. I need to play it safe.”
Here are some practical things you can do to help reduce your anxiety, such as:
- Planning & budgeting – create a budget for your business & a plan for how you’re going to spend that money, over a realistic timescale, knowing that it will take time before you start making any money back. This helps reduce the chance of getting sucked in by “shiny object” syndrome or seduced by “get rich quick” promises.
- Educate yourself – Learn as much as you can about the type of business you want to create, the risks & rewards, costs & returns (potential but also average), how other people succeeded. The more you understand about it, the more confident you will feel about investing your time & money into it.
- Don’t reinvent the wheel – start out by following a proven business model that is shown to deliver legitimate, verifiable financial returns. By following a well-trodden path, you know that the model has the potential to create success if you follow it and you can focus on learning the skills of entrepreneurship, without trying to bring a new, untested product to market when you’re just starting out.
- Take small steps – don’t bite off more than you can chew. Instead, build your confidence up gradually with small wins.
- Find a coach or mentor – taking advice from someone who has already walked the path ahead of you, and knows how to achieve the success you’re looking for and avoid the common pitfalls, not only gives you reassurance that you’re on the right track, but will also dramatically accelerate your journey to success.
– Back to Top –
3. Fear of Criticism
This might be you if you’re thinking:
“What if people judge me for taking a risk and starting my own business?”
“What if people think I’m foolish for leaving a stable job to start a business?”
“What if my family and friends don’t support me and criticize my decision to start a business?”
What if people think I’m not qualified or experienced enough to run this business?”
“What if people don’t like my product/service?”
“”What if I receive negative reviews or feedback and it damages my reputation?”
If this is you, it’s important to remember that not everyone has the same desires or goals as you, and not everyone wants the same kind of life you want. People who don’t will struggle to understand why you feel you want to start a business.
And not everyone will agree with the type of business you choose to create, products you promote or markets you serve etc. etc.
And that’s ok! It’s nobody’s business but yours what you choose do & why you do it.
When you go into business, be prepared to accept that:
- Not everybody will like you, or what you offer. And that’s ok.
- You can’t please all the people all the time.
- People will always judge you. It’s a fact of life, we all do it, all the time, to everyone.
- It’s not always about you. (In fact, almost never.)
The most important thing is that you have the clarity of knowing why you are doing what you are doing, and that you are at peace with your choices & decisions.
This will allow you to weather even the harshest of critics, and push through even when it seems everyone around you thinks you’re off your trolley! I know, because that’s how I got through. (And who was my worst critic most of the time? Myself!)
– Back to Top –
4. Fear of Failure
Fear of failure is such a common fear, and another one that stops many people before they’ve even started.
I remember thinking things like:
“What if I make a mistake and lose all my money?”
“What if I can’t handle the pressure and responsibilities of running a business?”
“What if I fail and everyone around me thinks less of me?”
“What if I’m not cut out for entrepreneurship and I end up regretting my decision?”
“What if I put in all this effort and the business still fails?”
“What if I disappoint my family and friends who are counting on me to succeed?”
“What if I’m not knowledgeable or skilled enough to make this work?”
“What if I don’t have the right personality traits or characteristics to be a successful entrepreneur?”
Well, I’m sorry to break it to you, but failure is something you’ll have to face sooner or later. Because failure is natural part of entrepreneurship. But rarely is it as catastrophic as we think.
And, more to the point, failure is often actually a good thing!
After thousands of “failed” attempts to invent the lightbulb before finally succeeding, the inventor Thomas Edison famously said:
“I have not failed, not once. I’ve discovered ten thousand ways that don’t work.”
Thomas Edison
Failing is a natural part of building anything new – it’s how we learn & get better at what we do. If we stop taking is stop taking it so personally (it’s not a reflection of our self-worth as a person), and instead we focus on squeezing as much learning as possible out of each experience and come to see it not as failure, but as part of the journey towards success, we can’t fail.
The only way to fail is to quit!
And besides, which is worse – trying & failing, or never trying at all?
