5 Challenges All Small Business Owners Must Overcome!

5 Challenges All Small Business Owners Must Overcome!

On the surface small business owners seem to have it made considering in many cases, they are working alone! Oh course the initial assumption understandably is, when working alone, you have nobody pushing, pressuring or pissing you off, thereby ruining an otherwise peaceful day! Time to get real however since solopreneurs, like the ones described above, have many challenges standing between them and their aspirations for small business success! Subtle as these challenges may be however, unless you’re willing to work to overcome them, even just one, could easily be the cause of any business failure!

For anybody working alone in their own business here are 5 areas of concern they must address if they plan on being successful…

Work Overload

When you are the ‘owner operator’ of any business you must be willing to work since you can’t rely upon the help of others! This ‘willingness’ however can grow a bit weary over time, especially if the results from the efforts you’ve invested are slow in coming! Either fatigue or frustration or both is all you need to ‘dampen’ or even extinguish the competitive fires within you causing you to lose your drive and relinquish your dreams!

Anxiety

When working alone self-doubt can often times be your worst enemy but this is something that ‘comes with the territory’ when working as a solopreneur! Without feedback or encouragement from others minor problems can easily bloom into a full blown catastrophe and the next thing you know, rationale thinking goes out the window! Anxiety can not only keep you from enjoying the small business success you seek but it can and will ruin your life if left unchecked!

Stress

Both the mental and physical capabilities of anyone who works alone are under constant demand which leads to exhaustion in both cases! Once again without the support or even the simple camaraderie associated with having others around , any stress be it physical or mental, has the tendency to grow disproportionately! There are many dangers signs here that threaten not only your small business success but even more importantly, your overall health! Remember, stress can kill so steps need to be taken by solopreneurs to avoid long periods of isolation! Spend more time with family and friends to help keep you grounded, you’ll be glad you did!

Motivation

When you are motivated both your focus and your efforts tend to be very strong which is why most entrepreneurs need to be self driven! Now there are many reasons that may motivate someone, some may be internal, which is a strong source, while others may be more external, much like the encouragement you get from others! It is external sources of motivation most solopreneurs lack thereby putting them at a bit of a disadvantage UNLESS they identify other sources from which they can draw their motivation! Simply remember you MUST be willing to work at keeping your ‘drive’ alive because the success you seek will slip away otherwise!

Education

Keeping yourself up to date with current news and developments is challenging enough for any online entrepreneur but for solopreneurs, this challenge can be greater! With so much to do and so little time to do it, it becomes very easy to put your own self-education on hold, or worse, shelve it completely! Maintaining your ongoing education is critical for any online business primarily because things change so fast on the internet and in the blink of an eye you can find yourself far behind the competition!

Although small business owners appear to have it made because they are working alone with no one bossing them around, they do face unique challenges! The fact is that solopreneurs like those described above must be willing to work through certain fundamental challenges that confront them each and every day! These challenges, issues and/or concerns, as discussed above are simple enough but do, however, become particularly daunting to anybody working alone! The point is without the constant support, feedback or encouragement of others, which most solopreneurs tend to lack, small business success will evade them!

5 Non-Financial Components of Small Business Success

5 Non-Financial Components of Small Business Success

Although the internet offers many opportunities for small business success this is not a guarantee that you or anyone else will be successful! Now many may think or assume that it takes money to make money however this is NOT the case when using the internet as your business platform! The fact is that if you want to succeed as an internet entrepreneur your first step should involve some smart goal setting which is to say your goals must be realistic and attainable! Possessing unrealistic expectations will only set you up for failure since frustration will likely set in leaving you disillusioned and driving you to quit! Other obvious attributes you’ll need to embrace is being willing to work as well as being willing to learn and if you lack this willingness you will likely fall flat on your face!

Let’s now look at 5 non-financial components that will have a direct impact on how successful your efforts will be developing a money making business online!

Vision/Idea

Most all businesses both large and small starts with a product or service that targets a particular purpose or need! What’s yours? Somewhere along the line you were encouraged, interested and/or inspired by an idea or concept that triggered your interest in being a small business owner! Wanting or willing to learn more about this idea was your first step towards developing something from which you can make a profit! A single idea or vision is all it takes, and what is needed, to give you direction…

Planning

Your vision has now established the direction you intend to take but how you go about it must be determined through planning! Having a solid plan is necessary and is considered your road-map towards achieving your business goals and this can be done through smart goal setting! What this means is establishing objectives that are realistic and achievable by you while being relevant to your business!

