DISCLOSURE: THIS POST May CONTAIN AFFILIATE LINKS THAT WILL REWARD ME MONETARILY OR OTHERWISE WHEN YOU USE THEM TO MAKE QUALIFYING PURCHASES. FOR MORE INFORMATION, PLEASE READ MY EARNINGS DISCLAIMER.
You already know that starting a home business is hard work, but rewarding. You’ve probably spent hours dreaming about the day that you’ll be able to set your own hours and create the work-life flexibility your family needs.
And while there are plenty of reasons to start your own business, there are also lots of things that can hold you back. In this blog post, we’ll look at the 7 reasons you’re scared to start a business, and what you can do about it.
#1: I Have No Idea What Business To Start
I was in this exact same position just a few years ago. I had the desire to quit my job, but couldn’t find any good business ideas that would fit me and what I wanted out of life.
I knew the core basics of launching a business. Every business must have one of these: products, services, or information.
Do you see yourself selling something? What do you see yourself selling?
It’s easy to get fixated on the dream of making money from home, but at the end of the day, a business without products, services, or information to sell will never actually be a business.
#2: I Don’t Have a Marketing Plan
I recently spoke with Sara. She is a talented graphic designer and recently launched her home business. As a stay-at-home mom, Sara wants to create financial stability for her family by earning $2k to $3k per month. She dreams about a family lifestyle where her husband didn’t have to work overtime and can be home in the early evening for dinner with the kids.
But Sara has no clients. So, in reality, she doesn’t have a business. What is currently stopping her from getting what she wants?
She knows what she is selling (graphic design), but she doesn’t have a plan in place to sell it.
Her shyness and lack of skills on social media are holding her back.
Sara needs a marketing plan.
Are you like Sara?
A lot of women have fantastic ideas. They try to start businesses because they’ve got a product or service and are convinced people will want to buy it.
But consider this: lots of businesses have products or services that you would be happy to pay for… if you knew about them! Your business must constantly funnel in a steady stream of customers/clients, and the only way to do that is with a solid marketing plan.
#3: I Have Imposter Syndrome
Let’s say you’re thinking of starting a blog. You start researching other blogs in your niche. You come across beautiful websites or Instagram profiles of other women already blogging about your topic. What happens then? Do you start? Or do you put away your laptop with a feeling of imposter syndrome and discouragement?
You have to accept one thing about the Internet: It will always provide you with some competition. So, when you identify that your offering or niche isn’t as unique or sparkling in comparison to what’s already out there, don’t freak out!
You’re not alone and this is actually a good sign for your idea.
It means you have an established market.
Ask yourself, “If it worked for them then why won’t it work for me?”
I know that it can be hard to see the amount of competition when you’re just starting out, but you need to hang in there! Draw strength from the real-world situations around you.
Early this morning, I went into my local supermarket today looking specifically for yogurt. I had about 10-12 options from different manufacturers all clustered together.
And that’s not including all the milk varieties – almond, coconut, 1%, non-fat, etc. Plus, the flavor varieties – cherry, vanilla, blueberry, plain, etc.
The sheer number of choices showed me that competition isn’t a bad thing.
And what about flowers? Did our Creator stop at the Rose? Thankfully, we have Carnations, Daisies, Lilies, Orchids…
What could YOU achieve if you stopped comparing yourselves to others? What if instead of looking at another woman as your competitor, you simply thought “wow she’s so inspiring!” and then moved forward with your business?
#4: I Don’t Have Any Money
Yes, I know this is a biggie. But you can start a successful home business with less than $200! I’ve got an article with tons of ideas on how to start a home business with a tiny budget. She feels like she has tried everything, from reading books to watching YouTube videos. She’s frustrated and honestly doesn’t know what else to do in order to succeed.
#5: I’m Scared To Quit My Job And Start A Business
This is another variation of “I’m scared my business will fail.”
I get it. You’re busy with your day job and/or family commitments. And, even if your business idea is AMAZING and your product or service is awesome, you’ll still need to work harder than you can imagine.
If you’re quitting a high-paying job with great benefits and joining the ranks of the self-employed, many of your friends will think you’re crazy (and quite a few might call you stupid).
