Being a small business owner is not a simple game to play but it’s a long run on an arcade filled with unexpected hurdles. It is a lifestyle of constant tension and pressure due to business problems but when rightly managed, there is an enormous reward waiting ahead.
Sometimes it takes everything to get your ‘small business’ to the status of a ‘large firm’. You will have to learn to take those growing pains because that’s what ENTREPRENEURS do. You will have to know and plan to counter these business challenges in order to grab that flying dream of yours.
1. Finding Customers
This first one isn’t just a small business problem. The marketers at well-known companies like Apple, Toyota, and McDonald’s don’t just sit around waiting for the leads to come in — even the biggest, most successful companies have people working hard every single day to find new customers.
2. Increasing Brand Awareness
If your customers don’t know who you are, how will they buy from you? Statistics show that, in terms of success, 70% of brand managers say that building an audience is more valuable than direct sales, and, because of this, marketers in 2021 say that their primary goal for running marketing campaigns is building brand awareness.
3. Fatigue
The hours, the work, and the constant pressure to perform wear on even the most passionate individuals. Many business owners—even successful ones—get stuck working much longer hours than their employees. Moreover, they fear their business will stall in their absence, so they avoid taking any time away from work to recharge.
4. Founder Dependence
If you get hit by a car, is your business still producing income the next day? A business that can’t operate without its founder is a business with a deadline. Many businesses suffer from founder dependence, and it is often caused by the founder being unable to let go of certain decisions and responsibilities as the business grows.
5. Balancing Quality and Growth
Even when a business is not founder-dependent, there comes a time when the issues from growth seem to match or even outweigh the benefits. Whether a service or a product, at some point, a business must sacrifice to scale up. This may mean not being able to personally manage every client relationship or not inspecting every widget
6. Lead Generation
Another problem most small businesses share is lead generation — specifically, generating enough leads to keep the sales team happy. Marketers also report that this is a top priority, but, at the same time, 58% also indicate that lead generation is a key challenge that business leaders face.
7. Lack of Funds
Nothing can hold a business back like money problems. This is even more true for small businesses. While most larger companies have enough cash flow to keep up with payroll and keep the lights on, small businesses are often in a less stable situation. If one big client fails to make a payment, your small business may not be able to cover its bills. There are plenty of tales of small business owners giving up their own salaries in order to pay their employees and vendors. And, sadly, there are plenty more stories of small businesses failing because they ran out of funds.
We have always emphasized the importance of having a good website for your company because it can act as your best tool for marketing and sales. A poorly designed website can repulse people from your business and can cause you to lose customers before you even have them. Get in touch with HyperEffects to work on creating, enhancing, and making the website of your company more user-friendly.