Time Management

Most entrepreneurs are very enthusiastic and willing to work however how they invest their time is crucial to how successful they become! Above we spoke about planning and this is something we will or at least should be doing for our businesses each and every day! The plans that we make should address our business needs in the order of their priorities while also including HOW we will address these needs! Being willing to learn strategies and tactics that will help us work in a more time efficient manner is another vital key to being successful for almost all small businesses and yours is NO different!

Productivity

Managing a small business can place a lot of responsibilities on your shoulders and how you handle them will also determine your level of success! Although you may be willing to work, to do what it takes to get the job done, unless you have a clear idea of what to do and how to do it efficiently, you will NOT find yourself being too productive! The problem here is if you are NOT consistently productive, your business will not flourish and most likely will die a slow death!

Motivation

Motivated for Small Business SuccessWe all want to be successful at everything we do and this is understandable but unless you’re motivated, success will elude you! We spoke above about being willing to work and learn new things but if you lack the motivation to do either, your dreams will crash and burn! The ability to stay motivated is essential towards achieving any level of success for your small business so consider your motivation as the nourishment that keeps your business growing!

Although achieving small business success online may not require any type of financial investment you will be required to invest of yourself! Our discussion above focuses on attributes you’ll need to simply get yourself started in the right direction as a business entrepreneur online beginning with smart goal setting! Any type of business must have realistic and attainable objectives for it to succeed along with a guiding hand, such as YOURS, that is both willing to work as well as willing to learn! Having these attributes along with a realistic plan will make the implementation of the 5 non-financial components discussed above MUCH easier and far more effective! So forget about blaming a lack of money as your reason for not having the opportunity to have your own profitable business since the blame can be placed squarely on you for not being willing to try!

Small Business Success – Managing Your Finances

Achieving small business success online involves learning to develop a budget you can stick to and for most this starts with personal finances! For anybody intending to develop a money making business online it is unrealistic to assume you’ll quickly be making a steady income! Budgeting money is often a way of life for the typical entrepreneur both in business and also in their personal affairs! Cutting costs anywhere you can is often necessary to help weather the ‘lean’ times when starting out! In fact failure to develop a budget early on could spell doom for any chances of future business success!

For those with a keen interest in taking the internet by storm here are 3 tips for budgeting money at ‘home’ to give yourself the best chance to succeed!

Credit Cards – Forget Them

These instant ‘life-savers’ easily turn into ‘long-term’ nightmares and this is something you don’t want, right? In your personal life it is important to adopt the attitude that if you can’t pay cash for it then you can do without! Typically credit cards are used for transactions that are fairly expensive and even extravagant! This is a great place to start cutting costs since the interest you’ll pay will total up to be sizable and it’s not an expense you need to incur!

Buy Used

Why buy anything ‘brand new’ when a just as dependable product is available for pennies? Our tendency to purchase several ‘necessities’ brand spanking new and right out of the box is an expensive one! Learn to shop around since invariably you’ll likely find a comparable product that is ‘used’ and therefore more affordable! Buying used is a great way for anybody budgeting money and makes more sense in most cases than paying the more expensive prices for basically nothing more than the ‘new’ smell!

Live ‘Within’ Your Means

Cut out extravagance and learn to live within your budget! The whole idea for just about anybody starting their own small business is to create a better and more secure financial future for themselves! With an eye on the future it is important for most entrepreneurs to develop a budget they can live with, at least in the beginning! Once your business efforts begin to ‘pay off’ you can become a bit more liberal with your spending but remember, cutting costs ALWAYS makes sense when you can get the same for less!

In most cases achieving small business success begins with learning to develop a budget and cutting costs wherever you can! Most entrepreneurs use their personal finances to launch their businesses therefore budgeting money in this area is critical to their future success! The tips reviewed above focus on 3 areas where you can easily curtail any needless expenses thereby budgeting money you can use for your business! In doing so you stand to experience a much ‘rosier’ financial future as a result of your own successful online efforts!

