I think your fear is fairly common among the self employed. Going out of business for any reason is pretty much the nightmare scenario, unless it's the best option somehow.
I was self-employed for 15 years. I had two small weekly newspapers that I published. There were three full-time employees (including myself), and five or six reporters I paid by the piece. We did pretty well for being small community weeklies, thanks to the publishing of legal notices. A change in state law, however, caused those notices to dry up, and within eight months of the change and five months of its implementation, we were out of business.
For me, the biggest fear was laying off the other employees. We had been fortunate enough to build up some savings and pay off most of our debts, so my family was in decent shape for a year or two, but not knowing the status of the employees, it took a toll on me.
I've also lived the other fear of not making enough to make ends meet. That in and of itself can be worse, because the tendency is to keep holding on when all indications are it's never going to make it. I held on, though, and we did eventually make it with that same newspaper business.
I've spent the better part of six years since either looking for work, going to school, or trying to earn STEEM. My wife is working, but she wants out again as soon as possible, and I might have to go back to work. I definitely feel that pain, because I haven't worked for anyone else since 1996, basically, over half of my adult life.
I am more concerned about the other side of being self employed. In my society people around you look upon you in a different way if you are self employed and I really feel uncomfortable when I say that I am self employed to them and generally the society look upon with great attention and respect to the people who are salaried individual or who have a reputed and a well known business. So if I am self employed with less worth then people around me take it as if I am unemployed and they also have a different apprehension to such people and I really feel bad about it.
Now coming to your question, I must say that whatever business you do the risk factor is really high as compared to salaried professional and if you dont have sufficinent back up plans and alternative monetary respources then it is really difficult to survive if crisis hit in your life. I have practially seen many cases in my life around me and I have also seen that people used to leave their good job, start their busienss and once they fail in business they again return to a low profile job and that really hurts a lot and things dont go that easy after that, both in professional as well as personal front.
Further, if there is any worst thing in life regardless of whether it is professional matter or personal matter then in my opinion it is "fear" and it disturbs a lot and the harmony in life is crushed like anything and it is really painful again if you are in your late adulthood(means around 40 years or so) because at that time you have tremendous pressure of family responsibility as well as the fact that you don't have sufficient options at that point of time.
Therefore it is better to have a detailed analysis before opting for self-employed profession and always have multiple back up else the society or any anybody else will not even bother if any crisis hit where as it is relatively easy for salaried individual.
I have no fear about that if I can, sincerely it's the best!! Be your own source!!
I think imposter syndrome is definitely common among the self-employed. I've been working for myself for 4 years now and I still have the fear of everything just disappearing overnight.
But I tell myself that happens to just about anything - whether you're self-employed or in a job, anything can happen. If you're employed, you could also lose your job.
The only solution is to diversify. I continuously build new streams of income to hedge myself against the inevitable. So when one income stream dries up, I have another, and so on.
Other than that, I also learn to accept that I might go back to a regular job one day too. And be fine with that.