Business owners do face fears at some times in your business journey and the objective of pointing them out is not to make business owners more fearful rather to prevent those fears from overtaking and preventing you to chase your aims and dreams. If you are not subjected to any fear or related feelings then you are a spiritual person, but if you do then you must be afraid of any of these at some point in your life and business:
Fear of Losing Customers
This is the most common fear that many business owners experience. They fear of losing customers who made their business work. No matter what you do to attract customers sometimes they just won’t stay with you and you have to accept this instead of worrying over it. You may have to plan each year the ways to attract customers and how to keep the old ones stick with you but if you still lose a few then let it go. However, if you see a tremendous decrease in your customers’ number then stop and look around to see what went wrong and where. You may have to work on your marketing strategy, your selling ways etc to attract more people. Keep one thing in mind, do not be overdependent on a single or just a few customers, nobody is always there and you will end up working for people instead of yourself if you depend on them. Try and build up a healthy relationship with your customers by talking to them, hearing out their demands, needs and suggestions. This will not only improve your business but will also win you customers’ loyalty.
Fear of Lack of Investment
No small business man can ever escape this fear because their resources are limited. Most of them do not enough funds on themselves to start off the business and end up taking a loan from banks which in turn come with many conditions. You, sort of, give the bank the upper hand on you. For every dollar you loan you have to pay an interest, and you will not be able to fulfill it until your business generates revenue. What should you do? Do not fear of funds shortage or loan return, focus on your business, make it thrive and grow, generate revenue and return the bank’s loan. Unless you are in a position to fund your business yourself and the money at stake is yours, this will continue to be your fear.
Fear of Losing Important Employees
It is really hurtful to witness a hardworking employee leave in a small business. Small businesses usually run with few people and that’s all they really need. But when you hire a person, train them to work, see them succeed, help you succeed and then they leave to become your competitor is really hurtful. But you have to move on and focus instead of being fearful of your failure.
Fear of Recession
Steady cash flow is the life and blood of a business, be it small or large. When the equilibrium is not maintained between cash flow on either side then it proves to be quite tough on nerves as this is the basis of your business to run smoothly. Unless it is your fault resulting in slow payments or uneven cash flow you should be patient. When recession hits an economy everyone feels the blows, everyone becomes slow in paying, receivables pile up and cash flow stumbles.
The truth is fear of things can cripple you. It will get to you some days but you should not let it win over your nerves. If you do, it can become a habit and you will fear of the smallest of the matters. Fear is the sole enemy hindering you from achieving what you desire. You can only control what’s in your hands, therefore stop fearing of what will happen, focus on what you have inThe Secret Fears of Small Business Owners by Fizzah Iqbal