5 Tips to Guide Your Small Business Success

Small business success is the dream of countless many who aspire to take more control of the direction of their lives! The internet has made it possible to build a money making business on a shoe string budget however your online success is still dependent upon the thought and effort you invest! Let’s have a closer look at 5 things you’ll need to do in order to achieve financial freedom as an internet entrepreneur!

Define Your Objectives

The vision or objective upon which you intend to build a money making business must be clearly defined so you know exactly when you are striving to achieve! As an internet entrepreneur you need to have your target or goals crystal clear so you know how best to direct your efforts!

Plot Your Course

Knowing what you want is one thing but knowing how to get there is completely different and is the first ‘reality check’ you will face! Online success in any type of business requires a well thought out plan and it’s during this planning process you come to realize whether your objectives are realistic or not! Nonetheless you must plot your course before taking any actions towards reaching your goals or objectives since if you don’t know how to get there you’ll likely never arrive!

Be Different

Find a wrinkle, any wrinkle, that makes you a little different and helps you stand out from your competition! Whether it’s a logo, nickname, or perhaps a quirk in the way you do business identify something you can emphasize to get the attention of your target audience! By branding yourself in this way you stand a much better chance of experiencing online success!

Use Your Assets Wisely

Time, money and even your energy are all precious assets to any internet entrepreneur since they usually only have a limited supply of each! Learn to work efficiently and to be thrifty with the way you invest any finances into your business!

Be Receptive to Change

Change is as much a part of any money making business as it is a part of life in general so accept this fact and adapt to it when necessary! In most cases you’ll need to adjust to changing trends and even the way you promote your goods and services. It is and will be your ability to make these adjustments that will keep you competitive thus allowing you to continue earning an income!

Small business success is something that is very realistic to achieve as an internet entrepreneur since financial barriers are usually not an issue! Although most anybody is capable of developing a money making business online where many fall short is in applying the proper planning and discipline needed! The 5 tips offered above serve as a checklist or guide of those things you must address to establish a strong foundation for any money making business you may be trying to develop! When all is said and done how much online success, if any, you do achieve will simply be a result of the discipline and commitment you actually invest!

3 Realities of Small Business Ownership

Small business ownership is a risk and reward type of existence from the standpoint as an entrepreneur you really have to ‘put it out there’ but when you succeed, it’s sweet! Internet entrepreneurs in particular are a breed that tend to ‘push the envelope’ a little bit more since financial risks are not what they would be in a traditional ‘brick and mortar’ business! Nonetheless there are 3 realities one must accept and address if you intend to achieve small business success online!

Full Accountability

One thing about being your own boss is that if you don’t do it in most cases it won’t get done so slackers beware! Small business success online depends entirely upon the amount and quality of effort internet entrepreneurs put into it! Both successes and failings are the complete responsibility of the individual so cheers to you when you succeed and also be willing to try harder when you don’t! Remember there will be NOBODY to do it for you so embrace the fact that you are fully in control of the rewards or setbacks you may reap!

Risks

As stated early internet entrepreneurs typically live a risk and reward type of existence! There will be many times where certain risks will need to be taken in order to enjoy the chance of any reward! Understandably many are uncomfortable with this ‘challenge’ to their comfort zone and as a result decide to opt out when the risks are too high for them! This is where the saying ‘no guts, no glory’ comes from and its meaning is very applicable to our discussion here!

Rewards

It is important to recognize that when dealing with risks as we discussed immediately above, you can always minimize and even avoid them with the proper preparation! When you do your ‘due diligence’ and plan accordingly it is then that you are able to experience the exhilarating feeling of small business success! Here again quite possibly the single biggest challenge you face is that all decisions and every effort is yours alone to make! You ready to get into the game, or not!

Online small business ownership can be very rewarding especially for those internet entrepreneurs willing to invest of themselves! Working for yourself usually means working by yourself and this can be and is a very risk and reward type of existence! There will be times, and you can count on this, where you’ll need to take on certain risks, but if you’re properly prepared the rewards you experience make it all worth while! Our discussion above focuses on 3 realities anybody faces who has the willingness to take on the challenges associated with achieving small business success! Acknowledging the risk and rewards that are part of the daily lives of so many internet entrepreneurs will serve as a ‘gut check’ to see if the pursuit of online small business success is right for you!