Top 10 Problems For Small Business Owners – Any entrepreneur can tell you that starting your own business is not without risks. The path from employee to employer is not always as simple as you think; Even more, if opening your own business is relatively easy, keeping it afloat is not. A small business can face many specific challenges. However, none of them are insurmountable if you have the necessary knowledge and allies. Read on to find out the 5 most common problems small business owners face and how to solve them.
Many startups, especially technology startups, start their journey with one big customer. While this is a great strategy to get you started and learn the basics, it’s not as helpful in the long run. Client dependency is the uncertainty of being able to pay bills and paychecks next month. Moreover, it can lead to over-specialization of employees, which will make it difficult to attract new customers in the future.
Top 10 Problems For Small Business Owners
Our advice: don’t wait more than 6 months to start looking for new customers in the market. Granted, this might mean adding new people to the team with no guarantee that they’ll work on the project, but that’s far less of a risk than having to close up shop when your only customer is up and out.
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Of course, all small businesses want to grow and become more efficient, but only a few can achieve sustainable growth. Most managers believe that more customers is the only condition for growing a business, but the reality is that you need to be able to attract new customers. This means new employees and new investment in additional inventory and/or a new, larger headquarters. Hiring a new client without actually being able to work for them is the beginning of the end for most small businesses with big dreams.
Our advice: As always, moderation is the order of the day. Ideally, you are expanding and looking for new customers at the same time. First, make sure you can easily meet the needs of your existing customers. Then you can consider hiring new staff, but do so gradually – for example, no more than one new employee per month. This way you can be sure that you have the time to train them properly and that they are ready to achieve great results. Also, it’s always better to pay your current employees overtime for a while than to hire new ones without being sure you’ll be able to keep them.
The risk of burnout is higher among young entrepreneurs than in any other category. The reason is very simple: in the beginning, you want (or have to) do everything yourself. After all, you know what’s best for the business and may not yet have the cash flow for a large number of employees.
Our advice: A hands-on manager is always a plus for a small business, but burnout can prevent you from always making the right choices. Make sure you can take at least one day off completely free from work. Aside from the peace and quiet, the short distance also gives you some much-needed perspective.
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No matter how good you are at budgeting, unexpected expenses will always arise and disrupt the smooth running of your business. New taxes, broken appliances, and price increases from your supplier are just a few things that can easily surprise you.
Our advice: Always leave 20% leeway when setting your budget. Book it as a contingency and if you don’t have to deal with it, use it for additional investments.
This is one of the biggest challenges every small business faces. Proper marketing is quite expensive, as well as the salary of those who are good at anything. So you’re stuck in a dead end: you can’t grow because you don’t have the money to introduce your product or service to a new audience.
Our advice: plan ahead. Set a marketing budget from the start, even if you’re one of those startups that relies heavily on one customer. Save in other departments if you need to, but make sure you also have pennies to spend on marketing each month.
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As daunting as the above challenges may sound to anyone considering entrepreneurship, it’s important to remember that these are challenges, not endpoints. Another thing to note is the fact that most of them have to do with money. But if startups had the cash flow of corporations, they wouldn’t be called small companies anymore. Fortunately, they can be fixed by making the right investments and having someone to support them.
Kabbage is a small business loan provider that believes in supporting and nurturing great ideas. This is the solution that small business owners can turn to when they feel that their growth needs to be halted due to a lack of capital. Most importantly, Cabbage understands that entrepreneurs have very little time to bring a great idea to life; So they offer cash within minutes of online application without any documents.
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Many have overcome this rigor of business challenges and adapted to the lifestyle of an entrepreneur. If you are one of them, trust me, you have already started to change this world.
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Being a small business owner is not an easy game, but it goes a long way in an arcade full of unexpected obstacles. It’s a lifestyle full of constant stress and pressure from business challenges, but if managed properly, huge rewards await.
Sometimes it takes everything to get your “small business” to “big business” status. You have to learn to endure these growing pains because that’s what ENTREPRENEURS do. You must understand these business challenges and plan to solve them in order to make your dream of flying come true.
We’ve looked at 6 business challenges that small business owners and entrepreneurs face, and you can take specific steps to effectively address them.
Click here to download a detailed infographic on the most common problems faced by SMBs and how to solve them. 6 small business problems faced by entrepreneurs
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One of the biggest business problems small businesses face is a lack of proper marketing. When you start your business, you don’t get a playbook that explains the A to Z of marketing and marketing strategy for your business. It is very important to consider the level of competition, because every day it exceeds your expectations AND WILL!
You need to learn how to market yourself so that people know you exist and that you are here to solve their problems.
Marketing online, offline, social, direct, etc. Marketing comes in all shapes and sizes. According to LinkedIn, social media marketing was the most popular skill in Australia in 2015, almost eclipsing digital media marketing.
What if successful internet personal brands like Shama Haider, Sam Gurley, and Rebecca Redis never used marketing?
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It would be impossible for us to see them in our social media news feeds every day.
One of the most effective marketing methods for solving these small business problems is influencer marketing. It allows you to reach your target audience by finding and interacting with social media influencers.
“The client is the most important visitor to our website. He does not depend on us. We depend on him. This is not a break in our work. He is the purpose of it. He is not an outsider in our business. He is part of it. We are not doing him any favors by serving him. He’s doing us a favor by giving us the opportunity.”
With this valuable quote in mind, you owe it to yourself to visit your customers at all times. Customers stay when they are taken care of. Every single client should be your priority, even if they don’t pay you much. Building trust and confidence with your customers will help you retain them and avoid similar small business problems.
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Marketing and promoting your product or brand is sure to attract new customers, but that’s not the only discussion.
Only the one who comes and stays with you will make your dream come true. Your clients will not pay if you impose your busy schedule on them.
According to Invescro’s infographic, 89% of companies see customer experience as a key factor in customer loyalty and retention.
Strong cash flow can literally keep your business running. This is one of the
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