FOMO, or the fear of missing out, is a term coined for the panic that comes on when we are afraid we are going to miss an important opportunity. Instead, we chase all the opportunities instead of living with intention and focus. FOMO is a huge reason I left LuLaRoe. I built a business based on fear of missing out, and it bit me in the ass. I was afraid of missing out because I was constantly watching what everyone else was doing. I was regularly disappointed because I saw other people “cruise qualifying” every month and I was pulling in a quarter or less of those same sales monthly. Many sellers were doing really well when the hype was BIG because their customers were afraid of missing out on the pieces they were searching for – this often led to fights, drama, and eventually for some people regret over the amount of money they spent. I felt like all of those things became toxic in my life, and I had built my house on the shifting sand of FOMO. Many of the decisions I made were risky solely because of fear of missing out, and not because they’d take me in the direction I wanted to go.
Brene Brown spoke so wisely about this:
Every time we say yes because we’re afraid of missing out, we say no to something. That something may be a big dream or a short nap. We need both. Courage to stay our course and gratitude for our path will keep us grounded and guide us home. — Brene Brown
Now, not everyone who builds their business on FOMO needs to walk away. You can rebuild, you can shift mindset, and as the market changes you CAN absolutely adapt. How can you fight the fear of missing out and overcome it? Here are a couple ideas.
1. Set strong goals: good, better, best.
One of the issues I had in my prior business was lack of goal setting and therefore, lack of intention. In a retail clothing direct sales business, there are a ton of different goal types to set: inventory growth, reordering rate, sales rate, piece count, customer base growth, new customers purchased, past customers repurchasing, and on and on and on. I’ve recently started setting “good, better, best” goals. Assessing my performance by having 3 levels of success has been really helpful, especially in the sales realm where some weeks you stretch and other weeks it doesn’t work out so well.
2. Eyes on your own paper.
The problem I had with FOMO was that I regularly thought “if my business was like XYZ’s business, I’d be happy/successful”. It made me absolutely miserable. They say comparison steals our joy, and I was totally sucked into the joy-stealing. These days I don’t look. It helps being in a smaller company, but I race against my numbers and mine only. No one else has my exact circumstances!
3. Gratitude and contentment make all the difference.
“I’m not good enough” can always be remedied with “I have everything I’ll ever need”. Everything can be turned around.
So you missed out on that huge product launch? What you have is good enough.
Fell short on your goals this month? It’s an opportunity to reevaluate your income producing activity.
Skipped a conference or leadership meeting to take a trip with family? You reshuffled priorities, and that’s amazing!
Do you suffer from FOMO in your business? Tell me below what you’re doing to fight it off!