It goes without saying that managing your own business, be it small, medium-sized or large business, comes with its own set of challenges no matter how successful it may be. People may think that small business owners don’t have struggles in their business because of the fact that it’s small. What they don’t know is that the small business owners are also faced with trials and obstacles from vexing moments like being understaffed to a tight budget to being stressed from too much workload. In this article, I will be talking about the five common struggles that most small business owners can relate to.
1. You are in an uncharted place
Everything feels new and unfamiliar. Sure, you may be well-acquainted with your passion, but you might be completely foreign to most if not all aspects of running a business, especially if it’s your first time. There’s actually no specific standards of running a business. It doesn’t really matter if you’re not some kind of financing genius, marketing guru, or a person with excellent managerial skills. Or maybe your one of those but you’re not the best salesman out there. Whatever the case, don’t worry too much. You can try to seek help from a business consultant or take online resources to ease some of your worries.
2. You are treading in a risky situation
Owning a business is risky enough and even more so if you manage and run it yourself. You’re basically risking your livelihood, finances, and reputation all at once. Nevertheless, it is important to know that the greater risks you take, the greater your return will be. Your risks will eventually become benefits when the right time comes. You can determine what works for you and your business and what does not work. Depending on how you look at things, the risk of running a business can also be considered as a benefit on your part since you have the complete rein over your business. In short, you only have yourself to contest to aside from your customers.
3. You lack workforce
If you’re at a stage where you can already employ someone to work for you, then that’s great. Nevertheless, you may still find yourself understaff no matter how much you’d like to hire more staffs. As a result, the lesser your workforce is, the more workload you and your staff(s) have to carry, which could lead to over fatigue if not managed properly. If that happens or if you really think that you need some extra hand, you can consider hiring part-time workers or freelances for the meantime. There may be days when it becomes too difficult than the usual, but always remember why you opened your business. Take that as your motivation to strive harder and let the passion for your work keep you going until you have the financial means to employ more employees.
4. Your funds are running out
True, money is not everything—especially in cases where love is involved—but whether we admit it or not, money is definitely a defining factor in your business’ success. In order to get a new equipment or hire a new staff, money is your number one need and when you find yourself lacking in funds, it can be quite daunting and stressful. To get out of that kind of hellhole, you may want to borrow some money from banks or online lenders for the time being and find people who believe that you can sustain your business.
5. You are overworked
Opening a business means you’re practically in charge of everything that comes with it. For some time, you may even think that you’re the only one struggling to make it work. This also entails to working most time of the day with only very little time for breaks. However, remember that it won’t always stay that way forever because once your business starts booming, you’ll be able to assign some of your workloads to your employees.