For many people, securing funding for their small business is par for the course, for others it’s terrifying.
This is one of many fears entrepreneurs and small business owners battle as they suffer the ups and downs of their industry. Small business owners take on a lot of risk as they go out there without a safety net, asking their families to trust that they won’t lose their life savings and worrying that they’re missing out on their children growing up. Fear is a normal part of the human psyche but when fear is holding you back from achieving your business goals it’s time to look at how you can overcome them.
Fail fast and often
Learning to fail is one of the core lessons of being a small business owner. In fact, you can’t achieve success without failure. If you experience your first business failure early, it’s a great step on your road to success. Einstein stated that “failure is only an opportunity to begin again more intelligently.” If you don’t think you’ll be able to bounce back from failure consider this, every small business owner has the capability (and choice) to recover from even the most soul crushing failures. Consider what went wrong, believe in yourself and act quickly and decisively. It’s understood that failure is a part of the process and these days, it is easier than you’d think to secure funding to get back on the horse or implement your next big business plan. After all, no one gets small business funding to stagnate or see their business collapse into the ground, they learn from their mistakes and fund their next success.
If you quit before you make a profit, you will never make a profit. A fear of borrowing funds will inevitably lead to stagnancy. Look at your cash flow and financials to make sure this fear is not reality-based and then take the plunge. Successful entrepreneurs are known for taking risks as they keep trying new strategies and often go through multiple rounds of funding before they make their first million. “If you don’t see an immediate return, keep working” recommends Te-erika Patterson, creator of The Rebuild Your Life Project “remember that you raised the investment capital once. You can always do so again.” It helps to view money as energy which is fluid rather than a physical property which must be held onto at all costs. Fluctuations in capital are normal and most small businesses are creative in figuring out funding options that don’t cripple their business. Remember, there’s no growth in the comfort zone.
Open your arms to success
Entrepreneur and President of Mr. Canary, Jan Long states in an article for Entrepreneur Magazine“I’m more afraid of success in some ways than failure. That takes a big commitment in your life. Maybe everybody feels that way, but it’s a worry of mine.” Business owners worry about being swallowed up by their own venture and this is when they will often stagnate. The way to tackle this fear is to figure out a way to work smarter, instead of harder. Go back to the drawing board and make sure the right systems and people are in place. Then, start doing what you do best, strategizing for the future. Clarify your ideas, secure the funds needed to execute them and keep moving forward.
If fear is holding you back it’s time to talk to one of our consultants to see how Fundkite can put you in touch with the safest funding options to help you achieve the success you deserve.