240 How to Handle Fear for Entrepreneurs
Today we’re going to talk about a four-letter word. No. This isn’t one of those profanity-riddled, off-the-rails NSFW blog posts. Today we’re talking fear.
Admit You Have the Fear
If you’ve been researching for months and haven’t actually started a business, there are two likely culprits keeping you from starting your journey to Amazon success: lack of focus and fear. We all know the first step to solving any problem is acknowledging it.
The Cure for Fear
Once you’ve acknowledged your fear, put pen to paper. Write down your fears. I believe your brain works differently when you’re putting black ink on white paper. Turning your thoughts into tangible, real-world objects gives them significance.
The next step to facing your fear is deciding whether or not the feelings you’re experiencing are legitimate risks for your business or just irrational worries. If you decide your fears are rational then it’s time to assess them by risk–the likelihood of said fear coming to fruition–and by size–how bad would it be this happened?
Say your fear is getting sued because a customer hurts themselves using your product. That’s pretty unlikely to happen. I know many sellers who sell potentially dangerous products and zero who have been sued. The risk is low, but the size of the problem is potentially large. If someone sues you for a million pounds or a million dollars, it’s a big deal.
But what if your fear is an intellectual property claim? The likelihood of that happening is much higher. It’s impossible to know with full certainty that each and every product you’re selling is completely free of intellectual property liability. On the other hand, outside of having to destroy all your inventory for a specific product, the size of the problem would be markedly lower than a high profile lawsuit.
Alright, you’ve put your fears on paper and evaluated the size and probability of the risks. Now it’s time to make a contingency plan.
Making a Contingency Plan
Every business needs a contingency plan. Amazon selling is no different. The best way to create a contingency is to follow these simple steps:
- Form a Company Rather Than Being a Sole Trader
- Get Legal and Product Liability Insurance
- Make Sure Your Supplier Choice is Professional
- Make Sure Your Quality Control and Inspection Procedures are Good
It’s that simple.
If Your Fears are Product and Inventory Related, You’re in Luck!
Christian Rodwell and I are running a one-day workshop on how to choose a niche market! We’ll be holding workshops later down the road addressing the process of finding a great supplier and after that product launch, so stay tuned! Keep in mind these are London based workshops. For more information head over to AmazingFBA.com/workshop
If you’re looking for online training I am an affiliate for Adam Hudson’s program, Reliable Income. The program is not cheap, but great training never is. If you’d like to learn more about Adam, head over to AmazingFBA.com/Adam.
And don’t forget about our mastermind program! We still have some spots left in our Zero to Hero mastermind group!