Committing To These Things Before Your Company Is Ready Is Sure To End In Heart Break
The term ‘commitment-phobe’ doesn’t generally have good connotations. The fear of commitment can be a common thing, even in business. Often, when we hear this term, we think about the ex-partner who broke our hearts once upon a time.
We think about the mistakes we made with the partners who loved us. What we don’t think of is the company we’re trying to build right now. Surely a commitment phobic company is on the fast-track to failure?
Or not. Think about it; would those relationships have worked if you had committed to them? Would you still be with that girl you loved when you were fifteen if you had proposed the way she wanted you to?
Probably not. While bad behavior in relationships is never a good thing, a failure to commit is often a sign that we aren’t ready. If you had proposed at such a young age, the strain of that commitment alone might have driven you apart.
Do you have a fear of commitment in business?
The same rules apply in business. If you make huge commitments before you’re ready, you stand to lose everything you’ve built thus far.
What’s more, you can bet that the people you’ve committed to will be more annoyed if you let them down than they would’ve been if you’d said no in the first place. What’s more, you could face financial implications by doing so which you have no way of paying back.
Instead, then, accept that your company is in its youth. At this stage, a little commitment phobia isn’t such a bad thing. It means you can build your profits without pressure.
It also ensures you don’t let anyone down and ruin your reputation. The only issue is, you need to make sure you don’t break any hearts (or prospects) by operating in this way. As you’ll know from your past, that’s easier said than done.
Lucky for you, we’re going to look at a few commitments you might not want to make, and how you can get around them without paying for it.
Employment commitment issues
This is the big one, isn’t it? When it comes to financial commitments, this is by far the largest one you’ll make in your business life. It’s an ongoing and ever-growing commitment. If you go down a traditional employment route, you’ll need to agree to pay a set amount each colleague, each month.
You’ll also need to keep up with things like pay rises as their skills grow. You would also need to give adequate notice if termination were required. Even if your finances were struggling, failure to meet this last payment could land you in court. In short; taking on employees is a lot like getting married. If you do it before you’re ready, it’s never going to end well.
The trouble is, trying to do everything on your own will never work either. If you only have one set of hands on board, you’ll soon start turning orders away because you can’t keep up.
So, what’s the middle ground here? Working with freelancers and temporary staff, of course. Who could be better than that for avoiding a significant commitment here? With freelancers, you only need to pay on a job-by-job basis.
You can also stop offering new projects whenever you need to. Even with temporary workers, you can commit to as little as a month’s wages. By taking small steps like these, you can build your earnings until you’re able to commit to this cause properly.
Do you have commitment issues with a physical space for your business?
While not quite as extreme a commitment as employment, finding a physical space is another issue. Whether you take out a rental contract or get a mortgage, this again means agreeing to ongoing payments.
In some cases, those payments can get out of hand. They can also go up at a moment’s notice. Taking this step too soon, then, could see you clearing your profits before you know.
Still, operating in your home office might not be practical for long. When investors and big customers ask for meetings, you can’t very well invite them into your bedroom.
So, what can you do? Your best bet by far would be to look into short-term rentals like those offered by Bond Collective. These allow you to hire an office on a daily or monthly basis without ongoing commitment.
If you don’t want to do even that, you could just hire one of their conference spaces for a meeting with a big client. A New York location is sure to impress better than your suburban home setting.
What’s more, this ensures you have all the necessary amenities like wifi without needing to spend extra. If a New York locale doesn’t suit you, take a look online for somewhere similar closer to home.
Even if you commit to monthly stays here, the ability to relocate at any time is all the peace of mind you should need. With a proper space in which to do business, you can start setting money aside to move into somewhere for good. All in due time.
Commitment phobia with Large contracts
We’re changing tack a little here. After all, you don’t exactly agree to ongoing payments when you take a large contract. Quite the opposite; something like this should boost your earnings.
Remember, though, that contracts are official agreements between you and another company. If you’re unable to fulfill that contract, which is possible at this stage, you could face legal fines.
You would also lose any chance of doing business with the same company again. That’s a major no-no. Even if your dream business offers you a large contract in the early days, then, say no.
For one, you don’t have the workforce to achieve this right now. You don’t even have the money you need to buy all those materials.
But, how can you turn down a large contract without souring relations here anyway? It won’t be easy, that’s for sure, but honesty is the best policy.
A fellow business owner will respect you much more if you come out and say you aren’t able to accept that workload. The critical thing to do is work this so that you don’t come off as inept.
Approach this carefully, and never mention words like ‘can’t’ or ‘unable’. Instead, focus on what you could do. Explain how much better suited a small contract would be for you right now.
Try, as well, to keep the doors open for something more down the line. Whatever you do, make sure to walk away with an agreement which suits you both. This isn’t saying you’ll never sign a contract like that. It’s just about accepting that you can’t do so at this stage. Your prospects will thank you for it.
Commitment issues with marketing your business
Lastly, it’s essential you don’t commit to excessive marketing campaigns right now. There’s a real temptation to go all out here from the off. But, that would mean spending most of your early budget on marketing efforts.
Committing to employing or outsourcing a marketing team right now could see you unable to produce the thing you’re advertising. That’s not exactly going to look great. Of course, neither will a warehouse filled with products you can’t afford to sell.
The good news is, there are plenty of effective ways to market online for nothing these days. You don’t need anything but your computer and keyboard to get going on social media.
With the right know-how, you can even find ways to drive traffic to your website for free. Those billboard and television campaigns can wait. Right now, focus on doing the best you can with what you have to hand.
Implement these tips as some steps on how to overcome fear of commitment in business.
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