While owning and operating your own small business comes with a tremendous amount of freedom and opportunity, it also presents a series of unique challenges. Here are some of the major challenges facing small business owners…
- Hiring new employees – The first employee you hire is the most important employee you will ever hire.
- Managing cash flow – Cash is what pays the bills and keeps the lights on at night, so keep a close eye on cash going into and out of the business.
- Writing the initial business plan – It’s harder than you might think to transform dreams and aspirations into numbers, charts and projections.
- Maintaining the proper work-life balance – Entrepreneurship can easily turn into a 24/7 lifestyle. Don’t let it.
- Developing the right brand message – Customers want a brand that they can believe in, so think about messages that will resonate with them.
- Launching your first product – Don’t be afraid to launch in beta. It’s better to get a first test product out in the marketplace.
- Building up a customer base – It’s easier to get a repeat customer than a first-time customer.
- Scaling at the right rate – You can’t grow too fast or too slow.
- Building word-of-mouth marketing buzz – Traditional marketing is probably too expensive, so focus on building word-of-mouth buzz first.
- Raising capital and attracting new investors – Sooner or later, you will need to think about raising money to take your business to the next level.
As you can see, many of these challenges spill over into a number of different functional areas, everything from finance to marketing to operations. To be a successful small business owner, you really need to have a mastery over each unique aspect of running a small business.