Successful businesses take time and don’t happen overnight and along the way you will come across some stumbling blocks that you will need to overcome.  

  1. Limited or not enough funds – The biggest stumbling block of all is simply the lack of funds to keep going.  Don’t be desperate and overlook assessing risks that can be involved.  Create a budget and justify every expense, because if you don’t, then you will be out of business before you know it. 
  2. Decrease the odds against you by keeping your job as long as you can until you have built up an emergency fund.
  3. Bad Relationships – Juggling demands and responsibility when owing your own business is tiring and relationships suffer due to lack of time – but it is important for our well-being to help maintain a balanced and productive life.
  4. Planning – Jumping in and executing is not always the solution.  However a lacklustre or no plan at all, is not going to guide you through tough times.  A solid plan is a good foundation.  Proper  planning and execution based on growth framework will carry your business ahead.
  5. Idealism – Being overly ambitious or having an idealist vision can cause a problem. 
  6. Get into markets you know. Do market research and gain some traction. If you fail its not the end of the world, at least you have learnt a new skill and gained some experience.
  7. Poor product/service quality – Even more important for a start up business is that you offer a good product or service delivery.
  8. Unnecessary investment – Key to developing your company and delivering your products first.  Stick to your growth investment plan.
  9. Trying to do too much – If you try to handle everything you will get exhausted of the business process and be too involved in the running of your company and forgetting to grow it.  A business owner needs to act like an entrepreneur and not get too involved in the day – to – day admin.  Put systems in place and/or delegate to a Virtual Assistant or staff member.

No-one ever said life was easy, but owning your own business can be incredibly rewarding.  

Problems are common, but your attitude is what will ultimately make the difference!!!

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