What is the fear of missing out (FOMO) in business? The fear of missing out, refers to the perception that your competitors are doing better than you.
You’re plagued with doubt! You believe that your competitors are taking advantage of opportunities that elude you. You believe that they have more customers, make more money, and have a better reputation than you.
If you’re asking yourself;
- “What are they doing?”
- “How come they’re doing so well?”
- “What do they have that I don’t have?”
- “Should I continue with what I’m doing, or should I try something different?”
– then this post is for you!
This post: What Is The Fear Of Missing Out In Business is for newbies. But any entrepreneur that suffers from FOMO will also benefit. It will help you find focus and direction, which in turn will help you to monetize and grow your business!
What Is The Fear Of Missing Out?
The fear of missing out is a real and common phenomenon for newbies in businesses. Many newbies feel anxious that an exciting event, or an amazing opportunity is passing them by. Essentially, they fear that others are making the “big bucks” while they are being left behind.
FOMO can affect any entrepreneur, not just newbies. The fear of missing out is a complex issue and can cover many areas of business. Basically, entrepreneurs fear that their competitors are getting the jump on them. They fear that they don’t have a competitive advantage.
Entrepreneurs may fear that they aren’t keeping up with the latest technology, marketing advances, or new social platforms. The fear of missing out is a real issue that needs to be addressed. Because; if you let FOMO run unchecked, it can cause significant stress and ruin your business!
The Fear Of Missing Out And How To Overcome It
So, what do you do when you’re afraid of being left behind in business? How do you overcome the fear of missing out on the latest developments, and those new shiny objects?
Below are 7 tips that will help you to overcome this fear. These tips will help you to focus your energy on your business, and on your audience/customers so that your business will grow and flourish!
1. Don’t Compare Yourself To Others
The biggest mistakes that newbies make is to compare themselves to their competitors. You are different, your goals are different, and thus your business is different! Even within the same niche market, entrepreneurs have different expectations of their business. So, comparing yourself to others isn’t a fruitful exercise. It’s like comparing apples with oranges.
Of course, there will always be businesses that are making heaps more than you. These businesses may leave you feeling green with envy. To overcome the fear of missing out, you need to base your judgement on reality. Don’t let FOMO influence your imagination to run away from you, especially if you don’t know all the facts!!
Most successful entrepreneurs have well established businesses! They probably started up their business years before you established yours. Or they may have more money to invest into their business. So of course, these businesses will have more customers and a better following than you!
Other successful entrepreneurs may treat their business as their “baby”. They’re obsessed with their business and view it as the most important thing in their life. They’re thus happy to work long hours and devote their time and energy to that business.
If you value your family life more than your business, then you’ll want to spend time with your family. You thus won’t spend as much time on your business as your obsessed competitors. If you don’t want to sacrifice your values to the same extent, then there is no way that you can compete with them.
You’re unique and as a result, so is your business! You need to accept this fact and stop comparing your business with others. To help reduce FOMO, turn off notifications from groups that make you green with envy!
2. New, Shiny Objects
What is the fear of missing out for newbies in business? Every newbie has heard of entrepreneurs that have grown wealthy via social media platforms. To the newbie it seems that the businesses that jump on new developments make the “big bucks”.
It’s true! Many businesses make heaps of money through Blogging, Facebook and Instagram. They make money using Twitter, Snapchat, Podcasts, Pinterest, and YouTube. Others make the big bucks on Spotify, SoundCloud, iHeartRadio, iTunes; and other platforms. FOMO pressures you to feel that you need to get into these areas, or your business will fail!
Many new developments have the potential to increase business profits out of sight. But should you jump onto them? Don’t get me wrong, it’s very tempting to follow what others are doing. Especially when you believe that they’re making heaps of money and you’re not.
But there are consequences of chasing after new shiny objects, and other novel developments! Chasing after new ventures reduces the time and energy you have available to spend on your business!
It gives you less time to spend on the platforms, systems, ideas and developments that you painstakingly set up for your business. These systems have required a lot of your precious time and energy. And in most cases, you probably haven’t developed these systems to their full potential.
Your business suffers every time you start a new project without finishing the projects you’ve already started. This is because you have to quit working on the things you’ve already started. It’s best to focus on one marketing strategy at a time. Because unfinished projects result in the finish-line getting pushed further from your reach!
FOMO will never help you become successful in business! Instead, it will eat you up and can ruin your business. So, think carefully before abandoning what you have already put in place.
3. Focus On Your Business Goals
The things that your competitors are doing may, or may not, be good for your business! To resist the fear of missing out, you need to assess whether a new venture will help your business. The way to do this is to focus on your business’ smart goals. Your business goals help you to know where you’re going and what you want to achieve. Your business goals help you to stay focused on the things that will benefit your business.
So, before you decide to jump onto the latest and greatest new shiny object, ask yourself;
- “Will this help my business goals?”
- “Do I have enough time and energy to invest in this idea”
- “Do I really need it?”
- “How long will it take before my business benefits?”
- “Is this what my customers want?”
Look long and hard at these questions. Don’t make rash decisions. In the meantime look up reviews to make sure that any new ventures will work for you.
If you still believe that these will help your business goals, go for it. But know in advance that new ventures require time and effort before they’ll benefit your business. If you already have systems in place, you probably have a lot of growth possibilities in these systems. Instead of swapping and changing, get stuck into what you’re currently doing. Develop these systems to their full potential and take them to the next level.
