The Biggest Challenges of Managing a Small Business

September 19, 2018  By Gabriel Melean

If you’ve been thinking of starting your own small business (or already have), then you’re well aware there will be plenty of challenges to come. Starting a small business is a hurdle in and of itself, but what separates successful entrepreneurs from the rest is how they deal with the challenges they face throughout the course of their business life cycle. These challenges can range anywhere from monetary complications to client-based challenges. As a business owner, it is up to you to persevere in the face of adversity in order to ensure the success of your business. That’s why we’ve listed some of the most frequently recorded challenges for you to be aware of.

Increasing Profits

The age old challenge that every entrepreneur faces throughout their career. There could be several factors that pose a challenge in increasing profits, whether it be due to high costs and overall expenses or low access to essential resources. It is up to you to identify what is holding you back when it comes to increasing your profits and posing a solution to said challenges. Optimizing your business and working efficiently via a lean system (with low costs) is ideally the way to go.

Starting and maintaining a business requires a fair amount of time, effort, and perseverance.

Finding a Client Base

Finding clients who may be interested in the services you have to offer can be increasingly challenging for new business owners. This is due to the fact that there is essentially no footing in the market (yet), and people are not yet aware of all of the offerings a new business presents. By strategically marketing your business toward your intended client base, you’re likely start to seeing an increase in revenue. Once you’ve made these connections, it is up to you to maintain them for repeat business.

Lack of Online Presence

Maintaining an online presence for small businesses is mandatory in this day and age. In fact, many of these listed challenges can be alleviated by having a strong online presence. This allows for business owners to reach locals more efficiently (without having to market themselves in person) and provides a sense of legitimacy for the business name and brand. The challenge here comes in terms of investing in a domain name, design, development, and more when it comes to establishing an online presence.

Scarce Funding

Ideally, it’s best to start a business at a low cost with low risk involved. For most, it’s not that simple. Most businesses require a significant amount of funding for investment in the early stages. There are a few things you can do to alleviate some of the funds required to start a business, such as selecting a business that does not require much funding in the first place, or finding an online platform that allows you to kickstart your business at low costs with little risk (as we’ve mentioned before).

Maintaining High Energy

Starting and maintaining a business requires a fair amount of time, effort, and perseverance. This means late nights and early mornings when it comes to the success of your small business. Often times, entrepreneurs will burn themselves out by working long hours for extended periods of time. Though the additional work is necessary with the best interests of your business in mind, it’s important to take note when you’ll need a break. Be in tune with your mind and body when it comes to maintaining high energy and peak performance.

Keep in mind these aren’t the only challenges you’ll face as an entrepreneur. The road to success is a bumpy one, and will include several successes and failures. That said, we’re more than confident you can make it if you stay prepared for all of the obstacles you’ll encounter.

That’s why we recommend signing up to a free online service platform (like this one) that allows you to better deal with many of these challenges. A platform such as this allows you to identify a client base in your local area, connect with them, and create long lasting business relationships. In addition, it allows you to create a portfolio for your business and adds greatly to your online presence. The platform is free to use and requires no risk, which can also be appreciated for small businesses all around. Feel free to check it out if you’re looking to grow your business.

Gabriel Melean

Gabriel works in design, operations, and strategy for EezyBee.

0 Comment

You must Sign In to leave a comment!