For many financial advisors, breaking away and starting their own independent RIA firm is the biggest achievement of their career. It’s the culmination of years of hard work, grit, and determination, especially for female financial advisors, who’ve had to establish themselves and grow their career in a male-dominated industry (Just 32% of financial advisors are women, and only 23% of advisors with a CFP designation are women.)
But running your own business isn’t all glamorous. Yes, you’ll face emotional highs — excitement, pride, joy — but you’ll also face the lows — anxiety, stress, apathy. In today’s blog post, we’ll be addressing some of the less-than-fun emotions that all business owners face on their entrepreneurial journey and how to manage them:
At the launch of your business, there’s the anxiety that you missed some important details; that your clients won’t follow you; and that you won’t be able to get the business to a place you need financially. How do you handle this?
As Entrepreneur notes, “Anxious thoughts and feelings are common during a crisis. Rather than pushing them away or escaping them, accept them. Avoiding negative emotions only makes them stronger and longer lasting.” Own what you’re feeling, let it be there, and take the leap toward running your business anyway.
When you’re a new business owner, there’s the fear of failure — and also the fear of success. You might find yourself avoiding networking events because you’re afraid of being rejected, but you also might procrastinate with meeting new centers of influence (COIs) because you’re afraid of early big successes. This is all common, and it’s important to remind yourself of all the preparation and work you did to get to where you are now. You are ready to handle whatever comes your way, good or bad.
3. Impostor Syndrome
Even after several years in business, you might face impostor syndrome. You might doubt your abilities to help guide clients, wondering, “Do I know enough? Am I good enough at my craft? Am I constantly providing value to my clients?”
Impostor syndrome expert Valerie Young, author of The Secret Thoughts of Successful Women, found that “experts” feel the need to know every piece of information before they start a project. They won’t apply for a job if they don’t meet all the criteria in the posting, or they won’t speak up in a meeting because they’re afraid of embarrassing themselves if they don’t know the correct answer.
Try to reframe your thoughts and not let the self-doubt control your actions. “People who don’t feel like impostors are no more intelligent or competent or capable than the rest of us,” Young says in TIME. “It’s very good news, because it means we just have to learn to think like non-impostors.”
4. Feeling Overwhelmed
When you’re launching your business, you might feel overwhelmed with how much you need to get done on your own. And after years of experience, you might feel overwhelmed trying to both take care of clients and scale your business.
Try to prioritize and focus on only a few tasks. As we wrote in our blog post “How Can You Effectively Manage Your Time As A Firm Owner? Equita Member Firms Provide Tips,” it’s important to use time management strategies, like allocating specific days of the week for work on the business, client prep, and client meetings. Be sure to block off time for yourself, and consider hiring an assistant to delegate tasks that don’t generate revenue.
Also, consider joining a network like Equita Financial Network. We provide everything female founders need to run a high-quality financial planning firm. You still have full ownership over your brand and your company — we just make it a lot easier for you to be successful.
How Equita Financial Network Helps
With a wealth of resources and strong community of support, Equita Financial Network helps you run your business with confidence. If you’re interested in joining Equita Financial Network, reach out to our team today.