Many people aspire to own their own business, but the reality is that entrepreneurship is not easy. Michael Carlinsky is a self-employed entrepreneur turned successful author and keynote speaker, who has been a key-note speaker at many high-profile conferences. He’s here to share some of the difficult things about business that he’s learned throughout his career. There are many challenges facing a successful and profitable business, and there are some obstacles that can be especially difficult to overcome. Here are 10 difficult things about running your own small business.
10 Difficult Things About Business :
1. Business Ownership is a Full-time Job
Running a business requires time, money, and energy. If you are hiring a manager to do the administrative work, then you must be willing to do the work yourself too. It’s up to you whether you want to hire another person or not.
On the other hand, if you are not willing to invest in your business, then it is not going to survive for very long. Jobs come and jobs go; but businesses stand on their own and endure for years. They will take up all of your time and all of your energy.
2. Your Customers are Not Loyal
Not all customers are loyal; and you can never rely on them for much. You have to put in the time and effort to build a business, because you will find that your customers come and go. If you want to keep the business, then you will have to make sure that you are earning money from your customer base.
It is not easy to work with a constantly changing group of customers, but it is definitely a necessary part of success for any business owner. When you do succeed in keeping up with the changes, then it becomes possible for you to earn loyalty from your customer base as well.
3. Your Employees are Your “Competition”
As an entrepreneur, you are essentially your own boss. But, in the day-to-day operations of the business, you will be relying on your employees to complete projects and work on behalf of the business.
When you run a small business, your employees can be a huge force for good or a massive thorn in your side. If you want to stay ahead of the competition, then it is in your best interest to keep the company positive and professional; because there is nothing worse than working with coworkers who are grumpy or unprofessional.
4. Taxes are a Heavy Tax Burden
Small-business owners have to be ready to deal with a lot of tax issues. You will find that you have to pay taxes on many of the necessary things that you do in your business. Paying taxes is not easy, and it can take a toll on the bottom line. When you run a business, then you will have to keep in mind that taxes are the most expensive cost in small businesses.
5. You Have to Concentrate on Greater Things than “Profits”
You have to make sure that your main goal as a small business owner is not just making money. It’s possible for you to become so focused on the bottom line that it will drive your business in the wrong direction. When you own a business, then you have to remember that there are many other things to take into consideration as well.
6. Your Greatest Challenge Will Be Yourself
It’s really up to you who succeeds or fails in small businesses every single day; because you are taking all of the risks as an entrepreneur. The most difficult thing about running a small business is knowing whether you are capable of achieving the results that you want, or if those results will just be a pipe dream. You will have to believe in your own strengths, and you should never underestimate your own potential.
7. Your Customer Service and Support is Critical
When you own a small business, then it’s going to be all about good customer service and support; because they’re the things that keep customers coming back over and over again. You can have an amazing product or service, but if you don’t have customer service then it is not going to succeed in sales.
The customer also needs to be happy and satisfied with every single thing that you do for them. If you put in the time and effort to help your customers over time, then you will have to be able to change your business model over time as well.
8. Your Ability to Make Decisions is Limited
You can make a lot of decisions on behalf of your small business; but you shouldn’t depend on yourself for making all of the important decisions. Instead, you will find that the real key is delegating responsibilities. When delegating responsibilities, then it’s important for you not only to take responsibility for your own decisions; but also take responsibility for how they are handled by others.
9. You Will Face Stresses in Different Ways
It’s hard for people to understand how stressful it is for small business owners. In some circumstances, running a business can be extremely hard on the body and mind; especially when you don’t know how to handle the stress of your workday.
Small-business owners are responsible for a lot of things, and it can be extremely challenging to keep everything organized and running smoothly at all times. Many entrepreneurs experience anxiety and emotional problems due to their work; but for the most part, it is a necessary part of small-business ownership.
10. You will Face Challenges and Limitations on a Regular Basis
Every small business owner faces limitations at some point in time. But you can’t let those limitations stop you from moving forward with your business. Nobody knows whether their business can succeed or fail before it starts making money, because it’s impossible to predict things completely on account of the dynamics of any given market; and every industry will be different. It’s important for you to keep these limitations in mind, and you should be ready to overcome them and make it work for the company
