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The 5 Challenges of Running a Small Business

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You probably have a dream, a vision — you want to make something better, redesign it, reinvasion it, and make others see what you see. You want to promote growth, opportunity, prosperity and, overall, success. You wish to create jobs and be the one in charge, to build relationships, gain recognition, and move yourself and your company forward. You want to run a small business. You also have a plan which you idealize setting in motion, you ask yourself: but what makes me different than others around me? What sets me apart, makes me unique, convergent, or innovative? Running a small business, sadly, is not for the faint of heart. Many are willing to do what it takes to build their modest empire, but the path to success is a tiresome, often grueling one. It is easy to lose sight of your dream, twisting your vision and overall reasoning behind starting up. Here are the five most difficult aspects of running a small business.

 

  1. No income is guaranteed

Ah, yes, the key to making any business tick is money! businesses are multifaceted and multidimensional where multiple things play a role in making them successful. Money, in fact, is possibly the sole, driving factor behind entrepreneurial ideas, and most likely your business plan. Whether you have secured a deal from a loan shark, or are relying on your own money, fate, and your business ideas to help ensure payoff, it is important to remember that no income is guaranteed in business. “Always be prepared in your skill sets or know someone who could help and know how to fix the problem. This allows you to operate from the perspective that any problem can be solved and more importantly to not live in fear.”, Jeremy Bartley says in his post Nothing Guaranteed In Business. Whether or not you find yourself reaping the benefits of your business plan – you’ve generated revenue, customers, and are well on your way to achieving your vision – it is important to keep in mind that customers could leave at a moment’s notice, as could your revenue and, therefore, overall income. Create contingencies – multiple revenue streams or business channels – and be willing to be flexible in your business plan and model, and always have something to fall back on.

We live in a world of online social interaction and technological innovation, and this has created automation to make running businesses easier for business owners.

[The 10 Tools that Will Help Your Small Business Save Time]

 

  1. Risk and Reward

Starting a business is an extremely brave feat, and it is obviously going to be a rocky and uncertain one at that. From the unpredictability of people – customers, colleagues, you name it – to the personal sacrifices you are going to have to make, the risk of starting and maintaining a business will be extremely beneficial when you are reaping the rewards! It is important to have contingency plans for all things business-related so that nothing throws you for a loop, which enables you to keep things organized and under control, and so you can set your sites on the goal with minimal mishaps – as inevitable as they are. Seeing your dream unfold and flourish before your eyes are the most rewarding payoff that a business can offer, so when you’re feeling discouraged and pessimistic, keep the light at the end of the tunnel in mind!

[10 Ways to Avoid Burnout]

 

  1. Know who and what your market consists of.

A key to understanding your market consists of the people you are trying to sell your product to. Understanding the needs of people and their methods of thinking and consumption help to solidify a plan to market and sell products to them, and also helps you to identify and solve problems to better your service skills! Keep in mind all aspects of your customers’ needs – whether they are women, men, children, adolescents, their relationship status, and whether they are in need of specific products being tailored to their individual needs! Think about the location you are selling to, who will benefit from this product, and just how high or low setting prices will benefit the customer and the company.

A good example of this is tailoring a product to the millennial generation! According to Infusionsoft, some 90-percent of young adults (ages 18-29) use social media, as compared to just 3-percent of those over the age of 65! A common view of millennials holds that they are engrossed in social media – their lives revolve around it, they get the majority of their news, product information, and even political views from social media – so it is best to advertise your products on sites such as Instagram or Twitter to gain their attention and streamline clicks and views to your page, company website, and overall product!

 

  1. Being a boss not only to yourself but to others

There are many trials of starting a business and being your own boss – long hours, the seemingly small payoff in the beginning, and finding your niche and ease in the transition to success – and it is important to keep the big picture in mind as you wade your way through the tides of success! As much as your image may be your own, no business is successful without the help of trustee, qualified outsourcing. Find and hire those who bask in your likeness and in your vision, make them aware of your goals, and do everything in your power to see it through. We at ezClocker strive to make small businesses run as smoothly as possible in terms of employer-employee relations. Because starting a new business is often hectic and time-consuming, keeping track of your employees time can be put on the backburner, and can often get lost in translation.

 

  1. Success takes TIME, and failure is always a given.

In today’s world, we often hold a societal view that the “get rich quick” scheme is common and instant gratification is engrained in our psyches, and we are willing to do whatever it takes to find the most reward with a plan alone. While a plan and a dream are beautiful, important things, it is important to remember that there is a long road ahead if you want to be successful! While people have lucked out in the past, all inspirational success stories have had drawbacks and seemingly debilitating hardships that made creating a dream a not-so-easy one. Many businesses take years – decades, even – to boom and become the tycoons their owners dreamed about for years. It is important to remember, additionally, that failure is a part of life, and that mistakes will be made in the business plan. Life is filled with mistakes and, inevitably, failure. Be patient, keep your humility in check, and never lose site of your dream! Make the right connections, build the strongest relationships, and hire the best people there are! Starting a business is a scary feat, and it is important to always remind yourself, in light of failure, that every step you make is a milestone, that every step back you take is a learning lesson, and that every success you face should humble and motivate you to constantly innovate and better yourself and the company! Good luck on your path to success!

 

Author: Christian Jimenez

Christian is a Public Relations student and freelance writer from Dallas, Texas. He has a passion for traveling, coffee, and all things writing (creative, technical, you name it). His works range from newsworthy topics to self-help blog posts for small businesses. He is currently the content creator for ezClocker.

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