Starting a business comes with its own set of challenges. Successful entrepreneurs usually possess a certain amount of discipline and are able to overcome struggles that would honestly break most people. Here are 7 things that new business owners struggle with as they’re getting started.
Time Management
I’m sure you’ve heard countless horror stories about how some entrepreneurs had to work around the clock for weeks, months and even years before their business became profitable. Even though some of these stories may have been fabricated a bit, most of them are true.
I’d be lying to you if I said that you can just put in 40 hours a week and everything was going to just fall into place. The fact of the matter is that there may be times when you’ll have to clock some serious hours in order to get the job done, which is fine because since it’s your business, you’ll be able to see the bigger picture.
The problem is when around the clock working causes you to start disliking what you’re doing. This is why it’s so important to come up with a schedule and do your very best to stick to it. This is especially important if you have a family.
Tip
Make a schedule and block out times throughout the day or week to ensure that you are making time for loved ones and especially yourself. Mismanagement of time is one of the quickest ways for busy business owners to become burned out and frustrated.
Weathering the Storm
One of the main characteristics of a successful business owner is resilience. You have to be able to keep going when things get tough. It’s not a mystery that most businesses fail in the beginning stages, but why do they fail? Often times it’s due to the fact that the business owner wasn’t able to weather the storm. If you research some of the most successful business owners around the world, you’d discover countless stories about how they went through numerous rough patches before they achieved success.
Tip
Keep in mind that there will be good days and bad days no matter what type of business you start; it’s just the nature of the beast. There will be times when you’ll have to give up sleep and make some uncomfortable sacrifices, but if you want to be successful you must keep chugging along. There’s a rainbow at the end of the storm.
Build an Audience
The way that entrepreneurs get clients has changed over the past few years. No longer can we just put some ads in the newspaper or pass out some flyers and expect business to just start flowing in. Consumers like to do research and they want us to give them a reason to spend their hard earned money on what we’re offering.
As entrepreneurs we have to build an audience through various inbound marketing efforts in order to gain the trust of customers and clients.
Tip
Find out what piques the interest of your ideal clients and provide content that makes them pay attention to you. Building an audience is kind of like dating, some courting has to take place before the next stage is even a thought.
Social Media
Piggybacking off of Building an Audience, there are many ways to create buzz about your business but it goes without saying that social media has become one of the most effective ways to build brand awareness.
New business owners usually run into one of three problems when it comes to social media.
- They spend too much time on it without a significant ROI
- They aren’t consistent with their social media efforts
- They try to have a presence on every platform
Tip
Don’t feel like you have to be on every social media platform to be successful. Find out where most of your targeted audience is hanging out. Also make sure that you are consistently providing content that your ideal client may find interesting and don’t hesitate to engage in conversation with them.
Invoicing and Bookkeeping
Money is a major topic for many new business owners. One of the mistakes that new business owners make is not keeping good/accurate records of all their expenses. As a business owner, you now fall into a different category and you have to understand taxes. If you’re not going to be the one handling your taxes, make sure that you have a trustworthy accountant to help you manage your finances.
Tip
If you’ve just started your business and you don’t know how you’re going to handle tax time when it comes around, and trust me it’s coming, make sure that you are keeping all of your receipts and the amount of money your business is generating. This is going to help you and/or your tax preparer when that time comes.
Quality over Revenue
The main objective for any business is to bring in revenue, but as your business grows you have to be careful not to sacrifice quality over revenue. In the beginning stages of business, the owner does everything in his or her power to make sure that they are offering the best possible product or service to ensure that they get repeat business. As time passes and the client base grows, work has to be done faster and in more quantity. The last thing you want to do is have your clients and customers lose faith in you and feel like you’re not delivering the same quality as you did before.
Tip
Don’t bite off more than you can chew. If your business gets to the point where you can’t provide the same quality as you did when you started, don’t hesitate to hire help. If you have a service based business, virtual assistants are a cost effective solution for business owners that may not be financially able to hire an employee.
Delegating
Starting a business can be one of the most liberating feelings in the world. You’ve finally become your own boss and you can do things the way you want them done. For the first few months or so your energy will be through the roof and you’re going to feel invincible. But as time passes and your workload continues to grow, your body will slowly remind you that you are still human.
One of the attributes of a really good business owner is being able to delegate. Sure you may know how to do everything yourself and you may even feel like no one can do it quite like you but it’s important to understand that it’s impossible for you to effectively complete hundreds of tasks every week on your own.
Tip
To make sure your business reaches its maximum earning and customer satisfaction potential; make sure that you are getting the necessary help. Since you’re a new business owner, the help you need may come in the form of an intern, a part-time employee or a virtual assistant. At Apex Virtual Solutions we assist small to medium size business owners with administrative and creative tasks such as
- Website & Graphic design
- Content development
- SEO
Conclusion
Entrepreneurship may not be for everyone, it comes with unique challenges but once things are rolling and you’ve overcome those hurdles that most new business owners face, the thrill of running your own business is unlike anything you’ll ever experience.