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ashley
Student
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running a business
What are the struggles of running your own business? What are some things you wished you knew before?
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5 answers
James Constantine Frangos
Consultant Dietitian & Software Developer since 1972 => Nutrition Education => Health & Longevity.
3422
Answers
Gold Coast, Queensland, Australia
Updated
James Constantine’s Answer
Dear Ashley,
The Journey of Entrepreneurship: Challenges and Insights You Wish You Had Earlier
Embarking on the entrepreneurial journey is undoubtedly fulfilling, yet it presents its unique set of hurdles. Here's a rundown of typical entrepreneurial challenges and insights you might wish you had earlier:
Cash Flow Management: Ensuring a steady cash flow is vital for any venture, but its management can be demanding. Numerous businesses crumble due to cash flow issues, not necessarily because they're unprofitable. It's critical to monitor your earnings and expenditures, formulate a feasible budget, and always have a financial safety net.
Time Management: As an entrepreneur, you'll likely juggle multiple roles, from sales and marketing to operations and finance. This can make effective time management a tough task. Prioritizing tasks, delegating when feasible, and striking a balance between work and personal life are key to maintaining a healthy work-life equilibrium.
Marketing and Sales: Even the most exceptional products or services need a push to sell. Robust marketing and sales strategies are vital for drawing in and retaining customers. This can pose a significant challenge for novice entrepreneurs lacking experience in these fields.
Legal Compliance: Traversing the legal terrain of entrepreneurship can be intricate and time-consuming. From business registration to understanding tax laws and employment regulations, there's much to grasp. It's crucial to seek legal counsel to ensure you're abiding by all pertinent laws and regulations.
Hiring and Managing Employees: Recruiting the right team is pivotal for any venture's success. However, managing them can be a daunting task, particularly for first-time entrepreneurs. Crafting clear job roles, communication pathways, and performance expectations can foster a productive and harmonious work atmosphere.
Scaling Your Business: While expanding your business is thrilling, it brings its own set of hurdles. From overseeing growth to upholding quality control, there's much to contemplate when growing your business.
Dealing with Failure: Failure is an unavoidable aspect of entrepreneurship, but it can be tough to handle. Embracing your mistakes and leveraging them for growth is vital for sustained success.
Work-Life Balance: As an entrepreneur, distinguishing between your work and personal life can be tough. However, preserving a healthy work-life balance is crucial for enduring success and contentment.
Unexpected Challenges: Entrepreneurship often involves tackling unforeseen hurdles, from economic slumps to supply chain disruptions. Having a robust contingency plan can aid in navigating these hurdles more efficiently.
Learning Curve: Entrepreneurship involves a steep learning curve, from understanding financial management to marketing tactics. Welcoming the learning curve and being receptive to new experiences can spur personal and professional growth.
GOD BLESS!
James Constantine.
The Journey of Entrepreneurship: Challenges and Insights You Wish You Had Earlier
Embarking on the entrepreneurial journey is undoubtedly fulfilling, yet it presents its unique set of hurdles. Here's a rundown of typical entrepreneurial challenges and insights you might wish you had earlier:
Cash Flow Management: Ensuring a steady cash flow is vital for any venture, but its management can be demanding. Numerous businesses crumble due to cash flow issues, not necessarily because they're unprofitable. It's critical to monitor your earnings and expenditures, formulate a feasible budget, and always have a financial safety net.
Time Management: As an entrepreneur, you'll likely juggle multiple roles, from sales and marketing to operations and finance. This can make effective time management a tough task. Prioritizing tasks, delegating when feasible, and striking a balance between work and personal life are key to maintaining a healthy work-life equilibrium.
Marketing and Sales: Even the most exceptional products or services need a push to sell. Robust marketing and sales strategies are vital for drawing in and retaining customers. This can pose a significant challenge for novice entrepreneurs lacking experience in these fields.
Legal Compliance: Traversing the legal terrain of entrepreneurship can be intricate and time-consuming. From business registration to understanding tax laws and employment regulations, there's much to grasp. It's crucial to seek legal counsel to ensure you're abiding by all pertinent laws and regulations.
Hiring and Managing Employees: Recruiting the right team is pivotal for any venture's success. However, managing them can be a daunting task, particularly for first-time entrepreneurs. Crafting clear job roles, communication pathways, and performance expectations can foster a productive and harmonious work atmosphere.
Scaling Your Business: While expanding your business is thrilling, it brings its own set of hurdles. From overseeing growth to upholding quality control, there's much to contemplate when growing your business.
Dealing with Failure: Failure is an unavoidable aspect of entrepreneurship, but it can be tough to handle. Embracing your mistakes and leveraging them for growth is vital for sustained success.
Work-Life Balance: As an entrepreneur, distinguishing between your work and personal life can be tough. However, preserving a healthy work-life balance is crucial for enduring success and contentment.
