In the spirit of Halloween, this post is dedicated to fear… more specifically, the fears that we face when starting and operating a business.
Here are a few of the fears that many of us face as we decide to become entrepreneurs;
- Start-up costs – The initial investment required to start a business can be the biggest obstacle to overcome, and some never do.
- Benefit costs – Benefits are expensive, specifically health insurance, but life and disability insurance too
- Long hours – It’s time consuming to start a new business or even grow an existing one. Many business owner go years without a vacation.
- Overhead – office space, utilities, equipment, computer hardware and software
- Liability – The risk of a lawsuit can be a real concern. Of course this can vary based on your industry and type of business entity that you establish.
- Information Security – With our reliance on computers and other devices, technology malfunctions and hackers can be a complicated issue.
- The Unknown – At any stage of business development, surprises can be costly.
- Failure – Not making enough money and/or finding enough clients to stay in business
These issues, along with other worries, can be crippling to a start-up company if not dealt with properly. However, if you can expect these fears and address them early, the benefits and rewards of building and owning your own business can far outweigh the risk.
Please feel free to comment with your own business fears and/or how you’ve overcome them.