Let's talk about how to overcome the fear of losing money when starting an online business.
Do you want to start an online business but are holding back, for fear of investing time and money into it, only to fail in the end? If this is you, I want to address this fear and dispel it for you.
I want to share the mindset that you need to adopt in order to master your online business, as well as the steps that you can take in order to actually avoid losing money in the first place.
In the words of Robert Kiyosaki, “Don’t let the fear of losing be greater than the excitement of winning.”
Are you ready to learn how to overcome the fear of losing money when starting an online business?
Watch the video below:
(Click here to watch on YouTube)
[smart_track_player url=”http://www.buzzsprout.com/9299/568164-plm-474-how-to-overcome-the-fear-of-losing-money-when-starting-an-online-business.mp3″ background=”default” ]
Do you want to know which online business is best for you? CLICK HERE to get instant access to my FREE business quiz!
This page contains affiliate links. If you purchase a product through one of them, I will receive a commission (at no additional cost to you). I only ever endorse products that I have personally used and benefitted from personally. Thank you for your support!
Having a fear of losing money is a scarcity mentality, and it reveals itself as a feeling that you don’t have the finances necessary in order to live the life that you desire. The reality is that money is easily made. What is your relationship with money? If you believe that it’s hard to make money, you won’t make any. That’s how the Law of Attraction works. What you believe becomes your reality.
If you want to learn how to overcome the fear of losing money when starting an online business, reprogram your beliefs around money. Think about it through the lens of abundance and freedom. If you’ve ever made a bad business decision that has resulted in failure, congrats! Failure is a good thing. Don’t let your ego tell you differently.
In his book, Adapt: Why Success Always Starts With Failure, Tim Harford writes that, “Success comes through rapidly fixing our mistakes rather than getting things right the first time.”
If you invested time and money into something that didn’t work, look at what you learned from the process. Use that knowledge as fuel to propel you forward. I always say that the more you learn, the more you earn. It took me three years before I started making any real money in my online business. I failed a lot during those years, but the knowledge that I learned is what has allowed me to achieve so much success.
This is the mindset that every successful person adopts with regards to failure. In actuality, if you want to succeed in life, fail more. Thomas Edison said it best – “I have not failed. I've just found 10,000 ways that won't work.”
The predominant school of thought in forward-thinking organizations today is that great success depends on great risk, and failure is simply an after-effect.
One of the best ways to avoid losing money in your online business in the first place is by learning from other peoples’ successes and failures, through training, courses, seminars, mentors, and coaches.
Doing so will give you the confidence, certainty, and feedback that you need in order to know that you are on the right track. Moreover, it will save you a lot of time and money.
In the event that you do lose money at the onset of starting your online business, let’s explore some strategies that you can adopt in order to recoup back the investments that you make.
Let’s say that you invest time and money into writing an eBook that you want to publish on Amazon. You use a service like Fiverr to create an amazing book cover, but the book doesn’t end up selling like you thought it would, and you lose money.
One strategy to recoup your investment is to unpublish the book. Keep in mind that you still have the content. You could rebrand the book and republish the same content under a new title so that it’s better optimized under a new keyword, and then relaunch it so that it sells better.
Instead of putting your head in the sand when something goes wrong, think outside the box and be creative.
When starting an online business, the biggest challenge that people face is a lack of confidence and little belief that they will succeed. The best way to gain confidence and self-efficacy is to get out of your comfort zone.
Be more afraid of what your life will look like if you don’t take a leap of faith to start your online business. In the words of Harvard dropout and Facebook co-founder Mark Zuckerberg, “The biggest risk is not taking any risk.”
I hope these strategies for how to overcome the fear of losing money when starting an online business inspire you to change your mindset around money and take massive action. Success is yours for the taking!
Do you want to know which online business is best for you? CLICK HERE to get instant access to my FREE business quiz!