How to build confidence as a small business owner

What is confidence? 

Confidence is a state of mind. It’s the feeling of power and being in control of a situation. That’s why if you’re doing something new for the first time, like starting your own business, you may feel less confident and less in control. 

We’ve all met those people who seem to effortlessly ooze confidence, but when you ask them what makes them so confident all the time, their answer is often a surprise – “It’s a switch, I’m not always like this.” 

So, how do you find the ‘confidence switch’ when it comes to managing your new business and making decisions? Doing power poses and optimistic thinking will only get you so far, this article shares some practical exercises you can do to build confidence as a small business owner.

The best way to build confidence as a small business owner is to find your purpose.

Download the brand purpose worksheet.

New business owner challenges

It takes a certain amount of gumption to start your own business, it can be incredibly nerve racking and overwhelming. Especially if you have thrown in the towel on your day job and your new business is the basket holding all of your eggs.

From managing finances, staff, brand and growth marketing, product development to customer satisfaction and retention. There’s a lot to think about and a lot of decisions to make, and if you’ve never owned a business before then all these decisions will be new.

Tips for helping you build confidence

There are some common tips to building confidence as a business owner such as:

  • Get a mentor to give you some trusted advice.
  • Meet with experts to ensure you are doing the right thing (legally and ethically)
  • Fail fast and learn from your mistakes.
  • Hire people to fill the gaps in your knowledge.
  • Get a positive support system in place.
  • Recognise your stress levels and build resilience. 

However, the best tool in your owner’s tool box should be your purpose.

Define the purpose of your business to build confidence

Define the purpose or the reason you created your business. This often stems from a place of passion and drive. Maybe you’ve discovered a niche in the market from your own experience or maybe you just love what you do and want to share it with other people.

Finding your brand Ikigai is a great first step to giving your business a defined purpose, it will encourage you, motivate you, and remind you of the big picture.

What is brand ikigai? 

Ikigai is a Japanese framework for finding your purpose and meaning for life. It’s a tool you can use to find that special something that will sustain your motivation. Not only can it be applied to yourself as an individual, think about your businesses Ikigai, your brand purpose. Why does your business exist? What purpose does it serve that can be a sustainable driver?

Brand ikigai

Finding your brand purpose

Defining your purpose will keep you focused on building a truly authentic brand. Consider each of these questions deeply and reflect on your reasons for starting your business. 

  • What do you love doing?
  • What are you good at?
  • What does the world need?
  • What can you be paid for?

You should start to see a central purpose arising, define it clearly as something you will remember. Carry the thought of it with you as you face the many challenges of owning a small business.

Purpose driven confidence

When you are knee-deep in difficult decisions, look at your brand purpose and remember why all the hard work is worth it. Ask yourself how each decision can be in service to your purpose and meaning in life.

Act with confidence in knowing that the decisions you make today are for the greater purpose of your brand.