What If My Business Fails?

The next few weeks we’ll be diving into this month’s topic as it applies to our businesses: fear. Today we’re going to talk about the big topic that holds most people back: what if I fail. No one likes to fail but failure is a reality for all of us. Sometimes we fail in big ways and sometimes we fail in small ways, but we all fail. So here are 3 things to consider with regards to failure and business.

First, if you’re too scared about failing don’t bother getting started. If you’re trying to run your business from a place of fear you’ll never be able to make the choices or take the risks necessary to really make your business a success. There will be fears as you start and grow your business, the question is if you’re willing to face them and work through them or use them as excuses to hold yourself back?

Second, your handling of failure determines your success. You will disappoint customers; sometimes it will be caused by something you’ve done, like having a bad batch or bad day, and other times they’ve had a bad day and need someone to pick on and you’re the unlucky recipient. Regardless, you can totally butcher your company and your success and ruin all trust that your current or future customers have in you, or you can let it be a learning experience, maybe inspiring you with something as simple as providing a better way for them to communicate their displeasure to you and get a refund rather than them posting on every social site known to man about how awful you are.

Third, fears and failures can be used to grow your business beyond what your competitors are able to do. If you’re willing to do what they won’t when dealing with a failure or in facing a fear that has paralyzed your industry for a long time you can make it a big advantage. If you’re willing to investigate what others have said is impossible or too expensive and see if you can’t make it happen you’ll open your company up to a lot of potential and ways to serve your customers in more ways.

So to answer the question, what if I fail, is really about choices.  Will you chose to overcome the failures you experience, or will you let them stop you before you even get started?

“Fear can be good when you’re walking past an alley at night or when you need to check the locks on your doors before you go to bed, but it’s not good when you have a goal and you’re fearful of obstacles. We often get trapped by our fears, but anyone who has had success has failed before.” Queen Latifah

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