Unexpected Challenges: Entrepreneurship often involves tackling unforeseen hurdles, from economic slumps to supply chain disruptions. Having a robust contingency plan can aid in navigating these hurdles more efficiently.
Learning Curve: Entrepreneurship involves a steep learning curve, from understanding financial management to marketing tactics. Welcoming the learning curve and being receptive to new experiences can spur personal and professional growth.
GOD BLESS!
James Constantine.
Jeff Chinn
Senior Product Manager
5
Answers
Warren, Michigan
Updated
Jeff’s Answer
Hi Ashley,
These are great questions to ask in the early stages of brainstorming your business idea. I'm happy to share a few key checkpoints that I review frequently with myself. Think of it like a regular check-up to evaluate how things are going.
Know your customer. Who is your ideal customer base? If you're going to open a physical business locations, where are they geographically located? If they're traveling to your business, how are are they willing to travel? Are they walking, driving, using public transportation? It also helps to know some demographic information about you customers, ex: gender, income, lifestyle, occupation. This information helps you better understand who your customers are and how you can bring value into their lives, which in turn, makes your business appealing to them. It'll also help with your marketing efforts.
Identify the value proposition your business brings to differentiate you in the marketplace - what sets your business apart from the competition. This can easily be a thought that evolves over time. You may try different approaches, different services, to see what resonates with your customers and what doesn't. Ideally, there's going to be something that you do, or that your business does, that appeals to your customers, and why they choose to do business with you.
Time management. Not only are you doing the work with the customer but you're managing the business. My best advice is, automate where you can. If you notice you're frequently repeating a process, or a task - let's say bill paying - use your accounting software to automate the bill paying for you. The time you're able to save from logging into websites and manually entering payments, you can use on other things. As you work through operating your business, you'll start to identify these areas. If you can create automated schedules for them to be completed, it'll free you up to focus on other aspects of the business that will benefit more from your attention.
Finally, take care of yourself along the way. Make sure you schedule time for yourself, in a non-business capacity. Practice self-care. Be aware of symptoms of burnout. Proactively set aside time, daily, weekly, etc., to give yourself a break.
I hope this helps, Ashley. Good luck with your future business! I'm sure it'll be amazing!!
Jeff
These are great questions to ask in the early stages of brainstorming your business idea. I'm happy to share a few key checkpoints that I review frequently with myself. Think of it like a regular check-up to evaluate how things are going.
Know your customer. Who is your ideal customer base? If you're going to open a physical business locations, where are they geographically located? If they're traveling to your business, how are are they willing to travel? Are they walking, driving, using public transportation? It also helps to know some demographic information about you customers, ex: gender, income, lifestyle, occupation. This information helps you better understand who your customers are and how you can bring value into their lives, which in turn, makes your business appealing to them. It'll also help with your marketing efforts.
Identify the value proposition your business brings to differentiate you in the marketplace - what sets your business apart from the competition. This can easily be a thought that evolves over time. You may try different approaches, different services, to see what resonates with your customers and what doesn't. Ideally, there's going to be something that you do, or that your business does, that appeals to your customers, and why they choose to do business with you.
Time management. Not only are you doing the work with the customer but you're managing the business. My best advice is, automate where you can. If you notice you're frequently repeating a process, or a task - let's say bill paying - use your accounting software to automate the bill paying for you. The time you're able to save from logging into websites and manually entering payments, you can use on other things. As you work through operating your business, you'll start to identify these areas. If you can create automated schedules for them to be completed, it'll free you up to focus on other aspects of the business that will benefit more from your attention.
Finally, take care of yourself along the way. Make sure you schedule time for yourself, in a non-business capacity. Practice self-care. Be aware of symptoms of burnout. Proactively set aside time, daily, weekly, etc., to give yourself a break.
I hope this helps, Ashley. Good luck with your future business! I'm sure it'll be amazing!!
Jeff
Ben Gof
Finance
29
Answers
Wayne, New Jersey
Updated
Ben’s Answer
I think the biggest struggle in running a business is managing cashflow. You will have revenues and expenses. So you'll need to find a way for first the revenues to exceed expenses, which is obvious. Then you need to bring in the money as quickly as possible while delaying paying your expenses so you always have cashflow on hand. But this really depends on the type of business you would be starting. A Business to Business company is different than a Business to Consumer company.
One thing I wish I knew before and some advise I would give is don't be afraid to charge the appropriate amount for your product or service. New Businesses sometimes charge to low of a price to start bringing in revenue, but that can be a bad strategy in the long run, although its acceptable to get a new business off the ground initially. I have 2 friends in the construction field. One charges low prices and he is busy all year getting project after project. The other has what would be considered high prices. He gets the occasional job and isn't busy all year. However, they both make the same amount per year. So the one charging the higher price is working less but making the same income. The moral of the story is, do your homework, find out what your competition is charging and don't go in too low with pricing.
