All business owners crave success. We all want our products and services to sell and our brand to become a household name. If you’re lucky, you can experience business growth even only after a few months or years of starting your brand. To achieve your goal, one will need to find suitable funding options. By taking a SEIS scheme EIS assessment, you can check if your business is ready for growth before taking the leap. But did you know that the idea of business growth scares some entrepreneurs?
It may come as a surprise to some, but yes, there are business owners who fear of achieving business success. Some are even staging ways to sabotage their business just to stop it from growing and succeeding. But why would anyone who owns and runs a business fear growth and success? The following are some of the common reasons some entrepreneurs fear business growth:
- Losing time to take care of their families and have a life outside of business
- Fear of failing and what other people would think if they failed
- Fear of having to pay a hefty tax bill
- Fear of not perfecting the expansion game
- No confidence to meet more customer demands
- Fear of investing more money
These are a few reasons some business owners fear the concept of growth. Are you among the entrepreneurs who have the same fear? Here’s what you can do that can help you get past your fear of succeeding and growing your business:
Get to know your fear in detail
Understanding your fear is the first step. How do you do this? Ask yourself the following questions. Answering them will make you realise the real cause of your fear.
- Why do I fear business growth?
- What exactly are the reasons I’m afraid of business success and growth?
- Whom am I afraid of?
Think about the worst-case and best-case scenario
Think of what could be the worst-case and best-case scenario if you chose to overcome. Imagine how it would look like, what it would feel like, and what impact it could have on you, your business, your employees, and other people related to your business.
Check if your company is set for substantial growth
It’s time to get a reality check and see if your business is ready to grow and expand. Do you and your team enjoy a surge of demand? Do you always get great feedback and most of your products sell well? Do you have a reliable cash flow, and can you afford an expansion? Are you ready for the challenge? If your answer is yes for all of the above, then your business is set for growth.
Recognise the risks that come with choosing to expand or not
Is your business ready to expand but you still fear of taking the leap? Think of what the long-term impact will be if you choose to grow or not.
Take small steps at a time
If your fear is still relevant, but your business is showing signs that it is ripe for growth, start with simple steps. There is no need to rush. What’s important is that you commit yourself to taking the next level—even if it meant they are baby steps.
Business owners are risk-takers, but that doesn’t mean that they don’t have their own set of fears. It’s important to realise that sometimes, one needs to go out of their comfort zone to grow. Ask the questions mentioned above and answer them honestly. They can help you understand what your fear is all about. Sometimes, what it takes is for you to take a step back so that you can move forward.