According to FreshBooks, 24 million people want to work for themselves, but only 2 million do. Why the difference? Many people want to start their own business but are afraid to do it because of 4 key fears.
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First, Lack of Knowledge or Self-Confidence
One of the leading reasons in a recent study showed nearly 3 in 10 were afraid to start their own business because they lacked the business knowledge or a business plan. There are plenty of ways to gain knowledge and confidence. In our post, “How to Learn More About Business for Free”, we outline several of them.
Second, Lack of Money
Many are afraid to start their own businesses because of money concern. In that same study, a little more than 3 in 10 were worried about a consistent income. About the same number were concerned about not having the money to invest or making less. In our posts, “Small Business Lending is Booming”, “How to Get Capital Without Getting Clobbered”, and others, we cover this in great detail. If you have a great idea, you can find funds. For those worried about making less, over ½ of those asked said they were making more.
Third, Health Benefits
While not rated as high as the other fears, many people are afraid to start their own businesses because they would lose their health insurance. While this is a real fear, recent changes in health spending accounts have made it easier to use the State Health Exchanges. It is a risk, but there is a benefit. Being your own boss may be stressful, but doing what you love is very rewarding. Consequently, happier people are healthier people. In fact, 63% of people said they had a better quality of life.
Lastly, Not Knowing Where to Begin
In that same study, roughly 1 in 10 didn’t know what they wanted to do. For those, I would say being afraid to start their own business is a good thing. Not having a plan is one of the biggest mistakes you can make. It makes all the other fears more likely to come true. The truth is, 96% of people who left traditional jobs to start their own businesses reported no desire to return to traditional work.
In summary, if you want to start your own business, don’t be afraid to do it. Do your homework. Make a plan. Get some advice. You’ll lower your risk and increase your chances of success.
At ProStrategix, we know you have concerns. We’re designed to help give you the business support you need so you can focus on doing what you love. If you would like to learn about how we might be able to help you, please contact us.