What scares you as a business owner?
Are you a business owner living in fear? It’s okay to admit it. There's a lot to be scared of these days: an impending recession, inventory shortages, and inflation.
Here are some of the most common fears entrepreneurs have today, and how to overcome them:
If you do nothing, nothing happens.
The Fear: Losing a major client
At some point, you’re going to lose a major client—-possibly even your biggest one. With the potential recession brewing, business owners are more concerned that they could lose a substantial percentage of their income.
The Solution: Revise your approach
Losing a major client isn’t ideal, but it shouldn’t be the end of the world. Take a breath, stay clear-headed, and spend your free time on new ways to engage prospects. You might even land a bigger fish.
The Fear: A competitor capturing your target market
Sometimes a rival company will beat you to the bunch. They’re either larger, more agile, or might even have a better offering. That bites, but it happens.
The Solution: Find your opportunity
Analyze your competition: their website, reviews, messaging, etc. Oddly, you can find a way to differentiate yourself competitively or find a target audience they’re not reaching.
The Fear: If your business fails, you’re a failure
For some entrepreneurs, their business is their identity. It shouldn’t be, but sometimes it’s hard to separate the two, especially when you’re passionate about what you do. So if your business fails, are you a failure?
The Solution: Reassess your thinking
You are not your business; failure is just an opportunity to learn. Learn from the mistakes you made and grow from them.
At Value Logic Solutions, we’ll help you overcome your business fears so that you can create freedom, accelerate growth, and maximize profits. Are you ready to celebrate Halloween by facing your fears?
Q. What keeps you up at night as a business owner?