3 Fears About Launching a Business

Fear is a motivating factor in our lives. In some ways it’s healthy--it prevents us from driving too fast or stepping too close to the edge of a cliff. In other ways, though, it can inhibit us from doing things that'll benefit us.

Many women who consider starting a business encounter unexpected mental roadblocks that prevent them from moving forward. Here are some of the most common fears experienced by women who want to launch their own businesses--and how you can overcome them.

Fear of Financial Consequences
This fear is natural and completely rational. After all, if you’re investing time and money in a business, you assume some level of risk. There's the fear of losing money invested, the fear of losing collateral, such as a home, and the fear of being unemployed if the business fails.

How can you deal with these fears? Arm yourself with knowledge. If you don’t understand the financial aspects of your business--how to read a balance sheet, how to forecast and how to price--fears can mount. While it may not be practical to go back to business school, mentors can help. Try contacting your local SCORE chapter, which provides counselors to small businesses. The National Association of Women Business Owners also offers resources. And don't forget to ask for help from your accountant and read as many business books and magazines as you can.

Another way to calm your nerves is to take it slow. If possible, set aside at least six months of living expenses before launching your business and let your available finances dictate your growth. Don’t quit your day job until you're well established and turning a profit.

Fear of Failure
This fear goes to the core of our being. You might be worried about embarrassment, criticism or the inability to meet others’ expectations--or your own.

Remember, you're your first investor. To convince others of your credibility, you need to believe in yourself first. It’s critical to overcome unfounded fears from the very beginning. Then, harness your fear. Instead of letting it bring you down, use it to fuel your success. Fear can be a big motivator to work hard and take intelligent risks.

And understand that it’s, well, business. If you're worried about failing to meet business obligations, remember they're just part of the territory. Most business owners understand there's inherent risk in any transaction. Don’t let this fear paralyze you.

Fear of Success
With success comes change. And the fear of the unknown can be very powerful. After all, a successful business is bound to bring changes in your personal relationships, your social network and your work schedule and habits. It can be frightening even when it’s positive.

So look at those positives. For instance, if you fear work overload, remind yourself that it'll serve to benefit you and your family in the long run. Also, if you’re running the show, you may have more flexibility. Set a schedule that works with your lifestyle--if you’re a night owl, start after the family goes to bed.

Get your priorities in order. Running your own business can mean travel away from home, less time for friends or extended family, or less time for interests and hobbies. In the end, this can force you to simplify your life and find creative solutions. For example, arrange family parties where you can see all extended family at once to make the most of limited free time. And retain the rituals that are most dear--dinner with your spouse and children, a weekly coffee date with your best friend, a half-hour to run every morning. This can help ensure you maintain relationships and have some precious time left over for yourself, too.

You need to accept that things will be different in your life.  After all, change is one of the main reasons to start a business.