Good Luck!
One thing I wish I knew before and some advise I would give is don't be afraid to charge the appropriate amount for your product or service. New Businesses sometimes charge to low of a price to start bringing in revenue, but that can be a bad strategy in the long run, although its acceptable to get a new business off the ground initially. I have 2 friends in the construction field. One charges low prices and he is busy all year getting project after project. The other has what would be considered high prices. He gets the occasional job and isn't busy all year. However, they both make the same amount per year. So the one charging the higher price is working less but making the same income. The moral of the story is, do your homework, find out what your competition is charging and don't go in too low with pricing.
Good Luck!
Connor Kelly
Digital Specialist
10
Answers
Austin, Texas
Updated
Connor’s Answer
Hi Ashley!
I think the biggest struggle for me personally when it comes to running my own business is stress. This is an umbrella term, so let me unpack it a little.
I started a company that consisted of writing code to analyze publicly traded companies. I did not anticipate how much time I would spend working on something like this. In my head it seemed simple, but in reality, it was like an onion. The more I worked it, the more I realized I needed to put more work into it. There were many days and nights where I would be on my computer for hours on end. I had to manage time as I was working full time, going to school full time, and I was in a serious relationship. These days and nights would require sacrifice. If it was not from my schoolwork, then it was from my day job, and if it was not from my day job then it was from my relationship. This would often stress me out because in order to put adequate amount of effort into each thing, it meant sacrificing sleep. This took a toll on my overall health which took a toll on my schoolwork, my day job, and my relationship.
There is also the financial stress. The reality of it is every startup is going to require some sort of capital investment. Say you want to start a clothing company. You are going to spend money on a graphic designer, test batches, production inventory, building and maintaining a website, software to email and communicate with customers, marketing/advertising, the list goes on and on. Some things you may already have, but there will always be some cost. My best advice would be to research ALL it would take to start and operate the business, and then budget accordingly. You do not want to get started and hit a crossroads where you run out of funds without having something to show for it.
And then there is the legal stress. The last thing you want is to register and trademark an LLC only to have someone say you stole their idea and now they are trying to sue you. If you are running an online store, then you have to worry about hackers and keeping your customer's information secure. If you are operating a physical location, then you have insurance and other humans to keep in mind. Think someone slipping and falling or getting hurt on site.
I do not say this to deter you or scare you, but it is often the side of startup and running a business that does not get talked about. Do plenty of research, talk to as many people as you can, and plan accordingly! You will do great!
I think the biggest struggle for me personally when it comes to running my own business is stress. This is an umbrella term, so let me unpack it a little.
I started a company that consisted of writing code to analyze publicly traded companies. I did not anticipate how much time I would spend working on something like this. In my head it seemed simple, but in reality, it was like an onion. The more I worked it, the more I realized I needed to put more work into it. There were many days and nights where I would be on my computer for hours on end. I had to manage time as I was working full time, going to school full time, and I was in a serious relationship. These days and nights would require sacrifice. If it was not from my schoolwork, then it was from my day job, and if it was not from my day job then it was from my relationship. This would often stress me out because in order to put adequate amount of effort into each thing, it meant sacrificing sleep. This took a toll on my overall health which took a toll on my schoolwork, my day job, and my relationship.
There is also the financial stress. The reality of it is every startup is going to require some sort of capital investment. Say you want to start a clothing company. You are going to spend money on a graphic designer, test batches, production inventory, building and maintaining a website, software to email and communicate with customers, marketing/advertising, the list goes on and on. Some things you may already have, but there will always be some cost. My best advice would be to research ALL it would take to start and operate the business, and then budget accordingly. You do not want to get started and hit a crossroads where you run out of funds without having something to show for it.
And then there is the legal stress. The last thing you want is to register and trademark an LLC only to have someone say you stole their idea and now they are trying to sue you. If you are running an online store, then you have to worry about hackers and keeping your customer's information secure. If you are operating a physical location, then you have insurance and other humans to keep in mind. Think someone slipping and falling or getting hurt on site.
I do not say this to deter you or scare you, but it is often the side of startup and running a business that does not get talked about. Do plenty of research, talk to as many people as you can, and plan accordingly! You will do great!
Monique Samuels
Sr. Trainer
3
Answers
Atlanta, Georgia
Updated
Monique’s Answer
I started a professional organizing business. For me I also work a corporate fulltime job so balancing the two, but outside off the time component, its making sure to market my business, and price appropriately for my time and skillset. not being afraid to turn down business to not disturb your peace. As an entrepreneur , if that is all you do, you are your business so understanding that at first there is no time off from it. Once you have employees and people you trust or have a business that operates at a level where you have products going out without you having to provide a service that will make it easier to manage.