Thriving in Your Discomfort Zone

The new year is long gone and tax season is now upon us. As a small business owner, not only do I have the joy of handling my own taxes, I also get to take care of my business taxes.

It's the world's worst two-for.

Fortunately, I'm not in it alone. Thanks to the expertise of Andrew, my CPA, I only have to forward some information and let him work his magic. A few weeks later, he'll supply me with completed tax returns that I can sign and file. Once everything has been accepted, life as I know it can resume.

I can honestly admit that the tax thing still makes me nervous, even after years of self-employment. Yes, we have the drill down pat, and things always work out fine. But taxes - along with any other kind of official, business-related requirements - tend to push me into to one of my least favorite discomfort zones. Once there, I really only have two choices:

• I can squirm and seethe and complain about things I don't understand and have no control over; or
• I can accept that this is something every business owner has to do then find someone who knows the process inside out and let them handle it for me on my behalf.

The first option makes me feel better in the moment. But the second option is what actually lifts me out of my discomfort zone and back to the place where I can be productive again.

Capabilities and Comfort Zones

A lot of us tend to choose careers that align with our talents and interests. But following the siren song of your comfort zone can work against you in the long run. When you spend most of your time on tasks that align perfectly with your existing skill set, you limit your options for growth. That may be fine for today, but how will it work for you over the decades?

At some point, moving forward will require you to grow your skills and take a chance at something you've never done before. That's when you learn just how uncomfortable the discomfort zone can be.

"Whether you think you can, or think you can't, you're right." - Henry Ford

Finding your sweet spot for discomfort: An entrepreneurial skill set

Anyone who's ever tried to self-employ quickly learns that they have to develop a whole new skill set above and beyond regular job-related competencies. You have to decide on a business structure, apply for licenses, market your services, attract clients, name your business, set up an online presence, pay yourself, pay your taxes...the list can feel endless.

Tackling that kind of a to-do list is more than a little bit scary. How do you even begin to overcome that level of fear and uncertainty?

Start by acknowledging that you have fears, then put those thoughts off to the side. Don't waste time trying to tame your fears; instead, face them head-on.

For example, the fear of making a mistake stops a lot of people from ever launching a personal business or side gig. This is a very valid concern, but it doesn't have to be a total roadblock. If you unpack this fear you can look at it from different angles to see what's really at play here.

• NEGATIVE ANGLE: Making mistakes in a new business can cost time and money. Resources are limited, so waste is never desirable.
• REALISTIC ANGLE: Risk is part of being an entrepreneur. It's impossible to know everything up front, so chances are good that you will make mistakes when you try something you've never done before.
• POSITIVE ANGLE: Mistakes can become learning experiences that help you grow into a skilled and successful businessperson.
• RESOLUTION ANGLE: You don't have to go it alone. You can seek advice and mentorship from others who know about starting a small business. This can reduce the risk of wasting time and money, and put some real expertise to work on your side.

When you exchange the fear that you might make a mistake for the realization that you probably will make a mistake, it becomes easier to figure out a plan to avoid or lessen the mistakes you could make. Don't know how to set up a business? Find a mentor or take a class on how to start a new business. Worried about legal or financial aspects? Look for an attorney or CPA that specializes in start-ups and ask if they offer a free or reduced-rate introductory appointment. The Small Business Administration (SBA) and SCORE are two excellent resources for aspiring entrepreneurs in the US.

"It's deja vu all over again" - Yogi Berra

Carving your own path

According to the Global Entrepreneurship Monitor, there are currently more than 31 million entrepreneurs running their own businesses in the US in 2023. That's roughly 16% of the total workforce.

Here's another interesting tidbit: that same study found that 55% of adults in the US had started a business at some point in their adult lives. In other words, self-employment isn't just something that a few people try to do.

It's an option that the majority of working adults have actively explored.

How do you know if self-employment is right for you? There's no simple answer to that question, but I can offer a starting point. If you are willing to spend the majority of your working hours doing things outside of your professional comfort zone, self-employment might be that perfect-fit job you've always wanted.

You never know until you try!

You can connect with other self-employed, freelance, or solopreneur professionals at our Entrepreneur Coffee Chat on April 13th. We'll hear from Cassian Nunez, CEO and Founder of RINO INVEST about how he created a thriving financial services firm dedicated to helping Millennials and Gen Z professionals achieve financial independence. Click this link for details.