What’s the quickest way to make a bad business decision? Do something, or avoid something, because of fear.
It’s normal to have some money fears when running your business. But making your fears the first, or only, reason for a decision can hurt how much money your business makes.
Here are three common money fears of entrepreneurs and some powerful ways to deal with those fears.
Buying things for your business.
Sometimes, you have to spend money to make money. Even if you’re running a low-cost online business, you will probably have to spend a little money on at least a few apps and online software that helps you run your business.
Keep in mind whether a purchase will pay for itself when thinking about buying something for your business. For example, will a new app bring in more customers and sales that will pay for that app?
Setting prices for your services and products.
The last words any entrepreneur wants to hear from a customer are, “That’s too expensive!” This is why some young entrepreneurs charge too little for their services and products. And that can lead to being underpaid and feeling burned out.
How can you avoid this? Do your homework. Do a Google search on small businesses that are similar to your business. See what prices they list on their websites, Etsy shops, or other online places for what they offer their customers.
Also, consider your business costs, related knowledge, experience, and other things when pricing your products and services.
Saying “No” to customers and projects.
Why would an entrepreneur ever turn down a request from a current or potential customer? Because not every customer or project is a good fit for you and your business.
For example, a potential customer may have unrealistic expectations for how and when you can deliver a product or service. It’s okay to tell a potential customer that you can’t help them at this time.
Doing so gives you more time to work with your current customers and look for customers who are a good fit for what you have to offer.
Final Thoughts on Money Fears of Entrepreneurs
Running a business should not leave you running scared. Remember to:
– Spend wisely on business supplies
– Avoid setting rock-bottom prices for your offers
– Say no to potential customers whose needs/wants aren’t a good fit for your business
These tips will boost your confidence and put your business on the path to success.
Photo by Josh Appel on Unsplash
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