{"id":12521,"date":"2024-06-28T12:11:47","date_gmt":"2024-06-28T11:11:47","guid":{"rendered":"https:\/\/www.qualitycompanyformations.co.uk\/blog\/?p=12521"},"modified":"2024-07-01T20:47:05","modified_gmt":"2024-07-01T19:47:05","slug":"overcome-the-fear-of-starting-your-business","status":"publish","type":"post","link":"https:\/\/www.qualitycompanyformations.co.uk\/blog\/overcome-the-fear-of-starting-your-business\/","title":{"rendered":"How to overcome the fear of starting your own business"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Is fear holding you back from realising your dream of starting your own business? Whether you lack support from loved ones, have financial anxiety, or are unsure if your business idea has legs, taking the plunge is a common concern. It can be challenging to overcome, but also incredibly exciting and liberating once you do.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The good news is that you\u2019re not alone. In this article, we share our top tips on tackling your fears and finding the confidence to start your own business.\u00a0<\/span><\/p>\n<h3>1. Identify your fears<\/h3>\n<p><span style=\"font-weight: 400;\">The first step is to identify the type of fear preventing you from taking the leap.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A common one is the fear of failure. Considering that the <\/span><a href=\"https:\/\/www.ons.gov.uk\/businessindustryandtrade\/business\/activitysizeandlocation\/bulletins\/businessdemography\/2021\" data-wpel-link=\"external\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Office for National Statistics<\/span><\/a><span style=\"font-weight: 400;\"> reports that 20% of businesses fail in their first year and around 60% in their first three years, it\u2019s certainly a justified concern to have. Other worries could be:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Judgement from others<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The stress of responsibility\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Lack of knowledge<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Financial insecurity<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Your business idea isn\u2019t viable<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Starting a business is risky, but you\u2019ll never know until you try. So, start by understanding your concerns. This will allow you to address and overcome them.<\/span><\/p>\n<h3>2. Examine and challenge your fears<\/h3>\n<p><span style=\"font-weight: 400;\">Next, examine and challenge your fears. We suggest physically writing them down, to help you organise and keep track of your thoughts and ideas.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Ask yourself: \u201cIs my fear based on fact or speculation?\u201d Perhaps you\u2019re an over-thinker and a worrier, something that can intensify your concerns and make them look scarier than they really are. Then consider: \u201cWhat can I do to negate that?\u201d<\/span><\/p>\n            <div class=\"revolut_shortcode\">\n                <a href=\"https:\/\/revolutbusiness.ngih.net\/daV2kQ\" data-wpel-link=\"external\" target=\"_blank\" rel=\"noopener noreferrer\">\n                    <img decoding=\"async\" src=\"https:\/\/cdn-brand.s3.eu-west-1.amazonaws.com\/assets\/images\/revolut_mobile.png\"\n                        alt=\"Revolut Business & Affiliates.\"\n                        class=\"revolut_shortcode-mobile\">\n                    <img decoding=\"async\" src=\"https:\/\/cdn-brand.s3.eu-west-1.amazonaws.com\/assets\/images\/revolut_desktop.png\"\n                        alt=\"Revolut Business & Affiliates.\"\n                        class=\"revolut_shortcode-desktop\">\n                <\/a>\n            <\/div>\n            \n<p><span style=\"font-weight: 400;\">If you\u2019re anxious about a lack of funds to support your new business, remember that plenty of household names were born in a garage with very little money in the bank.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Luckily, there are numerous solutions. For instance, you can take out a business loan, ask friends and family for help, attract investors, or apply for a grant.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Or, if you\u2019re nervous about how starting a business might impact your work\/life balance, try creating a list of personal and professional priorities and visualise what your life as a business owner might look like. Are you happy with that image? What can you do to improve it?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This step is about genuinely understanding the fears that you\u2019re facing, addressing them head-on, and finding practical solutions to them.<\/span><\/p>\n<h3>3. Develop a positive mindset<\/h3>\n<p><span style=\"font-weight: 400;\">A negative or defeatist mindset won\u2019t get you very far as an entrepreneur. If negative introspection is causing you to fear starting your own business, you need to replace it with an optimistic, confident perspective.\u00a0<\/span><\/p>\n<p>                                                    <a href=\"https:\/\/www.qualitycompanyformations.co.uk\/blog\/how-can-i-turn-freelance-work-into-a-small-business\/\" class=\"related\" data-wpel-link=\"internal\"><span class=\"related-title\">How can I turn my freelance work into a small business?<\/span><\/a>\n                                                                        <a href=\"https:\/\/www.qualitycompanyformations.co.uk\/blog\/my-company-has-failed-how-do-i-bounce-back\/\" class=\"related\" data-wpel-link=\"internal\"><span class=\"related-title\">My company has failed: how do I bounce back?