Fear of Missing Out

Why FOMO (Fear Of Missing Out) is Killing Your Business

There’s nothing worse than feeling that you’re missing out on something, right? It’s great to belong to a common cause or have the latest shiny widget because everyone is using it and it really is going to make your life so much *easier / better / more successful *(delete as appropriate) because everyone says so, so it must be true. The problem is that FOMO (Fear of Missing Out) is killing your business.

 

I’m sure you will have heard the saying, “the grass is always greener on the other side”. The story goes that whilst you may have the perception that things look better on the other side of the [virtual] fence, you begin to envy what is or what is perceived that is on the other side. Sometimes, you really want what you see is on the other side that the negative emotions begin to surface, a bit of jealousy or envy maybe. So, you do what it takes to get a piece too because the fear of missing out and wanting to be in the greener field drives you insane. You make choices and decisions based on the fear of missing out rather than good decisions that are true to you and what your own goals and desires are for you in life and business.  This pursuit takes you right off your own track.

 

Why FOMO (Fear Of Missing Out) is Killing Your Business

 

Remember feeling disappointed as a child?

As a child, did you ever crave the birthday gift that was the latest “must have” toy? Did you want it because you really did or because all your friends were getting that toy? You think it must be the best toy because everyone says so but deep down it wouldn’t be your number one choice to have but you don’t want to miss out or go against the tide? If everyone else has the toy then it’s got to be good, right?

 

Of course, we all know that the grass is never greener on the other side. When we get to what we perceive as the “other side” we are actually disappointed. Just like the child who asks for the toy because everyone else has it, it’s a disappointment when they do get it because it’s not really that good and doesn’t live up to expectations.

 

Getting caught up in the hype

In this world of online business, it’s so easy to get caught up in the hype and get carried away. You end up buying shiny widgets from App Sumo or joining some program that’s going to make your business a 6-figure income because everyone else is and you don’t want to miss out. In reality what happens is that the shiny widget ends up never being used because it was something that your business didn’t really need and you gave up trying to figure out how to use it. In fact, you spent so much time trying to figure out how to use it that it took you away from what you should have been doing. How many online courses have you bought and never finished? We can all put our hand up to that one.

 

Don't believe the hype and stay focused. Get over the FOMO Click To Tweet

 

So how can you get over yourself and get over the FOMO?

You need to have a plan and stick to it. It doesn’t mean that your plan is set in stone or that you’re denying yourself. Remember your timings can change for your goals and aims but your actual goals don’t change.

 

Invest your time and money in things that are relevant and are going to help you achieve what you want to achieve. What might work for someone else, might not work for you. Don’t feel that because “everyone” is buying the latest AppSumo deal or joining some kind of program that you should too. Make a deal with yourself and say that unless it really is going to help you get to were you want to be, you need to pass and move on.

 

Make the mistake to learn

I have learned this only through trial and error myself. Sometimes, it’s the only way to learn. We’ve all made mistakes but that actually is a good thing because making the mistake actually means that you can learn from it and not make the same one again. It also fine tunes your skills to evaluate better whether something is right for you or not. The rule of thumb is if it’s not right for you or your business right now, then don’t invest or buy it. If you know that you are going to be developing your business and will need that particular software that App Sumo are promoting, then go for it, that would be a great choice because although you know you are not going to use it right now, it is in your plan already down the line and that will save you some money in the long run.

 

Tips to Avoid FOMO

1. Only invest in something if it’s in your plan or if it’s something that is going to help you achieve what you want it to

2. Gather your facts. Speak to other people to find out more about a product or program to find out if it really is for you. You will be surprised how helpful people can be if you ask for a bit of help and insight

3. Don’t believe the hype. Don’t buy because the hype tells you to. If there’s a lot of hype then that’s probably all it is. If something is that great, wait until the hype has passed and keep an eye on how things progress and you can make a judgment call on it later on

4. Go with your gut. If it doesn’t feel right, it’s probably not. Believe in your gut reaction rather than what people are saying.

5. It’s ok to go against the tide. Going against the tide can be quite liberating. If you have a firm goals in sight and stick with them. You will get a firm sense of satisfaction knowing that you didn’t go with the hype and you are still on target with your goals.

 

FOMO can be the ruin of many a business, I am sure of it. It simply takes you away from your focus, wastes so much of your time and you end up achieving so much less of what you really wanted to, sometimes with a detrimental effect.

So, don’t believe the hype and stay focused.

If you have been the victim of FOMO, what was it that you found out when you thought the grass was greener? What advice would you give to someone else based on your own experience?

 

Imogen Allen

Imogen Allen

Imogen Allen is a WordPress Consultant and Technical Partner for Online Course Creators working with educational businesses to develop their learning platforms and websites.

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2 thoughts on “Why FOMO (Fear Of Missing Out) is Killing Your Business

    • Thank you so much Kris, I’m glad you found it useful! It’s hard to do steer away but when you do you’ll reap the benefits!
      Imogen

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