If you didn’t already know, running your own business has just as many rewarding benefits as it has perplexing challenges. That’s just something that comes with the territory of owning your own business… it’ essentially becomes a game of trial and error and you just keep pushing until you figure out what works best for you.
Now, whether you’re an experienced entrepreneur or an entrepreneur who’s just getting your feet wet in the world of business ownership, there are some obstacles that will constantly be an uphill battle. For instance, beating your competition and maintaining your company’s brand and authority… those are things that will never go away as a business owner. You just have to be innovative and creative enough to keep your business relevant in the ever-changing world of e-commerce.
According to the Small Business Association, on average, a business is more likely to fail within the first two years of its founding but the survival rates of a business does improve as it ages. If you’re a new business owner, then you will have a unique set of obstacles that seasoned entrepreneurs don’t necessarily deal with anymore.
Jumping those business hurdles
Depending on your skillsets, background, strengths, and personality, there are obstacles that you will be able to overcome easier than others but to tackle these obstacles head-on, let’s take a closer look at some of these obstacles that new entrepreneurs face.
Making the decision to leave your current job
If you’re like most entrepreneurs, then you work a full-time job to keep food on the table but taking on a full-time job and trying to pursue your entrepreneurial career is no easy task. You essentially will have to pick one or the other.
With your full-time job, you have a steady income and maybe even employee benefits. With running your own business, you’re taking on the risk of losing that steady income but you’re also able to fully dedicate putting your time into running your business successfully.
Leaving your source of steady income for the uncertainty of your new business is a hard trade-off, so before you jump to make a difficult decision such as this, consider hanging on to your full-time job while your business is still in its beginning stages. Once you start generating revenue from your business, then it might be easier for you to leave your current job… it’s great to have ambition with your business but you also have to be smart and realistic about your goals. Remember, it takes money to make money and if you leave your full-time job too soon, where will the money needed to make money come from?
Fatigue and exhaustion
When you work a regular 9 to 5 job, you’re pretty much sticking to a schedule, working 7-8 hours per day. With running your own business, most entrepreneurs make the mistake of overworking themselves. They’re so hungry for success that they’re afraid their business will fail if they’re not constantly working on it.
Trying to find a solution to every problem may be okay in the beginning stages but essentially you run the risk of burning yourself out too quickly and the fatigue and exhaustion will set in and may even keep you from working on your business just to get some much-needed rest. So it’s perfectly fine to have the passion for your business but don’t over-extend yourself in the process.
Distractions are a big obstacle entrepreneurs face, especially when they run their business from home. From a loud TV to the noise of your younger kids playing around the house, it can all cause you to lose focus on establishing a successful business.
If you run your business from home, one way to cut down the noise distractions is to hire a nanny to watch over the kids while you work. This will help you tremendously too. You will essentially become a household employer.
With this new title, you will be able to set the expectations to the nanny making it very clear that they need to tend to the kids in a different area of the house so that you can work in peace and quiet, even if it’s only for a few hours a day… your business will greatly benefit from it.
Some of these particular obstacles just come with owning your own business. You can look at them as being guilty by association, in a sense. Just know that if you have a great business idea, don’t keep pushing it off… work towards turning it into a reality.
There’s no rush to start a business so take your time and do it right. The road may be bumpy but at least you’re going on the journey. With the right preparation and resources, you’ll have a successful business in no time!