<\/span><\/a>\n                                                                        <a href=\"https:\/\/www.qualitycompanyformations.co.uk\/blog\/freelance-vs-self-employed\/\" class=\"related\" data-wpel-link=\"internal\"><span class=\"related-title\">Freelance vs. self-employed: is it the same thing?<\/span><\/a>\n                    <\/p>\n<p><span style=\"font-weight: 400;\">Otherwise, if you think negatively about your business and constantly believe that things won\u2019t work out, they probably won\u2019t. In psychological terms, it\u2019s a self-fulfilling prophecy whereby cynical or false expectations will eventually become reality.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you fear starting a business because you\u2019re too preoccupied with presuming your idea will fail, turn that negativity into positive affirmations and self-belief. Running a successful business is all about confidence, optimism, motivation, and encouragement.<\/span><\/p>\n<h3>4. Set yourself clear and specific goals<\/h3>\n<p><span style=\"font-weight: 400;\">In relation to the fears you\u2019ve defined in step one, think about what you\u2019d personally like to achieve as an aspiring entrepreneur and physically map out your goals. They can be as big or small as you like, as long as they promote progress.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For example, one of your first goals might be improving your self-care routine to build confidence. Another could be opening up to a friend or family member about your business idea.\u00a0<\/span><\/p>\n            <div class=\"hubspot_shortcode\">\n                <a href=\"https:\/\/hubspot.sjv.io\/OrKdGZ\" data-wpel-link=\"external\" target=\"_blank\" rel=\"noopener noreferrer\">\n                    <img decoding=\"async\" src=\"https:\/\/cdn-brand.s3.eu-west-1.amazonaws.com\/assets\/images\/hubspot_mobile.png\"\n                        alt=\"Get Started With HubSpot's Free Tools.\"\n                        class=\"hubspot_shortcode-mobile\">\n                    <img decoding=\"async\" src=\"https:\/\/cdn-brand.s3.eu-west-1.amazonaws.com\/assets\/images\/hubspot_desktop.png\"\n                        alt=\"Get Started With HubSpot's Free Tools.\"\n                        class=\"hubspot_shortcode-desktop\">\n                <\/a>\n            <\/div>\n        \n<p><span style=\"font-weight: 400;\">Or you might want to set a bigger objective, like attending a networking event. Mingling with existing entrepreneurs will show you what running a business is like, which could be a powerful way of eradicating the fear holding you back. And while you\u2019re there, you could make some valuable connections for when you launch your business.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Remember to keep your targets realistic and achievable, as aiming too high too soon could halt your progress and cause fear to creep back in. If you need a hand, you might find the SMART technique useful:\u00a0<\/span><\/p>\n<p><b>S<\/b><span style=\"font-weight: 400;\">pecific: What outcome do you hope to achieve?<\/span><\/p>\n<p><b>M<\/b><span style=\"font-weight: 400;\">easurable: How will you track your progress?<\/span><\/p>\n<p><b>A<\/b><span style=\"font-weight: 400;\">chievable: Is your goal attainable?\u00a0<\/span><\/p>\n<p><b>R<\/b><span style=\"font-weight: 400;\">elevant: Does your goal align with your overall objective?<\/span><\/p>\n<p><b>T<\/b><span style=\"font-weight: 400;\">ime: What is your target deadline for achieving this goal?\u00a0<\/span><\/p>\n<h3>5. Strengthen your knowledge and skills<\/h3>\n<p><span style=\"font-weight: 400;\">Improving your knowledge and skills is crucial for overcoming the fear of starting your own business. Not only is it instrumental to boosting your self-confidence, but it also ensures you\u2019re well-equipped to build a successful business.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Consider whether there are any gaps in your abilities. Maybe you need to brush up on the latest marketing techniques &#8211; an online course can help with this. Or maybe you need to enhance your leadership skills &#8211; try working with a professional mentor or reading some books on the subject.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Once you\u2019ve made these improvements, remember that education should be continuous. As an entrepreneur, you\u2019ll need to keep up with evolving trends, markets, and strategies, so it\u2019s essential to prioritise building your professional acumen on an ongoing basis to keep fear at bay.<\/span><\/p>\n<h3>6. Create a circle of trust<\/h3>\n<p><span style=\"font-weight: 400;\">If you\u2019re feeling isolated and overwhelmed by becoming your own boss, remember that you don&#8217;t have to (or, rather, shouldn&#8217;t) carry this weight alone. In fact, every entrepreneur needs a circle of trust to confide in and overcome any fears or challenges they might be facing.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This group should consist of people you trust wholly and offer a balance of personal and professional assistance. It could include your spouse or partner for emotional support, a financial advisor to help manage your company\u2019s funds, and a fellow business owner (or maybe a business partner) to exchange professional advice.