“I’d rather regret the things I’ve done than the things I haven’t“
Lucille Ball
Don’t let the fear of failure stop you from pursuing your dreams and living the life you deserve. Please. Alright, pretty please with a cherry on top!
– Back to Top –
5. Fear of Success
We all want to succeed in life & business, right? But can we have too much success?
This could be you if you’ve thought about:
“What if I succeed and it changes my life in ways I’m not prepared for?”
“What if I can’t handle the added responsibility and pressure that comes with success?”
“What if people start treating me differently and I don’t like it?”
“What if I become too busy or overwhelmed and don’t have time for the things I enjoy?”
“What if I become too successful and it becomes harder to maintain relationships with friends and family?”
“What if I fail to meet the expectations of others once I’m successful?”
“What if I’m not deserving of success and it’s just a matter of luck or timing?”
“What if I lose sight of my values or goals once I become successful?”
I’ll be honest and say this is something I’m still battling with. Even though I have a successful business, I want to grow it to be even more successful… but this fear is standing in my way. But, that being said, I’ve come a long way from where I was when I started, and in many ways I’m already successful beyond many of my wildest dreams.
What helps stop the fear of Success hold us back are things like:
- Identify the root of the fear: Try to understand where the fear of success is coming from. Are you afraid of the increased responsibility that comes with success? Are you worried about losing your current lifestyle or relationships? Once you identify the root of the fear, it may be easier to address it.
- Visualize success: Take some time to imagine what success would look like for you and your business. Visualizing success can help to shift your mindset and focus on the positive outcomes that come with it.
- Set realistic goals: Setting realistic and achievable goals can help to alleviate the fear of success. Break down larger goals into smaller, more manageable ones, and celebrate each accomplishment along the way.
- Surround yourself with positive influences: Surround yourself with people who support and encourage you, and seek out mentors or business coaches who have experience with overcoming a fear of success.
- Practice self-compassion: Remember that everyone makes mistakes and experiences setbacks along the way, and that success is not always a smooth road. Practice self-compassion and give yourself permission to make mistakes and learn from them.
- Take action: The best way to overcome a fear of success is to take action. Start taking small steps towards your goals, and build momentum over time. The more action you take, the more confident you will become in your ability to succeed.
– Back to Top –
6. The One Solution I Found For Overcoming All These Fears
How did I overcome all of these fears, when I was starting out? In short, by joining Launch You’s online business training program and following their online business blueprint.
Joining this one company and following their programs helped me overcome all the fears I mentioned above, and more. Let me enlighten you as to how…
Step-by-Step training program
As a newbie to running a business, following a step-by-step business training program reduced my fear of the Unknown because I had a plan to follow, and could see where it was leading. Tracking my progress through the training modules gave me reassurance, certainty & the motivation to keep going.
Proven business model
I could see that Launch You’s model worked, because of all the success stories they shared from people from all ages, countries & walks of life, who had created success by following their online business blueprint. This helped reduce my fear of the Unknown because I knew I wasn’t starting completely from scratch, and my fear of Failure because I could see I was on path to success. All I had to do was learn how to make it work for me.
“Earn as you learn” approach
As I worked through the training modules, I was putting things into practice straight away (building a website, an email list, a sales funnel… ). Not only did this help consolidate my learning, but I was actually building the foundations of a real business. This was so different to when I did my undergraduate degree where I studied for 4 years, got my degree certificate, then got thrown out into the real world – without any support – to try and put into practice all the theory I’d learned (most of which I’d already forgotten or was already two years out of date). It reduced my fear of Financial Insecurity because I was saving precious time learning & doing at the same time, and my fear of the Unknown because I was taking actual steps to build a business.
Supportive Community
Inside the community were thousands of people following the same training as me. Seeing them share their struggles & successes, I knew I wasn’t alone in my fears & doubts. The support & inspiration from that group strengthened my belief that the system Launch You teaches not only works, and is current & relevant in today’s world, but works for ordinary people like me. This reduced my fear of Criticism, because I knew these people would support me when I faced challenges from people outside the Community who didn’t “get it”.
