{"id":23298,"date":"2022-07-15T10:54:39","date_gmt":"2022-07-15T05:24:39","guid":{"rendered":"https:\/\/www.instamojo.com\/blog\/?p=23298"},"modified":"2023-06-27T09:19:25","modified_gmt":"2023-06-27T03:49:25","slug":"fears-of-small-business-owners","status":"publish","type":"post","link":"https:\/\/www.instamojo.com\/blog\/fears-of-small-business-owners\/","title":{"rendered":"6 Fears every entrepreneur must conquer"},"content":{"rendered":"

There is not a single business owner who has never had a fear in the world.<\/p>\n

It\u2019s natural to feel overwhelmed by different aspects of a business, especially if you\u2019re just starting out. That\u2019s because you have many challenges to overcome but limited resources.<\/p>\n

We have listed some fears common to new business owners and how to overcome them. Let\u2019s dive in.<\/p>\n

Top fears of business owners and how to overcome them<\/strong><\/h2>\n

Fear is natural for business owners. Here are some common ones along with some relevant solutions:<\/p>\n

Being overshadowed by larger brands<\/strong><\/h2>\n

This is a fear of many business owners.<\/p>\n

No matter what niche you are in, there will always be established, large brands as your competitors. That\u2019s a fact.<\/p>\n

And large brands have the popularity and budget to overshadow smaller brands.<\/p>\n

But, there are many ways in which you can actually beat this competition and stand out in your target market. Many small businesses have done this and gone forward to become successful D2C brands<\/a>.<\/p>\n

Here\u2019s how you can too:<\/p>\n

1. Identify your USP\u00a0<\/strong><\/p>\n

Your unique selling proposition is what differentiates you from your competition. This can be in terms of feature, price, or experience. Identify this and highlight it whenever you talk about your brand.<\/p>\n

Here’s a blog to help you find out your USP<\/a>.<\/p>\n

2. Visual branding<\/strong><\/h3>\n

An easy way to stand out from your audience is to have a completely different colour palette when you visually represent your brand. This is because colours increase brand recognition by 80%<\/a>.<\/p>\n

Here\u2019s a blog on colour psychology<\/a> to help you choose the right brand colours.<\/p>\n

3. Delight customers<\/strong><\/h3>\n

In 2020, 46% of consumers<\/a> said they were more likely to shop at a small business. This is mainly because they provide a more personalised shopping experience and have a purpose behind their brand.<\/p>\n

So, make sure you take steps to increase customer delight<\/a>.<\/p>\n

4. Get your own eCommerce store<\/strong><\/h3>\n

Having a professional online store where you can sell products boosts credibility and provides scope for a better shopping experience for your customers. In fact, in a survey conducted by the government, 59% of merchants<\/a> who use websites to sell online claim that they face lower competition.<\/p>\n

\"fear
Source: ICRIER Survey<\/figcaption><\/figure>\n

Managing multiple roles<\/strong><\/h2>\n

As a small business, you\u2019re probably a solopreneur: handling everything from sales to content. Doing jobs that require multiple skill sets is indeed scary.<\/p>\n

The first thing you can do is to learn how to manage time efficiently<\/a>. This will help you divide tasks more efficiently. Make sure that you spend more time on the most important tasks.<\/p>\n

Check out this list of tools to improve your productivity<\/a>.<\/p>\n

When you look at some of your business tasks, you will see that there are some repetitive tasks which are done manually. See if you can automate those with some tools. For example, collecting payments, sending bulk emails, etc.<\/p><\/blockquote>\n

If you sell on social media, you might spend a lot of time selling through DMs. This consumes a lot of your time. Why not get a system where customers can directly purchase what they want without a lot of back and forth?<\/p>\n

An eCommerce website will help you solve this problem. Many of your tasks can be automated and you can manage it on your dashboard.<\/p>\n

Get a free online store<\/a><\/p>\n

Not having enough budget<\/strong><\/h2>\n

You might see other businesses running ads and using other paid methods to run their business. And you fear that your lack of budget might leave you behind. Of course, there are ways to grow your business with a budget. But that doesn\u2019t mean you can\u2019t without one.<\/p>\n

Growing your business without spending money is called organic growth<\/a>. Some organic ways to get more sales include:<\/p>\n

    \n
  • SEO<\/li>\n
  • Social media<\/li>\n
  • Email marketing<\/li>\n
  • YouTube<\/li>\n<\/ul>\n

    Once you get more cash flow, you can set a budget for paid marketing activities<\/a>. Till then, you can try out any of these organic methods.<\/p>\n

    Related read: Top qualities of an entrepreneur<\/a><\/p><\/blockquote>\n

    Lack of knowledge<\/strong><\/h2>\n

    Speaking of managing multiple roles, not having enough expertise or knowledge on a subject is a common fear of business owners.<\/p>\n

    Of course, not knowing things is not a sin and it\u2019s normal to feel overwhelmed by things that are beyond your scope of knowledge. As an entrepreneur who wants to grow online, you need to upskill yourself and learn what you need to get your business going. And guess what, you can do this for FREE!<\/p>\n

    Here are some free resources that you can leverage to learn more about different aspects of business:<\/p>\n

    1. Mojoversity: free courses\u00a0<\/strong><\/h3>\n

    A platform dedicated to business owners, Mojoversity has free courses created by industry experts.\u00a0You can register and learn courses that will help you run your business.<\/p>\n

    Here are\u00a0 our most popular courses on Mojoversity:<\/p>\n

      \n
    • Basics of GST<\/a><\/li>\n
    • How to grow your business on Instagram<\/a><\/li>\n
    • Legal and compliance matters simplified<\/a><\/li>\n<\/ul>\n

      2. Business growth newsletter<\/strong><\/h3>\n

      What if you could get the best eCommerce advice delivered straight to your inbox every week? We send out a free newsletter which has valuable knowledge on everything business.<\/p>\n

      Sign up for the Instamojo Blog Digest for free!<\/a><\/p>\n

      3. Instamojo YouTube channel<\/strong><\/h3>\n

      Videos are the easiest way to consume content. Check out our YouTube channel<\/a> which has many videos on growing your business online.<\/p>\n