Always think things through, rather than rushing in. So, if you don’t know, or are unsure how your business will benefit, then stick with what you’ve already put in place. Constantly assess the benefits and disadvantages of any new venture. Do this before taking action as this will save you time, money and heartache!
4. Be Prepared
Don’t let FOMO over run your business! Instead, take control by understanding what events impact your niche market or industry. There are many different kinds of events that may impact your business. Events may include school holidays, local or national festivals, sports events, the changing seasons, Christmas, Black Friday, Halloween, etc.
To succeed in business, never underestimate the power of being prepared! Always know when an event is approaching that will impact your niche market. Prepare and plan ahead for these occasions in advance. This way you’ll have something in place for when the event date approaches!
When you are well-prepared, you can take advantage of upcoming events. Being prepared improves your profitability, whereas being unprepared will result in you missing the boat. All the while your competitors rake in the cash and make the big bucks!
You can start planning now and get a head start on upcoming events, and holidays. Place them immediately in your calendar, or on your to-do list. Make sure that you give yourself enough time to get your campaign finished well before the event date. That way, when the time arrives you will have your campaign ready to go!
No-one can see into the future! To reduce the fear of missing out; it’s important to prepare for unexpected events or obstacles that may affect your business. Unexpected events include natural disasters, severe weather conditions, COVID-19 spread, disruptions to the transport network, or power outages. Other unforeseen events may include a drop in income, or an illness in the family.
Make a note of which events might impact your business. Adapt your existing sales or marketing campaigns so that you can address these events. Having something in place allows you to quickly and efficiently react to unexpected events. Being prepared will give you an advantage over your competitors and help you stay ahead of the game!
5. Replicate Jobs Well Done
Another way to avoid the fear of missing out is to work smart. Think about your most successful marketing or sales campaigns. Analyze these campaigns and work out exactly what made them successful.
Then replicate the things that were great and those that improved your bottom line. If you have reoccurring events, set yourself an advance reminder. This way you can replicate similar successful campaigns and have time to spare.
Replicating the things that have worked well for your business will save you a lot of time and effort!
6. Feel Confident
What is the fear of missing out for newbies in business when they feel confident? It’s a fleeting feeling which quickly goes away!
Successful entrepreneurs feel confident about their business! Do you? If you don’t feel assured in your business, then FOMO can easily cause you to doubt yourself. Eliminate doubt by enrolling in a reputable course that is run by professionals. Search for a course in your field that will teach you what you need to know.
My recommendation for affiliate marketers is Wealthy Affiliate. You can join Wealthy Affiliate as a starter member for free. As a starter member you get a free website as well as a whole heap of free training to help your business grow!
If you already are using a social media platform that you are familiar with, stick with it. Don’t let your FOMO lead you into starting up an account with a different platform. The reason for this is that you already know how your current social media platform works. And more importantly, you already have some followers.
Start up a new account with your current social media platform. Select a username which reflects your business. Then ask the followers on your original account to follow you on your new account. This way you’ll have a base of followers to start your new account with!
When you’re confident in your business, you’ll feel comfortable with what you’re doing. Successful entrepreneurs have a real passion for their business and a desire to help others. You should too. When you concentrate on helping your audience or customers, then your business will succeed and flourish!
7. Know Your Audience
It’s easy to be influenced by the things that other businesses within your industry are doing. For example, if they have a huge sale, or have next day delivery service, then you feel that you need to do the same. But is this what your audience or customers want?
Successful businesses know exactly what their audience wants. They then go about developing systems, campaigns, or products that address these problems.
Do YOU actually know what problems or pain points your audience are experiencing? The problems that really matter to them, the ones that they want fixed? It might be that they want cheaper products, or they might want quicker delivery times. Then again there may be other issues that are more important to them. Do you know what these are?
How do you find out what your audience really wants? You ask them via social media! Use your social media platform to create a Tweet, Instagram post, Facebook post, Podcast, etc. Ask your followers something along the lines of; “What do you need help with?” Then ask them to direct message you with their replies.
Once you know their pain points, you can develop a campaign that addresses their problems. Knowing exactly what your audience wants will give you an advantage over your competitors!
Business success only comes when you help your audience reach their goals. Your business will flourish when you help them overcome their problems!
Your audience/customers are the key to your business success! Don’t let FOMO blind you to this fact. Never chase after new ventures that won’t improve your relationship with your customers!
Summing Up: What Is The Fear Of Missing Out?
So, what is the fear of missing out in business? Today we’re constantly flooded with info about the latest new shiny objects that will improve business. It’s so easy to be taken in by all these new cool developments and how other entrepreneurs are making money with them.
This makes newbies think that what they’re doing isn’t as good, or as profitable as their competitors. And it’s tempting to want to change directions. But new developments take time to master as you need to learn everything from scratch!
This means that you’ll have less time for your business, and your customers and as a result your business might suffer. That doesn’t mean that you should completely ignore all new developments. It just means that you shouldn’t completely abandon everything you already have in place.
The best way to monetize your business isn’t through FOMO. It’s by asking your audience exactly what their pain points are. You then develop systems that will solve these problems. This way you provide your audience with the help that they really need.
Focus your attention on your customers and your business. And in no time at all, your competitors will be looking at you. And they’ll be wondering what you’re doing that makes your business so successful!!