It doesn’t matter who you are or how successful you may be, nobody is completely fearless in business. While you may be able to manage your fears more successfully than others (and thriving small-business owners do), we all have them; however, what’s important for you as a small-business owner is that you’re able to recognize that and learn how to not only identify your fears but face them.
Sorting through your fears and tackling them one by one can help you with growing your business. I’ve worked with hundreds of small-business owners throughout my career. After a while, you begin to realize that a lot of them have similar fears, many of which lead to sleepless nights (and trust me — I’ve been there, too).
There are a few fears every MSP owner (and every small-business owner) should be familiar with and learn how to overcome.
Not Being Able to Pay the Mortgage
There are a variety of reasons why someone would want to start a business. For instance, maybe you started your MSP to build something that has the potential for growing your net worth, or simply to be your own boss. Whatever your reason (or reasons) may be, being able to pay your bills at some point during your entrepreneurial journey is probably one of your top priorities.
While that may not happen immediately (and it doesn’t for many small-business owners, so don’t let it get to you if it's something you're struggling with), you can get there, but you must plan accordingly by taking the necessary steps to achieve your desired result.
Remember: There’s a difference between a dream and a goal. If paying your bills is a goal of yours, write it down. There should also be a number attached to that goal. How much do you need each month to cover your bills?
If you don’t know that number, then you don’t have a goal — you have a dream.
- Essential steps of establishing business
- Building the software stack
- Сreating an onboarding structure, and more
Taking On Employees
Employees are a responsibility many small-business owners simply can’t handle. Think about it like this: It’s one thing if you as a small-business owner don’t eat (that’s something many people can deal with), but it’s another thing to tell several other people, many of whom are probably responsible for their own mouths to feed, that they can’t eat.
One way to deal with this fear is by building a small cushion. For example, if you have an employee, try putting away six months of salary for him or her (maybe even eventually moving the marker to a year). While this may not be possible in the beginning, build that cushion as soon as you can. The sooner you have that cushion, the sooner you can focus your efforts elsewhere and get a better night’s sleep.
Further reading How to Keep Your Employees Happy? These Questions Can Help
Asking for Help
Learning is a continuous process. Think about where you are today compared to a decade ago. A lot has changed, hasn’t it? Why do you believe that to be the case? It’s probably because you’ve learned a lot over the years and have evolved (hopefully) for the better.
But many small-business owners are afraid to ask for help. They think it makes them look weak, even though this couldn’t be further than the truth.
All successful entrepreneurs seek advice from others. They may not make it known publicly, but I can promise you that they have inner circles they go to when they’re contemplating a new idea, unsure of the direction to take, or simply need some encouragement.
Your fears never go away; they simply evolve. Tackle them head on if you want to be successful in business.
We’ll cover everything from setting up the business to onboarding your first client:
- Essential steps of establishing business
- Building the software stack
- Сreating an onboarding structure, and more
About the author
Alexander is the head of marketing department at MSP360. He is an expert in IT marketing and has extensive knowledge of cloud storage services. Alexander cooperates with cloud vendors, MSPs, VARs and communicates the market needs and trends to our team.
