Owning a business is scary at every stage, no matter if you started your business yesterday or 30 years ago. Check out four of the most common causes of sleepless nights and anxiety among small business owners.
4 Things That Scare You as a Business Owner
Closed shower curtains (and an attacker waiting on the other side.) The number of calories in that supposedly “skinny” latte…. Clowns.
As people, we are all afraid of something whether rationally or not. The famous saying “the only thing to fear is fear itself,” is especially true for business owners because it is that constant fear that can slowly kill your business.
Your fears are real, and they can be hard to handle, but a major aspect of being an entrepreneur is finding a way to overcome them.
1. The Fear of Failure
This is perhaps the most common phobia all small business owners experience. As an entrepreneur, you want to be successful in your venture, but with that pressure comes the fear of failure.
So how do you overcome this fear? The same way you would get over a fear of heights: jump!
Jump right in and go for it. You will always have small failures along the way, but failures provide opportunities to grow and learn. These are not moments to give up or throw in the towel condemning yourself as an all-around failure.
Small failures do not add up to big ones if you handle them as they come, learn from the experience, and keep moving forward.
2. The Fear of Passing Time
If you are planning to start your own business I will tell you the real truth of running a business: it is hard work, and it takes a lot of time. If you want this to happen, you must be committed to your vision.
Small business owners and entrepreneurs everywhere have a fear of not having the time to run a functioning business and not having the time to spend with family and/or friends.
So how do you overcome this realistic fear?
Two words: Time Management. You are your own boss, and you are the keeper of your time.
You can get a lot more done in the time you are given when you plan and organize your agenda. Bottom line is you are the owner of your time, and you decide how you use it and how it will benefit or hurt you.
3. The Fear of Hiring
Most businesses list hiring as one of their top concerns. The competition for finding talent is tight and finding the right person for your business is getting harder and harder.
The hiring process is an investment of your time, and money and no one wants the experience of hiring the wrong person. But growing your staff and culture takes time and patience.
Set up multiple interviews with an applicant to ensure you are hiring the right individual for the position.
4. The Fear of Government Regulations- Oh the Horror!
When it comes to national and local governments, they almost always outdo themselves. From tax laws, employment regulations, and the mountains of paperwork it is all profoundly overwhelming.
Your state and federal tax laws are regularly changed and updated. Avoid unnecessary fear and noncompliance fees by staying informed of the latest payroll rules and regulations as they apply to your industry. Or better yet, trust PayWow to over your payroll tax compliance.
What Fears are Holding Back Your Business?
Fear and risks coincide with doing business for entrepreneurs and business owners. While it is okay to be afraid of something, it is essential to manage your worries productively so you can focus on running and growing your business.
Find a way to overcome your biggest fears today!
At PayWow, we understand that there is a lot to process while managing the day to day business. This is why we have a created an innovative full-service payroll process and compliance solution specifically for your. Let us run, file, and deposit all of your required payroll information and taxes on your behalf.
Contact one of our team members to schedule a free one month trial of our payroll software solution. We are happy to answer any questions and event guide you through your setup process. We provinces payroll assistance in both English and Spanish.