Posted on 27 August, 2014 in Small Business, Advice

Common challenges of starting and running a small business

Common challenges of starting and running a small business

Common challenges of starting and running a small business

For self-motivated individuals with an entrepreneurial spirit, starting and running a business can be a rewarding experience. It is important to remember that with new businesses, come a great deal of challenges that can test entrepreneurs' skills, dedication and resources. Being prepared for these challenges can help you to succeed, but the key is to remain flexible and persistent while always planning for the future.

I have this great idea, but where the hell do I start?

The best advice I can give anyone thinking about going into business is to do a business plan. Yes I know that seems daunting, but you need a road map to understand the what, why, and how. If you need some help, just ask us for one of our great business plan templates we have available!

Your business plan is a living breathing document that should be reviewed at least every 6 months if not more regularly then that. It’s so easy to get caught up in the now and lose focus on what your original goal was.

How can you diversify your product or service?

I’m a strong believer in “diversity secures longevity”, you need to be able to change with the times, and adapt to the changing market demands. We are haunted by the dreaded wet season every year, if your business operates outdoors how is your business going to be affected by our crazy seasonal weather?

Build a strong team of professionals – You might not think it’s important when you first start out but make the time to connect with local professionals such as lawyers, accountants, business coaches, and of course bookkeepers. These people are on the journey with you, and are there to provide business service support when the time arises.

Finally, make time for your family! – The whole idea of going into business for yourself was to have flexibility and freedom, if you lose that then you may as well go back to being an employee.