Running your own business is always tough and even more so when starting as you may have the drive and even the skills to succeed. But when you also combine that with the inexperience you may struggle with as a first-time business owner then it is sensible to be aware of some of the common obstacles in growing a young business and we will give you some solutions as to how to overcome them.
Getting Through The First Year
The first year can often be the toughest to navigate as there are so many things to learn, you have taxes and business structure to contend with. There is always this statistic or that statistic about how many businesses fail in their first year, and although this can be a sign to be wary of there is only one business that matters and that is your own.
Maintaining a Good Reputation
Managing the impression that your customers, and most importantly potential new customers, have of you and your business is key. One of the most important ways to do this and keep on top of it is to be aware of your online presence. It is essential to have a social media impression online, but do you realize that on certain platforms such as Facebook or Google customers can leave comments and reviews and you have no control over how positive or negative they might be, and you can’t have them removed easily. So do your best to have a good online reputation.
Taking on Staff
At some point, most businesses have to consider whether or not to take on staff and whether or not they can shoulder that burden. It’s not just the cost of the employees' salary that you need to take into account, it's taxes, equipment, uniform, even extra vehicles if you need them. You need to work out if these costs are realistic, some can be lessened such as Intelligent Van Leasing rather than buying a vehicle.
Keep on top of Cashflow
Sales are everything, or more accurately they are almost everything. You need to be aware of how long it takes to get paid, some invoices are expected to be paid in 28 days, for example. So if you have outgoings that are due before then you need to know how you are going to pay these, this is where cash flow is so important. You can see how fundamentally sound businesses can go under being owed a lot of money and this is a situation you will want to avoid.
Don’t Neglect Your Personal Life
Now since we have gone over many of the problems you might encounter when growing a young business and it’s important to know all of this, and certainly, it's going to be a lot of work. But even considering this you need to know to take some time away from work for yourself to avoid burn-out. Spend time with your family, go and enjoy some hobbies or even just chill out in front of the TV.