\u00a0<\/span><\/p>\n            <div class=\"names_shortcode\">\n                <a href=\"https:\/\/acn.ionos.co.uk\/aff_c?offer_id=3&amp;aff_id=8964&amp;url_id=309\" data-wpel-link=\"external\" target=\"_blank\" rel=\"noopener noreferrer\">\n                    <img decoding=\"async\" src=\"https:\/\/cdn-brand.s3.eu-west-1.amazonaws.com\/assets\/images\/242634_Domains_Banner-Cooperation_QCF_325x340_UK.png\"\n                        alt=\"FREE .co.uk Domain Name.\"\n                        class=\"names_shortcode-mobile\">\n                    <img decoding=\"async\" src=\"https:\/\/cdn-brand.s3.eu-west-1.amazonaws.com\/assets\/images\/242634_Domains_Banner-Cooperation_QCF_980x150_UK.png\"\n                        alt=\"FREE .co.uk Domain Name.\"\n                        class=\"names_shortcode-desktop\">\n                <\/a>\n            <\/div>\n        \n<p><span style=\"font-weight: 400;\">Your support network should also consist of positive individuals who encourage you to aim high and achieve your goals. The aim here is to build your perfect environment for success and motivation, so a glass-half-full kind of person might not be best suited for this.\u00a0<\/span><\/p>\n<h3>7. Embrace failure<\/h3>\n<p><span style=\"font-weight: 400;\">If failure is your main fear about starting a business, we urge you to embrace it. We\u2019ll be honest and say that some form of failure is inevitable when running a business.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Maybe you\u2019ll launch a product that won\u2019t be the hit you thought it\u2019d be, or an investor pitch won\u2019t quite go to plan. Working on your mental preparedness to embrace these challenges and build your resilience is the key.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As the great three-time Formula 1 world champion, Niki Lauda, once said: \u201cFrom success, you learn absolutely nothing. From failure and setbacks, conclusions can be drawn. That goes for your private life as well as your career.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Yes, it\u2019s initially discouraging when we fail, but if we were to always succeed and achieve our goals quickly, we\u2019d never grow as individuals. So, try to embrace failures when they present themselves and view them as learning opportunities. This vital mindset shift will help you overcome your fear of starting a business.<\/span><\/p>\n<h3>8. Find a role model<\/h3>\n<p><span style=\"font-weight: 400;\">Last but not least, we recommend having a role model to look up to. Perhaps you know someone in your personal life who has started their own business, or you want to dream big like Steve Jobs or Arianna Huffington.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Having a physical source of inspiration is a great way to overcome your fears of starting a business. It\u2019s a simple but powerful technique for keeping your eyes on the prize, reminding you of your aspirations, and motivating you to work towards them.<\/span><\/p>\n<h3>Conclusion<\/h3>\n<p><span style=\"font-weight: 400;\">It\u2019s normal to have fears and reservations about starting your own business. <\/span><span style=\"font-weight: 400;\">However, if you have a business idea you truly believe in, use our top tips in this blog to overcome them and feel empowered to take the plunge.\u00a0<\/span><\/p>\n<p>We hope you found this blog helpful and inspirational. If you have any comments or questions, please post them below.<\/p>\n            <div style=\"display: none\"><\/div>\n        \n"},"excerpt":{"rendered":"<p>Is fear holding you back from realising your dream of starting your own business? Whether you lack support from loved ones, have financial anxiety, or are unsure if your business idea has legs, taking the plunge is a common concern. It can be challenging to overcome, but also incredibly exciting and liberating once you do.\u00a0\u00a0&hellip;<\/p>\n","protected":false},"author":27,"featured_media":12537,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false},"categories":[1229],"tags":[],"class_list":["post-12521","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-startups","category-1229","description-off"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.2 (Yoast SEO v24.2) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How to Overcome the Fear of Starting Your Own Business | QCF<\/title>\n<meta name=\"description\" content=\"Is fear holding you back from starting your own business? 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Use these top tips to build confidence and feel empowered to take the plunge.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.qualitycompanyformations.co.uk\/blog\/overcome-the-fear-of-starting-your-business\/\" \/>\n<meta property=\"og:site_name\" content=\"Quality Formations Blog\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-28T11:11:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-07-01T19:47:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.qualityformationsblog.co.uk\/wp-content\/uploads\/2024\/06\/Shutterstock_2107902071.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1500\" \/>\n\t<meta property=\"og:image:height\" content=\"750\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"James Dobran\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"James Dobran\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"How to Overcome the Fear of Starting Your Own Business | QCF","description":"Is fear holding you back from starting your own business? 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