challenges of starting a small business

Challenges Of Starting A Small Business!

It might seem like this is everyone’s dream – starting a small business – and this is great, however, there will be challenges of starting a small business and you need to be aware and prepared. Apart from the blood, sweat, and tears that will put into it, this contributed article highlights a few points that you might want to keep in mind. Read on.

The Hardest Parts Of Running A Small Business

 

challenges of starting your own business

 

Running a small business of your own is an amazing opportunity, and can be incredibly fulfilling, but like with everything else in life, it isn’t without its downsides. If you are to be successful in business, it’s important that you know the challenges that you’re going to have to face, so that you can be ready and prepared when they arise.

Of course, every business owner has their own struggles and finds some problems more difficult than others, but there are some things that almost everyone struggles with. So that you know what you’re getting yourself into, here are four of the hardest parts of running a business.

Making Risky Decisions

From the moment you start your business, every decision you make comes with a risk. Sometimes this risk is relatively small, like losing a few hundred dollars on a marketing campaign, but sometimes it could cost you thousands, risk the jobs of your employees, and could pull you under completely.

Of course, these decisions could also help to grow your business and make it a huge success, which is why making them is so difficult. The more decisions you make, the more comfortable you’ll become, but it’ll never be easy or simple.

Balancing Work And Home

You’re going to have to spend a lot of time working to make your business the success you’ve always dreamed of, but that doesn’t mean that you can ignore or forget about your family and friends along the way. After all, these are the people that are going to make your life bearable when work is getting a little too much to handle.

Balancing your work and home life isn’t going to be easy, and it’s something all business owners struggle with, but it can be made easier if you have a team of employees to help you and delegate tasks to.

Remaining Driven And Motivated

Running a business requires you to work incredibly long hours, evenings, weekends, and even vacations, and this is going to take its toll. You’re going to have to spend as much time as you can speaking to clients and vendors, learning all that you can about your industry, and so much more. Because there’s no one there to spur you on to seal a deal or become a legendary marketer, it can get pretty tempting to quit at times. This is why it’s so important to be passionate about what you’re doing.

Being Your Own Boss

Being your own boss is one of the best and one of the worst parts of running a business. Sure, you’ll have no one to answer to, but this also means that every business decision falls to you, which is a weight some people just can’t carry.

You also need to keep yourself motivated and driven and get work done without someone telling you that you have to. Unless you’re one hundred percent committed to your business, you’re going to slack off, and this is going to cause major problems.

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There are few things more fulfilling than running your own business, but you need to make sure that you can handle the hard parts before you jump in with both feet.

My Final Thoughts On The Challenges Of Starting A Small Business!

It is a great thing to want to be your own boss and do things on your terms when not comes to running your own business, however, there will be challenges of starting a small business, and you need to have all the tools you need to rise above these challenges.

Do the adequate research, especially in the industry you plan to focus on, make your business plan as well as your backup plan, maintain your budget, keep abreast of technological changes, and most important of all, be confident and true to yourself in all you do!

All the best.

Images courtesy of Pixabay and Pexels.


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8 thoughts to “Challenges Of Starting A Small Business!

  • Sue

    Hi Michelle,

    “Being your own boss is one of the best and one of the worst parts of running a business.” These words are so true. There are most certainly challenges to having your very own business, but the rewards are much greater in the long-run.

    Reply
    • Michelle

      Hello Sue,
      Thanks for your visit. Yes, it is indeed rewarding, however, you do have to put some ‘blood, sweat, and tears’ to get to the point of success.All the best to you.
      Michelle

      Reply
  • DianneBee

    The points you outlined in this post are all important for a person to consider when beginning their own enterprise.
    It can be quite intimidating, but keeping a list of things to include in all decisions made is a real help.

    Reply
    • Michelle

      Hello Dianne, thanks for your visit. I am glad that the article was able to ‘lay it on the line’ for you. And yes, have a ‘cheat sheet’ for anything will always come in handy.
      all the best.
      Michelle

      Reply
  • Thabo Nkomo

    Very insightful article, Michelle. I think one of the challenges of establishing a successful business is facing “the hard truths”. In my study of companies that managed to overcome obstacles of global market change, the one thing those leaders had in common was the ability to face the “hard truths ” about what they needed to do to compete in an ever changing business environment.
    For example, GM as it was competing for more market share, decided that cars with garish pink jobs were as dead as the ideas that produced them. So they started to market trucks to women and hiring more women mangers to promote those trucks. The result was an impressive increase in the SUV market for women, and thus a solid boast to the bottom line for GM.
    None of us have to be as big as GM to pay attention to “the hard truths” of running our own online business. I think you excellent article does a great job of reminding us of that fact.

    Reply
    • Michelle

      Hello Thabo,
      Thanks for your visit. I loved your real-life example. You taught me something new. Yes, business has some ‘hard truths’ and it is best to always be aware of them before they ‘show’ up. Glad that the article was a source of valuable information. All the best.
      Michelle

      Reply
  • Chris Towers

    I agree that starting a business of your own can be very rewarding.

    When working from home though, it can often be easy to get sidetracked or distracted. I think having a plan, learning some basics and having some tuition (like you have here) can be ideal for people to get to grips with how things need to be done.

    You have some excellent information here on this post, and on the rest of your site.

    Very helpful and informative.

    Thank you.

    Chris

    Reply
    • Michelle

      Hello Chris, thanks for your visit. I am happy that you found the information useful and as a good source. Yes, there are times we all need a helping hand as we get started. Thanks for visits and observation. All the best.
      Michelle

      Reply

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