You could start your business before you quit your job – check out the post How To Start A Business While Working Full-Time for tips.
#6: I’m Overwhelmed
In the beginning, you’ll often get up early and stay up late. You’ll invest many hours, which will be incredibly hard if you already have another full-time job with demanding hours. Depending on your business model, you may have to work for a few months with no money coming in… your work-life balance goals will go out the window.
Your success as a small home business owner is a delicate combination of faith, intelligence, and work ethic.
Have I mentioned that starting a business will be incredibly hard work in the beginning? And it may seem like you’re back at college, studying for exams every week (except this time you’re paying your own tuition). You’ll need to study marketing plans, economics, finance, and heaps of other topics.
If you aren’t willing to pay the price for three months, six months, nine months… well, then I’m not sure what I can type to help you. Maybe it’s time for mindset exercises to dig down deep into your “big why”?
#7: I Don’t Have The Right Support System
This ties in with the money issue – if you don’t have any savings to draw from, if this isn’t your primary source of income, or if your partner doesn’t support it 100%, then things are going to go bad pretty fast. You’ll need the support of your partner, your family, and your friends. You’ll need a mentor you can talk to and ask all the questions that pop up in the middle of the night when you’re working on it (and they will). You’ll even need people to bounce ideas around with. Even if you already have a business partner, you’ll still need someone outside your business who is familiar with the industry.
You could join a local group or network of people who are making money from their home businesses. It takes time and money to start a home business. You might be too busy with your day job or family commitments. There are risks involved in starting a new venture, including financial risk and the possibility of failure.
Are you excited by the idea of starting a home-based business that will allow you to be your own boss, but you have no idea what business to start?
If you are feeling stuck because you’re not sure what kind of business to start, don’t fear.
You’ll find your idea if you keep an open mind, expose yourself to others and keep learning new things.
Here are some tips to help you find your ideal business idea:
1. Leverage your experience
Sometimes the best ideas are right under your nose.
Take an inventory of your skills. Could you leverage any of those skills and start a service-based business? This could be your shortest path to a successful home-based business.
2. Listen to podcasts
Podcasts are a great way to get new ideas. There are lots of great podcasts out there that feature entrepreneurs. Find a few that resonate with you to get your creative juices flowing.
You can listen to podcast episodes while commuting or working out. It’s a great way to get fresh ideas and inspiration.
3. Join a networking group
If you are someone who likes collaboration, then joining a group of like-minded people to bounce ideas off of, could be a great move for you.
There are some networking groups that you have to pay to be in, but this could be great investment. The people you meet in these types of groups could help you launch your business. They may even become your first customers.
If attending in-person meetings isn’t ideal for you, try finding groups online, such as Facebook groups, that can help you connect and brainstorm with others.
4. Spend quiet time thinking
Sometimes the problem isn’t a lack of ideas, it’s having too many. Feeling overwhelmed by all the options and possibilities is very common for aspiring entrepreneurs.
Turn off the phone and computer and take some quiet time for yourself.
You may find that meditation, long walks or journaling help you best connect with your inner thoughts.
Whatever it is, prioritize the time and activity that will help you clear the clutter in your mind and get to your root desires.
5. Now stop thinking and start taking action
One of the biggest things that can prevent you from success is analysis paralysis.
It’s very easy to over-think and over-analyze your ideas. While it’s good to take some quiet time for thinking, you do have to progress past the thinking and move into action.
The only way you’ll know if you like something, or if it will work, is simply to try it.
So, don’t wait. If you have a couple business ideas floating around in your head, take a few minutes to think them through, then start acting on one of them. See where it leads you!
You can overcome the fear of starting a business
I hope this blog post was helpful. I wanted to share some of the tips that I’ve learned over the years on how to overcome procrastination, mindset issues, and all the other junk that can hold us back.
Don’t be scared to start a business. Remember – unless you take action right now and just START, your life will never change.
Hello there! I’m Jill, thanks for visiting my blog. I help women create work-life flexibility and financial stability by building a profitable online business they love. Feel free to send me a message and let me know how I can help YOU!