What are you afraid of?
Many small business owners endure restless nights when they can’t shake the feeling of impending doom that rattles around their head. We get it. We know you’re wondering things like:
How do I get more customers?
How do I balance time devoted to my business with time spent with family and friends?
Should I spend more money on advertising?
What if my business fails?
According to a comprehensive study by Paychex, “the business will fail” topped the list of fears for the more than 1,000 small business owners and potential owners they surveyed.
1) The Business Will Fail
An overwhelming majority (82.2%) of those surveyed were concerned that they would fail in their business venture. It’s easy to have this mindset when you are investing so much of your time, money, and energy into a single endeavor.
Don’t feel failure. Failure is a lesson in disguise. Plus, since 1977, the failure rate for small businesses is down 30% so it’s less likely to happen than you think.
2) The Business Will Not Make Much Money
More than two-thirds of respondents (67.7%) were distressed about not making enough money. Granted, many small business owners aren’t accountants, but if you take the time to create a budget and plan ahead, you can much better deal with cash flow issues.
3) The Business Will Go Bankrupt
Financial worries seem to pervade this list, as 53.4% of respondents cited it as their biggest concern. Yes, tens of thousands of small businesses go bankrupt each year, but that’s a small percentage of the tens of millions that don’t. If you have a sound business plan, a top-notch team, determination, and discipline, you will be fine.
4) It Will Be Too Stressful
Getting a small business up and running can be very stressful, which is what 52.6% of respondents indicated was their biggest fear. Committing so much of your personal time, attention, and resources can wear on you, as can financial issues. The key is to find the right balance of stress, which can be a motivating factor.
5) It Will Take Up Too Much Time
Not having enough time in the day to accomplish your goals (40.4%) may not only cause stress, but affect your relationships with friends and family. Keeping the lines of communication open is key and leaning on them for support can help you deal with stress.
If your friends and family don’t understand your calling and mission in operating a small business, there’s a strong support group of entrepreneurs located just a click away online or even at your local chamber or networking group.
Fears compound as we sit. Action is the only way to conquer them.
At ThinkQuik, we understand the fears of small business owners. We’re a small business too. But one of the best ways to ensure you don’t become a statistic is to have strong, well-rounded marketing that works online and off. We’re happy to help with all of your offline promotional marketing needs.
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