What Do I Fear as a Small Business Owner?
The Halloween season may be over, but that doesn’t mean all the scares have exited the building! No matter how confident we appear to be as owners, we suffer from fears that haunt our dreams long after the all-day shift is over. Don’t let these fears beat you down! There are ways to overcome your anxiety!
Small business owners are typically in some sort of start-up debt. The immediate panic thought will be “how do I escape this?” if you aren’t turning immediate profit. Remember why you got in this game. It’s for the long haul, right? If you have a solid plan backing your future success, you will want to focus on the big picture while making tweaks along the way. Emotional financial decisions can bring down your morale along with those in the office. Make SMART goals that fit your plan in a realistic manner, and don’t worry about profit until your projections say you should.
The recession set back many businesses several years ago, yet you’re reading this and still standing! First off, pat yourself on the back. Second, know that the worrying about things around you will never stop. Economic structures have more peaks and valleys than a roller coaster. Staying on top of the budgeting game can bring relentless stress that isn’t healthy for you. I would always recommend having a person that is ahead of these trends on your operations staff, who can work to forecast shifts ahead. Or even better, budget your company in a fashion anticipating a sudden recession in your market. The worrying will never stop, but don’t let it drain positivity about future developments!
A common dream of entrepreneurs is to one day sell your business for much more than you started it for. The unfortunate reality is that many businesses don’t sell for enough to let you safely retire. No matter how young or old you are, build a retirement plan now! A 401 (k), a SEP-IRA, and other retirement instruments can help you build a healthy future for yourself. Your retirement plans should be separate from your business.