What are you afraid of in your business?
In my nearly five years of helping entrepreneurs bust through their fears, here are the ones that I see most often:
1. Fear of Not Making Enough Money
This is the one that stops most entrepreneurs cold. They are afraid that their business will not provide them enough money to live on. This is a valid fear – most businesses take 18 months to three years to get off the ground. Most new entrepreneurs give up right as their businesses are getting successful.
2. Fear of Not Knowing Enough
This goes both ways – some people are afraid of not knowing enough about their subject matter to feel comfortable teaching it (one client had a masters degree and dozens of certifications and STILL didn't feel comfortable) OR not knowing enough about technology to run an online business.
This is mostly NOT valid because you don't have to know EVERYTHING to help someone along the path. And, you don't have to be a techy to make money online. I make multiple six figures and I have a team to help me figure out the tech stuff.
3. Fear of Rejection/Not Being Enough
This is related to the first fear. Business owners are often afraid to reach out for the sale because they don't want to face rejection. I always tell me clients – if you are closing more than 2 or 3 in 10 people you talk to – your prices are too low. You need to ask and get the no's to get to your ideal clients who will work with you at the price you are worth.
So, if the top three fears are not real – what SHOULD entrepreneurs be afraid of. Here are my top three healthy fears for a new business.
1. Fear of Not Following Up Enough
It takes people 7 to 10 touches to decide to buy something. Most people give up after touch 2 or 3.
Don't do that.
Keep asking until your customers buy or tell you to stop reminding them. People are busy – mostly they don't mind gentle reminders.
2. Fear of Not Having A System
Systems set you free. If you can't document what you do – you cannot grow your business because you'll run out of mental bandwidth and hours in the day. Save your sanity (and your business) by developing your systems early and often.
3. Fear of Not Investing In Your Business.
Lone wolves are rarely successful.
You need a business coach to help guide you, an accountant to keep your records straight, access to an attorney for advice. All of that takes money – but it is an investment in your business that will pay for itself many times over.