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.
- 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.
- Decrease the odds against you by keeping your job as long as you can until you have built up an emergency fund.
- 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.
- 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.
- Idealism – Being overly ambitious or having an idealist vision can cause a problem.
- 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.
- Poor product/service quality – Even more important for a start up business is that you offer a good product or service delivery.
- Unnecessary investment – Key to developing your company and delivering your products first. Stick to your growth investment plan.
- 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!!!