Overcoming Fear of Expanding Your Business

Fear-of-Expanding-Your-Business

Every business owner has their own goals, but for many, success is defined by their business’ size and income. That said, there are many reasons that business owners choose to stay where they are; however, while there is something to be said about being stable and comfortable, there is also something to be said against hindering your own progress and success.

One thing that makes the fear of expanding your business a bit different than other fears or phobias is that, unlike many phobias which prove debilitating, the fear of expanding your business is based on thought process and reasoning, rather than deeply rooted psychological effects of a traumatic life experience. While phobia sufferers must make the choice to work through their psychological trauma and fear, those who fear expanding their business must make the choice to consider every angle and take a risk – because, yes, expanding a business does come with a certain level of risk.

That said, the choice is yours, but it is also your responsibility to ensure that your decision to not expand your business is rooted in causes and your own decisions, rather than a fear that may or may not be entirely founded on fact and reasoning. You owe it to yourself – and your potential clients – to overcome your fear and make a solid business decision.

Why Business Owners Fear Expanding a Business

There are always plenty of reasons not to do something, but giving into those fears only leads to missed opportunities. If you own a business and would like to consider expansion – but for some reason are holding back, consider whether any of the following sound like you:

  • Desire to maintain work/ life balance – We all want sufficient time to spend with our families, and while expanding a business does require a bit of additional time, the balance is yours to drive and own; it is doable
  • Desire to maintain authenticity – This is particularly prevalent among restaurant owners who need to manage their brand and food product/ quality – by learning to share responsibility with trusted, qualified staff, it is possible to maintain quality from afar
  • Fear of trusting staff – This is a natural fear and unfortunately that too many employees have proven a valid one. However, by carefully vetting staff and learning sound hiring processes, such as running background checks and reading body language, you can eliminate much of the risk upfront
  • Fear of growing faster than you can maintain operations and quality – This really boils down to a fear of putting faith in yourself. Learn to build your confidence and bolster your management skills with classes and new qualifications

Almost every sub-fear of expanding a business can be traced back to a deeper emotional fear or reservation – and those can be confronted and overcome as well.

This having been said, there are many reasons not to expand, lack of resources, lack of skills to manage a larger company, lack of market opportunity, and an inability to tolerate and overcome instability, among them. However, while these are physical reasons based in fact, the above lie in preventing growth due to your own fear.

Stop hindering your success and potential and instead face your fear and push past to overcome it. You will open new doors, challenge yourself, bring new interest to your life and career, and experience opportunity and success that you would have otherwise missed out on.

Overcome Your Fear

It’s true that not all businesses are meant or prime for expansion – however, if yours has potential, don’t miss an opportunity simply because you are too afraid to try.

There are many characteristics that great businesses have in common, including great leadership that is not afraid of a challenge or to try new things. Great companies take advantage of marketplace-driven dynamics, they transform external threats into opportunities, turn negatives into positives, and look to a grander purpose

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