Coaching
I invested in personal 1-on-1 coaching through Launch You which gave me over-the-shoulder training from experts and reassurance that I was on the right track with what I was building, while helping me build confidence & belief in myself. This reduced my fear of Failure because they were helping me to avoid making rookie mistakes, and my fear of the Unknown too, because they could answer any questions I had.
Transferable skills
Focusing on filling the gaps in my skill set (marketing, the art of influence, digital marketing…) complemented the existing skills I already had from my corporate careers, which I could then use to run any business (online or otherwise) in the future. This reduced my fear of Financial Insecurity, because I was gaining the core skills of finding clients & getting them to buy. These are skills that would enable me to make money, by myself, in any market or industry, and no matter what the economic climate.
An incubator for new entrepreneurs
Launch You attracts many people with an employee background. Having helped tens of thousands of them over the course of 13 years, Launch You knows precisely how to help them transition from an “employee” to “entrepreneurial” mentality. They offer the support, guidance & insights to support the personal transformation as well as the professional. Thanks to them I have reduced my fear of Financial Insecurity by helping me take measured risks, get comfortable with investing money in myself, and created practices to help me manage & overcome fears as they arise, like the fear of Judgement, fear of Success.
Authority Marketing
Launch You teaches “Authority Marketing”, which is a brand of marketing based on the Law of Attraction. By putting out the right message, you magnetically attract the people who are right for your offer, and repel the ones who aren’t. This means you only really have to deal with people who actually want what you have to offer. This massively reduces rejection, because you’re not using cold calling to sell to people who aren’t interested. And it massively reduces criticism because you’re not forcing your beliefs on anyone, or employing any sleazy sales tactics to convince them to buy. A great approach for anyone with a fear of Criticism.
– Back to Top –
Summary
So, to summarise, my best advice to anyone wanting to leave a job and start a business is have the courage to take your first step boldly into the Unknown, for that’s where untold treasures await you!
You’ll need to be prepared to face these fears and many more that crop up along the way, but trust that if you follow your heart and believe wholeheartedly that this is the right choice for you, you’ll figure out everything you need along the way.
And lastly, don’t be afraid to ask for help. You may be in business for yourself, but you don’t have to be in business by yourself.
Starting my own business was by far one of the best decisions I ever made. The second best decision was investing in training through Launch You to do it.
– Back to Top –
About The Author
Leaving the corporate world and starting my own online business was the best decision I ever made.
It hasn’t been an easy journey – it has been very confronting at times, has challenged me in so many ways, and can be quite lonely – but every day I get to wake up when I choose, work with clients who value what I offer and bathe in the sunshine in the middle of the day, I thank my past self for having had the courage to choose this path.
It wasn’t always this way. Stepping back in time to 2015, I was a loyal, dedicated hard-working employee. Without a partner or a family to come home to, my life revolved around my work… until one day I got laid off.
Suddenly I discovered what it was like not to have to set an alarm to wake up, battle with the morning commute or stumble bleary-eyed into an office every day pumped full of caffeine.
Sitting in the garden in the sunshine, listening to the birds and enjoying the feeling of the warm sun on my skin, I knew this was my opportunity to choose a different path.
I started my online business training in 2019 and knew I’d never go back to working for someone else ever again. The freedom, the control, the creativity, the people I’ve met from all over the world… I’d found my tribe, and finally felt understood. These are people who share my values of living life to the full and doing work that’s meaningful.
Life is meant to be lived, not endured.
Having explored & experimented with various different business models (affiliate marketing, consulting, coaching, training), I’ve fallen into coaching as my primary business model of choice, but am also still dabbling with other business models on the side.
My work gets me out of bed in the morning, lights me up and puts a spring in my step. I find serving people and making new connections all over the world extremely fulfilling. And even better – it pays enough to cover my modest lifestyle, while only needing to work 2-3 days a week, so I can spend the rest of my time learning, studying, visiting friends & family and playing with my camera.
– Back to Top –
