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Top 7 Fears of Starting Your Own Business

By Ian Klaes

Chase the vision, not the money; the money will end up following you. 
–Tony Hsieh, Zappos CEO 

The fact is that "most people are dissatisfied with their jobs," according to Entrepreneur. "70% of Americans aren't engaged by what they do for a living." So, the question is, why do people stay in their jobs? A big reason that people don't chase their dream jobs is because of fear, especially if the dream is to become an entrepreneur.

But fear can take on many forms, and frankly, there can be lots of legitimate fears. Here are some of the most common fears of starting your own small business along with some tips to overcome them.

1. Failure

It's no surprise that fear of failure is the #1 deterrent for people who consider starting their own business. Failing could mean a huge loss of money, wasted time, and even hurt pride. Failing at your small business idea can mean so much more than just having to change jobs.

Successful entrepreneurs recognize that failure is a possibility; however, they proceed with their plan anyway. Investing in a franchise is one alternative to stave off the fear of failure.

Franchises across all types of businesses have proven more successful over the years. This is often due to having a refined business model along with training and support that guides new business owners. New business owners can jump right in without having to spend time and effort figuring out how to operate a business. The template is already there for them to succeed.

2. Finances

Opening just about any business will require some cold, hard cash. And a big fear could be losing that investment. Or the business never does well enough to pay you what you would make at a 9-to-5 job. There is a big financial commitment and opportunity cost involved.

Many entrepreneurs never turn a profit. However, with the proper research and planning, you could also stand to gain much more than your initial investment. Entrepreneurs most certainly have the potential to earn more than they would as employees.

By banking on a franchise opportunity, you can help secure your financial future. Again, franchises have greater success in general, and they also have larger purchasing power, giving you discounts on goods and services. They also have clear projections for what you can make, based on the success of other owners. Many franchisors can also help you navigate business loans and financing options to turn your dream into a reality.

RELATED CONTENT: 3 Unique Financial Benefits of Business Ownership

3. Inadequacy

Many people fear that they will not be good enough to run their own business or be a good leader. But any new venture has a learning curve. As you take on the role of entrepreneur, you need to set realistic expectations and avoid perfectionism. If you let the fear of making a mistake prevent you from being productive, you'll fall short of success.

Focus on what you can do to improve your business and continue to move in a positive direction. Choose a business that lends itself to your skillset and expertise. A franchise business can also give you the added support and training that you need to feel confident. For example, they can guide you through business licenses and permits, accounting software, and more.

4. Overwhelming Responsibility

Owning a business can be a lot of work, especially in the first few years. And you're responsible for everything that goes on in your business. That responsibility can seem really overwhelming to some individuals. While it should be an expectation that you will work hard as a business owner, it should be your greatest fear.

The work you do as a business owner will present new challenges and rewards that you simply wouldn't experience as an employee. These experiences can be extremely rewarding and fulfilling, helping your work not feel so much like work. Plus, your schedule can become more flexible as you get the hang of running your business.

Additionally, franchisor can provide a business model for you to follow and provide guidance on how to train your team so that you can all be most efficient. Your franchisor will want you to find good work-life balance and personal satisfaction too!

RELATED CONTENT: How to Build Trust on Your Team

5. The Unknown

It's natural for you to feel fear about the unknown — it's how humans have survived all of these years. Our instinctual fear of the unknown helped us avoid potential dangers. But you can eliminate this fear by learning more about the industry you want to join.

If you're looking into a franchise system, you can talk to other owners and meet with various individuals at the corporate level. It's also important for you to read through the legal documentation to understand what you'd be getting in to.

However, avoid the pit of overanalyzing; this, too, can paralyze you from taking the next steps. The best you can do is to perform proper research and take action according to your findings. Then, jump right into it! That's where you will truly learn what it takes.

6. Losing Passion

You may want to start a business because you are really passionate about something right now. But what happens if you lose that passion? Some feel that they will lose their passion when it becomes their work.

Many business owners are continually driven by their passion for their product or service. It's what gets them through the difficulties of running a business. And their passion may actually grow over time. But you will never know until you try it out.

When opening your own business, remind yourself of the reason why you decided to embrace entrepreneurship. When you remember the purpose of your mission, you avoid losing heart and giving up.

7. Being Wrong

The fear of being wrong is another fear that might hold you back. Sometimes, when we don't k now exactly what the right decision is, we don't make one at all. This can hurt you at both the professional level and personal level.

As a business owner, you will have to make decisions every single day that impact the health and success of your business. In many of these cases, you can't afford to simple do nothing. Ultimately, you will never be perfect, so it's okay to make mistakes. Own up to them, learn from them, and use them to propel your growth as an entrepreneur.

A Franchise Might Be the Right Choice for You

Joining a franchise can actually address many of the fears that come with owning your own business. You will never have to do it on your own, and you will gain plenty of supporters who can lend a hand and offer advice.

Contact Caring Senior Service for more detail about the rewarding benefits of providing seniors the alternative of maintaining an independent lifestyle. 

Picture of a caregiver and senior with text that says, "Build your own future. Become a home care franchise owner. Get Started."

Tags: Franchise Ownership, Taking Risks