Overcoming self doubt as a business owner

Our team speaks with potential partners from all over the world, each and every month, explaining the essence of what we provide as a Digital Agency franchisor. We recognise that every person that wants to start and grow a business is an individual, with their own motivations and reasons for being the boss.

However, there is a big difference between liking the idea of starting a business, whether it’s a physical or digital based business, and actually putting the concrete steps into action to make the dream into a reality.

The rise of social media platforms, influencers and just a culture of instant gratification has made a lot of people flirt with the idea of becoming an entrepreneur. Moreover, the pandemic has provided plenty of opportunities for people to take stock and reassess their professional goals.

But if you give someone enough time, they will start to second guess every decision. Thinking, deliberating, analysing, researching are all vital parts of making a sound decision, especially something as potentially life changing as becoming self employed.

In our experience, there are some common reasons that prevent people from taking that final step into the rewarding world of being a business owner and in particular, a Digital Agency owner.

During this weeks blog, we wanted to highlight some of the main areas that lead to self doubt as a business owner and actionable ways you can overcome these.

Life expenses
The first challenge a lot of people encounter when it comes to starting a new business is their current work and life situation. As we age, we take on more responsibility in our lives such as a partner, children, a car, a mortgage etc. This list is endless but most people need a certain level of income each month in order to survive.

As a result, it can seem quite daunting to even entertain the idea of a business as it just doesn’t seem economically feasible. This is very true if you are starting a business that requires you to go full time from day one.

However, there are so many business opportunities that you can actually start and grow on a part time basis, without risking your monthly income. In fact, many of our partners choose to launch their Digital Agencies with us on a part time basis initially and then over time, as they build more residual income, they look to transition full time.

Carefully planning your time, finances and resources will help you develop a budget so you can realise your ambition of being a business owner.

Time constraints
Following on from the point above, most people need to divide their time amongst multiple activities and people vying for their attention. Family, friends, work, leisure activities etc all need to be accommodated for the average person. When you then add a business into the equation it can seem like mission impossible.

However, it really comes down to time management and utilising your time wisely. We’ve all been guilty of binge watching our favourite show on Netflix or never missing our favourite sports teams games, but in the grand scheme of things, are these leisure activities bringing you closer or further away from your goals.

While it’s never good to be addicted to work and you do need to strike a balance in terms of social activities, as a potential business owner, you need to have discipline in all aspects of your life, especially your time.

Carving out even 1-2 hours per evening during the week can see you allocate upto 10 hours per week to pursue your next business. This can help you in the long run and better prepare you to execute your vision.

Lack of experience
Unfairly, people think they need lots of experience and technical skills in order to run a successful business. The reality is, it’s more important to take massive action as opposed to trying to acquire all the skills you think you will need.

Sure, you need the basics of communication, time management and organisation skills to become operational. Other skills can actually be learnt over time as well as leveraging the help of experts as you progress.

For example, here at iOB Business, we remove the need for our partners to possess any technical skills by giving them access to our user friendly software, training, resources and team. This ensures our partners can grow successful Digital Agencies regardless of their experience or technical expertise.

Most business owners will need to put on many different hats during the course of a typical day, from dealing with customers, suppliers, employees etc, it’s actually impossible to possess every skill before you get started. A good business should always be evolving and a good business owner should always invest in learning new skills for long term success.

Overcoming the self doubt
Anyone can overcome self doubt and that little voice in your head that is second guessing every decision. Investing in your professional development by learning new skills, reading books, watching webinars and simply taking inspiration from others who are leading fulfilling lives as business owners will put you on the right track.

The human brain is very powerful and it’s important to retain a positive mindset. Visualise where you want to be in 1, 3 and 5 years. Everyone's version of success will be different, but it’s important for you to understand what success looks like for you.

Once you know what you want, you can then start to put actionable plans in place to achieve your goals. This will help you eradicate self doubt and give you the confidence to succeed as a business owner.

Summary
As we have seen throughout this week's blog, there are a number of common reasons that lead to most people having self doubt when it comes to starting a business. It is perfectly natural to thoroughly think through decisions but prioritising your time, keeping a positive mindset and focusing on your goals will help you succeed.

At iOB Business, our mission is to help all of our partners grow successful Digital Agencies with a value-driven package and to find out more, please contact a member of our team.

Until next time, take care.