Your 6 Biggest Fears About Starting a Small Business—and How to Conquer Them

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Many people see starting a small business as a dangerous enterprise. After all, no one is guaranteed a successful business, and for many, that’s a risk they’re unwilling to take.

Although starting a small business certainly can be trying, you really can make yours thrive. Here are six common fears about becoming your own boss, and words of wisdom and tips from our SUCCEED: Small Business Network group members to help you overcome those doubts.

The biggest obstacle standing in the way of many small business owners is the fear of failure. And it’s true that yes, you might fail in a business venture. But so did Henry Ford, Steve Jobs and Walt Disney. In order to succeed, you have to try and continue trying, even if you fail at first.

01.“I might fail.”

TIP: THInk THrougH THe WorST-CASe SCenArIo

Put your fear of failure into perspective by carefully considering what would happen if you did fail. How long would it take you to find a new job or start a new business? What would you live on? Who else would be impacted? By thinking through the worst-case scenario and building a contingency plan, you’ll better protect yourself if you do fail. Plus, you’ll realize that failure is not nearly as devastating as it sounds.

02. “I don’t have a lot of education or business experience.”

You don’t need to know everything about running a business to start one. SuCCeeD member Lisa Heirman, for example, was a single mom without even a computer to her name. no one took her desire to start a hair salon seriously because her skills were trade-based. She didn’t let that stop her. A year after opening her now thriving business, she was ready to hire her first employee.

TIP: FoCuS on Your STrengTHS, geT HeLP In AreAS WHere You’re LeSS knoWLeDgeABLe

Don’t know much about starting a business? Check out these resources to help you get started:

The U.S. Small Business Administration Small Business and Self-Employed Tax Center U.S. Department of Labor Small Business Resource Center

Also, look for other ways you can expand your knowledge base. Take a class to develop a necessary skill. Reach out to a fellow small business owner or local industry group for advice. Look for help where you need it.

03. “I’ll run outof money.”

Many would-be entrepreneurs are worried about running out of cash, and with good reason. Starting a small business can be expensive. However, with a smart plan in place, you can reduce your risk and be well on your way to profitability.

TIP: STArT SMALL

Dream big, but don’t put all of your plans into action until your business starts making money. If you’ve always wanted a large office, try a coworking space (see tip #4) for the time being. Hold off on hiring employees — payroll is one of the biggest business expenses you’ll have, and you want to make sure you can pay yourself before hiring anyone else. Don’t cut corners on things that are most important to your industry, but do look for areas where you can save.

The truth is that you might or might not miss being around other people all day. But that’s no reason to avoid starting a business. even as a sole proprietor, you can surround yourself with hustle and bustle on an as-needed basis.

04. “I’ll miss my coworkers.”

TIP: BorroW SoMe CoWorkerS WHen You FeeL LoneLY

“I started renting part-time office space in my area. I get the office for 10 days a month for

a very reasonable rate and it gets me out of the house. [The] staff do a lot of networking

within the office and I have grown a whole new group of office friends.”

Melissa Scrimo,

President and Founder at Applied Intelligence Consulting, SUCCEED Member

Aren’t able to rent office space just yet? Try working from a coffee shop, café, library or coworking space. And keep an eye out for networking events, seminars and meetups where you can commiserate with and learn from your fellow entrepreneurs.

05. “I won’t have a work-life balance if I’m my own boss.”

When you’re your own boss — and responsible for your company’s success — it can be difficult to pull yourself away from work to unwind. For many small business owners, this is compounded by the fact that they are passionate about their work and find themselves absorbed in it at all hours of the day. But everyone needs personal time to rejuvenate and refresh themselves, and a healthy work-life balance is important for your and your company’s well-being.

TIP: BLoCk oFF SoMe “You TIMe” on Your CALenDAr

A two-week vacation might be out of the question, but you likely have 30 minutes of free time somewhere on your calendar each day. Get in the habit of scheduling your workout, your walk or your reading time on your calendar. You’ll be less likely to skip it if you’ve already made the time commitment to yourself.

“I feel free to say ‘no’ to requests and choose my work carefully so I can bring my clients the very best. I need thinking time and planning time, so I schedule it in. Sometimes I stop working and mow the lawn, which allows me to relax, shift my perspective and often discover a new solution to a client issue.”

kathy Wojcik, SPHR, Owner, Chief Growth Officer, Author, Speaker, Creative Problem Solver at

Bluheron Coaching & Consulting, SUCCEED Member

Starting a small business is a risk. But as these two SuCCeeD members note, sometimes it’s a risk you need to take:

“[Growing up] I got the message that

a corporate career would give you a

good life. That may have been true

years ago, but not today.”

Marcia Zidle, Smart Moves Coach, Consultant

Speaker at Train HR, SUCCEED Member

“All the training I got as a child told me not

to do it. [But] at age 36, I found that all the

training I got as a child had led me to a dead

end, or worse. I HAD to make a change.”

Virginia nicols, Small Business Marketing Champion,

SUCCEED Member

06. “Starting a business is too risky.”

TIP: Don’T LeT A FALSe SenSe oF SeCurITY HoLD You BACk

A 9-to-5 job is not a guarantee of security, and starting a small business is not a guarantee of

failure. Don’t let outdated notions of the corporate world hold you back. Dream a while, plan a while,

think it through and then act in confidence.

Talk to a mentor about your business idea to get his feedback. Write down all of his pros and cons for consideration. (Don’t have a mentor? Check score.org, where you can connect with other small business owners via email or in person.)

Advice InspirationActionDon’t wait to start your business until everything’s perfect — it never will be. Remember, there’s no “right time” to start a business…only the right time for you.

“The biggest adventure you can take is to live the life of your dreams.”

— Oprah Winfrey

What is your best advice for starting a successful small business? give your expert opinion in our SuCCeeD: Small Business network Community on LinkedIn.

Share this SlideShare with a would-be entrepreneur you know for some encouragement.