Running your own business can be incredibly rewarding but challenging. From managing the day-to-day aspects of running your business to serving your customer to managing the long-term finances, health, and business volume, there's undoubtedly a lot to juggle.
So, what really weighs on the minds of small business owners? And, more importantly, what can they do to help relieve these worries?
We asked small business owners to share their secret fears in an anonymous survey then selected five of the most common responsesto share with you, along with tips on how to alleviate these fears—no matter what size your business.
1. The burden on one's personal life
"I worry that success will ruin my personal life. I also worry that failure will ruin my personal life. I worry that too much of my identity is wrapped up in my work. What would happen if I couldn't work at some point?" (Design Business)
Ask any business owner that question, and you'll probably hear something similar. While running a business can be tremendously rewarding, it can also be a drain on your finances, relationships, and time. Interestingly, both failure and success can weigh on business owners. Running your own business is often an extension of your self-worth and personal value, so that fear is often a common thread.
What's a business owner to do?
For starters, make sure that you're sharing these fears with your family, friends, and business partners. Having open dialog with the important people in your life can help them know how to best support you as you cycle through the highs and lows of business ownership.
Also, make sure you put a priority on spending time with the people in your life, and don't skimp on things like personal time off or vacations. One study found that fewer than half of business owners polled planned to take vacation this year. Make sure you're taking time to enjoy the benefits of business ownership and investing in friends and family too.
2. An empty schedule
"My fear is that I show up to the office and there are NO patients on the schedule." (Medical Office)
Running a small business can vary from day to day. That's why a common fear of business owners is an empty schedule or incredibly low volume sales days. Those fears may be an anomaly, but a day's empty schedule or low volume days can add up over time and affect your overall bottom line.
One way you can help alleviate this fear is to put together a long-term marketing plan and form a team you can trust to make sure that your pipeline of prospects and leads is continually growing. Otherwise, you may spend much of your time today worrying about whether you'll be busy enough tomorrow.
For many new business owners, the reality of this fear can come up unexpectedly. Business may be humming along, and suddenly, you'll hit a dead space. But by continually promoting your business, you can help alleviate this fear so you have time to focus on what you do best—run your business.
Another important thing to keep in mind is what your game plan would be for an off-peak day. Have a list at the ready of promotions you could use to fill an empty schedule; along with an email database you could easily reach reference to drum up business in a pinch.
3. Poor sales