May 2, 2019 | By Mason Roberts
Running a small business is a unique experience. No matter how alike two business owners may be, they may not always share like stories. If you were to ask two entrepreneurs what their hardest feat was in starting their own business, you may get vastly different answers.
There will be some owners who excel in one thing and another who struggles with the same task. Take money, for example. There will be entrepreneurs who are amazing at handling the capital coming into their business. There will also be entrepreneurs who struggle with simple math, looking to an accountant to handle their day to day financial responsibilities. Each business owner is unique, and so is his or her needs.
No matter how different each boss is, they can also share the struggles they had to endure to get to the top to help other young entrepreneurs. The possibilities of stories to share are endless. While you may get different answers, there are also very common responses that seem to be patterns in the corporate world. Here are some common small business difficulties you may encounter.
Being Your Own Boss
There are many people who dream about being their own boss when they grow up. Countless young people grow up and go to business school with the goal of being in charge, wherever that may be. Yes, this can be a great thing for several reasons, but it can also cause stress. You are looked to for endless answers, ones that you may not even have to questions know how to respond to.
You will have to make tough decisions that could hurt some people. You may also have sleepless nights as well of a lack of social life until your business is well-established. Your social life will change drastically from what you were once used to when you did not have so much responsibility. You may start to see your family and friends less than you're used to, and you will likely just have to deal with it. This is just the cost of becoming your own boss.
Learning How To Delegate
A big difference between being an employee and your own boss is having to delegate what's important. When you're an employee at a business, you are told what to do. You do not have to figure out anything extra.
This is not the case for a small business boss. Once you become a boss, you must learn how to delegate. In the beginning, you may want to complete everything yourself, thinking you can only trust yourself. As your business grows and becomes busier, you must let go of the reins a bit and share the workload with other hardworking and trustworthy people.
Assembling a Great Team
When pushing to start a business, your employees are an important part of its success. If your employees are motivated and hardworking, your business will exceed expectations.
If they have a bad attitude and are not helpful to customers, your sales will decline in only a small amount of time. Your employees are as important as your startup capital. Success depends on both of these things, as well as others. Assembling a great team will further your chance of growing an amazing business that your target market will return to time and time again.
Being a business owner is hard, sometimes more often than not. This is just the way it is. Anything that you dream about doing will be difficult at the time. It is very easy to become discouraged in this field. If you fail at something, it will seem easier to give up. Giving up is always easier, but trying hard at something you care about is much more worth it. Staying motivated in times of trouble is very important in running an accomplished business. It is unwaveringly a vital trait to have when being the big boss.
Handling Your Finances
Steady finances are a big part of owning a business. If you do not know how to handle your cash flow, your business will suffer. Finances are not something to be taken lightly. Business owners all over the world ruin their careers from their lack of financing skills.
This can happen before your business is even off the ground. You must handle your cash wisely. Take into account everything that your business depends on that costs money and save smartly. If you simply are not good with money, look to an advisor who is. This does not have to be as hard of a task as it seems if handled correctly.
Balancing A Social Life
As said before, your social life can dwindle significantly when running a business, small or big. You may not see the people who are important to you as often as you would like. You should consider if this is something you can sacrifice, at least for a good while. You can not become a success if your attention is divided from the guilt of not having a great social life. Once your business is well off the ground and you are able to delegate duties, you will have more free time.
Coming Up With a Big Picture
Bosses tend to get overwhelmed when hearing the words "big picture". It tends to bring on stress. With the day to day duties that business owners need to accomplish, it is easy to get lost in it. You may get distracted by everything else and get lost in planning the "big picture".
In order to accomplish career-changing goals, you must work toward them. Develop a goal that you are excited for. Once you have this, develop a plan to complete it. This can take time, and it can take a bit of trial and error. You may even wake up one day and have a completely different goal in mind than you have had for the past few months, and that's okay. As long as you are on the road to something that can take your career to the next level, that is fine.