Home Business Growth 5 Business Challenges Successful Business Owners Overcome

Ain’t Life Grand: You own your own business and you own the challenges you now face. Let’s deal with them!

You have a vision with a goal: You want autonomy and the say-so when it comes to work and being financially secure.  It is a powerful and essential motivation when you set out on your own business venture.  It is a freedom you want and at the same time a freedom you have to earn.  Starting here, starting now, it’s not roses coming up it’s, a bevy of challenges unavoidable with ownership.

We are going to address the difficulties of you owning your business and highlight some useful result-oriented solutions for you.

  1. Figure out Your Business Plan
    It’s all yours: where are you going with it?  It is imperative that you play architect: design a comprehensive, meticulous, business plan.  You will need one to present to investors (don’t worry, we’ll get to that too), but right now you are the one in need of it.  You have to understand your enterprise completely and you have to be able to clearly explain and defend your vision and ultimate goals to someone else otherwise your plan is cracked and you have to fix it.
    While drawing up your business plan you will wrestle countless variables all of which have to be considered: broad goals and mission statements don’t cut it.  The underground workings of financing, operations, marketing, management, and current and projected annual revenue and its attendant factors all comprise the makings of a definitive well thought-out plan.  This together with your business knowledge, experience, acumen, foresight and insight are integral to bringing your business plan to life, your business venture to success.

This can be overwhelming and you may well confront difficulties in drawing up your business plan.

Solution to smooth it out:  Consider consulting business experts and writers (they are there for you as freelancers or thru agencies).  They will help you develop and craft a thorough in-depth proposal.  With their overall expertise, you will get objective and perceptive input; they will sift thru and work with you to iron out the details of your approach; and, you will have a proposal in place to help you acquire funding.

  1. Where is that capital coming from?
    If you’ve got a bank load of savings to start up your business, you are ready to go. However, for most of us it is more likely that you are going to have to secure loans and/or investments to start off with.  It can be an unbearably arduous process.  Family and friends may be able to help you out, but again more often than not they can only help you so far.  You will also face the queasy prospect of making presentations to people, and if you are not appropriately prepared your chances for a successful productive outcome is negligible.

This can be daunting, but unfortunately inescapable.

Solution to overcome & get past it: Practice brings you close to perfect, and take full advantage of your family and friends as your audience and would-be founders.  Scour your area for research sources on small business financing options and do your homework on them.  Network around the clock – figuratively, of course – with everyone you know personally professionally well or not so well to identify and contact prospective backers.  Do not give in and do not give up!  Raising money is one of the most trying aspects you will come up against in starting a new business. But, the payback once your business is grounded and you are on the way makes it all worth it.

  1. Employees, The Search For
    Your funding is secure and you are ready to bring your plan to life: that’s going to take hiring the best employee candidates.  Going thru applications and selecting applicants to interview comes next: the process can be tedious but necessary.  Resumes, portfolios and references will give you work experience, skill sets and a sense of what the person is like and as much as we would like it be a sure thing, it’s not a guarantee.  It requires time, consideration and struggle in making the right decisions.  A verbal image can be fairly and adequately representational: it can also be off-course to varying degrees.  Help! You need some bodies, not just any bodies (some borrowed rearranged words to help me along).

It’s an unpredictable-tricky process: one not easy if at all possible to sidestep.

Solution: Joonomy.com job hunters. We have a cornucopic (my coinage) network of job hunters who are always kept aware of positions referred to users such as yourself. Take advantage of them: there is no cost to you.  People know people who know people and Joonomy job hunters will connect you with them, the “right” them: this is Joonomy job hunters at their best.  https://www.joonomy.com and you are signed up and we are ready to go to work for you.

  1. The Do It Yourself Everything Approach
    Micromanage:
    an overwhelming, possibly innate, desire to take on every little detail and work it out and make it work yourself.  After all, it’s your vision, your plan, you got the funding and/or invested your own money: you are totally vested, you are “the business.”
    Put that temptation aside: it will do you (much) more detriment than good.Step away and think this through very thoroughly.  You will have customers to help, to accommodate, and some to “deal” with: you’ll have deadlines to meet: bills to pay: meetings to have in-house and out of your office: you have to delegate to staff: you have to manage your business, and that’s not the “all” of it.  You will have the obvious to do and you will have the unexpected, the “where did this come from” to do: more than you imagined.  Do not create a quagmire: it will drown you and there is NO need for it.

I’m relatively sure you’ve heard of that little angel on one shoulder and that non-angel on the other shoulder: get rid of the non-angel, it’s only there if you let it be and it will interfere, interrupt your concentration and ability to perform even the easy, basic, functions of running your business.

Solution: It may feel somewhat unnerving, maybe a bit questionable to you at first, but delegate responsibilities wisely, fairly and readily to staff members you have put in positions of authority: work with them, initially, so they in turn can and will delegate accordingly. Carefully selecting and having confidence in who you hire is a mainstay in your delegating responsibilities to staff members.  Should you at any time have to re-open a position, post with us and we will help you find the best person to fill that position: it is what we do so you don’t have to.  It is also fundamental that you, your staff, stay organized in daily business management, procedures and operations: a viable easily accessible filing system, a sound record keeping system for all business matters are part and parcel of your business efficiency, maintenance and success.  Make sure you put a restraining order on “stress.”  It’s a bugger to keep at bay at all times.

  1. Adapting, It’s an Automatic Tag-along to Change
    You prepare yourself for “change” once you open for business.  Guess what, as complete as you think, and would have liked, that preparation – simply put – won’t be complete: not your fault, “things” out of your control “happen.”  Products and/or services you set in place to be reliable and successful turn out to be the opposite: duds and/or useless.  New hires are ill-suited, investors renege on pledges, competitors are in your face and market realities shift.  Businesses fluctuate: there will be unforeseen twists and hurdles as you build and grow.  You will have to confront each and every one and determine how to most effectively and efficiently resolve them and move on.

Steadfast and flexible is good: stubborn and immovable is not.

Solution:  Be vigilant.  Be attuned to unanticipated issues and/or new opportunities that may arise.  Routinely stay in touch with and on top of market demographics, sales’ analyses, and trends that warrant your attention.  Have monthly, quarterly, staff meetings (whichever suits your needs best): discuss, invite questions comments, listen and respond to your staff’s concerns, suggestions, and possible needs.  Be alert and ready to deal with and work out problems: do not ignore them, investigate them carefully.  Perhaps keep a noting of contingency plans for those “more anticipatable” things that could/might go off track.

Approach and run your business with an open-mind, be malleable to suggestions and comments and be appropriately flexible when you respond to and act upon issues that require you to be the “boss.”

Joonomy is always at hand to help you.  Remember, “Ain’t no mountain high enough, ain’t no valley low enough, on that you can depend …” 

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