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Caring Senior Service Franchise Blog

Top 7 Fears of Starting Your Own Business

Posted by Thomas Scott on Mar 14, 2019 3:02:00 PM

Businessman thinking while leaning on a window frame

Chase the vision, not the money; the money will end up following you.  

–Tony Hsieh, Zappos CEO 

If you are simply going through the paces of taking care of responsibilities while trying to convince yourself that this career you've mapped out is the right choice, you're not alone. It may not be as fulfilling as you'd envisioned, but it pays the bills and allows you to put a bit back. Besides, no one ever promised you job satisfaction; you simply need to buck up and carry on. It's one of the facts of life, right?

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." To look at that statistic another way, consider there are approximately "120 million full-time workers in the United States and 84 million do not like their jobs."

There are alternatives to forcing yourself to stagnate in a thankless and unfulfilling job just because it's the status quo. If becoming an entrepreneur is one of the options you've considered, don't let those nagging fears of starting your own business trip you up before you even begin.

How to Face the Top 7 Fears of Starting Your Own Business

1.  Failure

It's no surprise that fear of failure is the #1 deterrent for people who consider starting their own business. After all, you stand to lose not only your monetary investment of hard-earned capital, but your time, energy, and pride are also at risk.

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 going it alone. The Caring Senior Franchise, for instance, offers you a proven template that's supportive while providing you the freedom to be your own boss.

2.  Finances

There's no way around it: coming up with the initial investment in your new venture is a major consideration. It's also a fear factor that's closely linked with that of failure. You could stand to lose a great deal. However, with the proper research and planning, you could also stand to gain much more than your initial investment.

If you convince yourself that the few wins you've had in your life are good enough, you prevent the possibility of opening up to greater success. Have faith in your business model and allow it to blossom.

3.  Inadequacy

Any new venture you embark on requires a period of adjustment. You can't put unrealistic expectations of perfection on yourself as a new entrepreneur. Granted, your goal is excellence regardless of whether your business venture involves producing a product or providing a service; however, 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 that direction. One of the advantages of investing in a Caring Senior Franchise is the benefit of our experience. We offer our entrepreneurs ongoing training and support to help bolster you as a successful business owner.

4.  Overwhelming Responsibility

Let's get the fantasy of a get-rich-quick scheme out of the way right now. In the first place, there is no such thing. Secondly, if someone promised you this possibility, they lied to you.

If you are embarking on an entrepreneurial life because you're looking to make a fast buck, it's best to get off the fairy-tale ride right now. On the other hand, when you go into a new venture with the realistic expectation that it's going to require hard work and commitment, you're well on the road to a rewarding new career.

One of the reasons you may be looking for an option to the 9-to-5 grind is because you seek greater challenges as well as rewards. You can find that fulfillment by working as your own boss within a successful program that provides seniors the opportunity to maintain their dignity and independence.

5.  The Unknown

The best you can do is to perform proper research and take action according to your findings. Wasting time with over planning and overanalyzing only serves to tie up your energies and resources on predictions that may never come to pass.

6.  Losing Passion

The basis of your entrepreneurial venture is surely a passion for your product or service. The inherent risks and challenges simply aren't worth the trouble without this driving force to move your venture forward.

Remind yourself of the reason why you decided to embark on your own business. When you remember the purpose of your mission, you avoid losing heart and giving up.

7.  Being Wrong

Like 2 bookends, we begin and end the anxieties of starting your business with the fear of failure and of being wrong. While they may appear to be one and the same, each can negatively affect your success as a business owner in different ways.

The fear of failure may keep you from ever beginning the process. You may dream of a new life as a business owner, but fear of failure will stop you at the threshold of making that decision. The fear of being wrong, on the other hand, occurs during the operation of your business affairs. It's a minefield in which you can find yourself taking an incorrect turn simply because you can't face being wrong. The key is to accept that with growth comes change.

A Franchise Might Be the Right Choice for You

If you find yourself searching for an alternative to the rut of your daily working routine, but you're not sure exactly how to start your own business, you might want to consider working in the senior care industry. Contact Senior Care Franchise by phone at 210-982-0122 or email us at franchise@caringinc.com for more in-depth detail about the rewarding benefits of providing seniors the alternative of maintaining an independent lifestyle.

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Topics: Franchise Ownership, Taking Risks