Running a business sounds like a great idea – in principle. Having no boss to answer to is wonderful for an independent or introverted entrepreneur. But let’s be honest, some parts of running your own business can be hard. It’s no secret that many businesses fail in the first few years, but your business needn’t become a statistic.
Let’s look at the biggest struggles small business owners face in more detail so that you can be prepared to deal with it and succeed in the world of entrepreneurialism.
Top 5 Reasons Running A Business is Hard & How to Rock It
1. You will want to do everything on your own.
When you start your business, you will be tempted to prove yourself – it’s only natural. However, pride or an unwillingness to look for or accept help can cause you to make costly mistakes.
Don’t fall in this trap. Understand that no person can do everything perfectly and that successful businesses consist of teams of people who each brings his or her talents and skills to the table. Also, you can’t do everything on your own. Each day only has 24 hours, after all!
2. You may receive feedback you don’t appreciate.
You started your business because you feel that you have a great product or service. Your family and friends may even agree. But ultimately, the most important opinion is that of your target audience. For your business to succeed, your product or service must provide the perfect solution to their problem. Sure, if your product is quite good, they will buy it initially, but if you want it to be their go-to solution and if you want them to refer people to you, it has to provide the ultimate solution.
Be open to feedback from the market. Accept it gracefully, and consider suggestions before you bin it. Let your market help you fine-tune your solution to suit their needs.
3. You may want to diversify.
The employment market changed dramatically a few years ago. We went from grey-suited drones to a vast horde of digital nomads. It was scary at first, and the thought leaders of the remote working, freelancing movement advised us to DIVERSIFY. They figured that having your rods in as many ponds as possible will ensure that you catch some fish. However, the modern consumer demands a different type of service provider – they demand the best of the best.
If you want to succeed in a modern world, you need to be the best of the best in your niche. Specialize, but make your service as excellent as possible by offering value-added services to your core product or service.
4. You may be afraid to charge upfront.
If you offer services, you may not feel comfortable charging upfront. It’s a quandary, as clients want to see your work before they pay you, but if they decide not to pay – for whatever reason – you will lose bargaining power.
Find ways to reach a middle ground, because time is money.
5. You may be tempted to undercharge.
In a competitive world, you may undercharge to secure more contracts but beware of making a habit of this, especially early on in your career. When you first start out, you may not have the experience to know exactly how long a project takes, or the additional expectations clients may have. Charging too little – even across more projects – is not sustainable.
Instead of selling at a lower price point, compete on excellence – quality products and services, professional expertise and specialization. Accept that clients who price shop will always opt for the cheaper price, but there are many clients who want quality, even at a higher hourly rate. Those are the clients who will stick around for much longer.
Running a business is hard, mainly because you will always feel that you never really know what you’re doing and whether you’re doing it right. Rest assured that most small business owners feel the same way. Ultimately, being patient and flexible and responding to the needs of your target market is what you need to do to stay current.