Small Business Obstacles and How to Overcome Them
Many small business owners struggle to move past the obstacles that can be thrown in their path. From fear to finances, these are momentary hurdles, and, with the right mindset, you can work past and continue on your journey.
The top five small business obstacles are:
More than likely, you have encountered at least a few of these in your business journey already. They can hold us back or we can have a plan to work past them.
Now that we have identified the top obstacles, let’s dig deeper and implement a plan for each.
In every aspect of our lives finances play an important role.
Covering costs for running your business is a cash flow issue that must be addressed.
The best way to address cash flow is to lay out your budget, list the recurring charges you have and identify what are necessary and unnecessary expenses. After looking at your budget, decide how much you need to make each month to cover your expenses and put some money away for a backup savings.
Another important part of small business finances comes from our client/customer side of the business.
Making sure your invoices are being paid in a timely manner makes cash flow much easier to manage.
Depending on your business, making payments by credit card or using an online service like Venmo or Paypal can allow your invoices to be paid easily and quickly.
As humans we crave support from those around us. Lack of support from our friends and family can make building our business tough. While this may be hard, there are many ways to build support in other areas.
Networking is a great way to find a supportive group that you can rely on for advice and ideas.
Join a small business group in your area. Find groups that have the same values and ideals that you want to see in your business.
Many groups allow you to visit a meeting so you can get a good idea of the type of business owners you would be networking with. Once you find a good fit, stick with it and build those relationships.
If an in-person group is not a good fit for you, there are also great online networking groups through Facebook and LinkedIn. While the support may not be as strong as a group in your area, this will provide a place to find answers and a way to support other business owners like yourself.
Marketing can be daunting. There is a lot of research to be done and time to be invested in your marketing efforts.
From social media to paid advertising, your marketing efforts will be an important way to get your business seen in a saturated world.
The first step in your marketing approach is to do your research. Research your competitors, your ideal client/customer, the types of marketing available to you.
Once you know a bit about the who, what, and where, you can begin to address your marketing plan.
Stick with your plan for a while, paying close attention to what works and what does not. Using your insights, adjust your plan as needed. Once you feel it is working well, stick with it and build your audience.
One of the main things we face in life is fear. Fear can hold us back from many things if we let it. But it can only do that if we let it.
Overcoming our fear is a difficult task.
One of the best things you can do for your business fears, is write them down on paper.
Look at what you have written, take a moment to really analyze your thoughts.
Think about what you might say to a friend with that same fear.
Many times, looking at our fear from a different perspective can change our outlook.
Find other great ways to tame your fear and anxiety here.
Finding time to dedicate to your new small business can be difficult, especially if you are working a full time job or raising children at the same time.
If you want to succeed, you have to stop procrastinating and make a plan for your business.
This plan includes when and how you will find time to devote to your business needs. Making a schedule and sticking to it can be life-changing.
Scheduling your day is only the first step, making sure you stay on task and get things done is the next part. Make a to-do list for each day.
Prioritize your to-dos and knock out as much as you can early in your schedule.
Separate your to-do’s in to small chunks if that feels easier for you.
Just the act of marking things off a to-do list gives you a feeling of accomplishment.
Don’t give up on your dreams.
You can make your business work if you put in the effort and get past those small business obstacles that try to hold us back.
Push through the tough times to enjoy the prosperous ones.
It won’t be easy, but it will be worth it!