The Challenges of Owning Your Own Business, and How to Deal with Them
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Lots of people dream of owning their own business—and for obvious reasons. The desire to have freedom and autonomy over your own career is understandably powerful, as well as the chance to make income on your own terms. But if you’re going to start a business, you’ll need to be prepared for the challenges that ownership entails.
In this article, we’ll briefly talk about the difficulties of owning your own business and some effective, meaningful solutions to them.
#1. Figuring Out Your Business Plan
You’re in the driver’s seat—you have to decide where you’re going. That means drawing up a complete and exhaustive business plan. While business plans are ostensibly created to present to investors (we’ll get to them in a minute), you should also be making a business plan for yourself. If you can’t clearly explain and defend your enterprise to someone else, then it may be necessary to rethink a component of your plan.
There are tons of variables to consider when drawing up your business plan; it can’t just be your broad goals and mission statements. You have to get into the nuts and bolts of financing, operations, marketing, management and even your projections for years down the line. Putting together a strong business plan requires a lot of business knowledge and acumen; if you don’t have these things, making your plan will be difficult.
Solution: If you encounter problems drawing up a business plan, you should consider consulting business experts and writers (they aren’t in short supply and many work as freelancers) to help craft a thorough, in-depth proposal. Not only will it help you acquire funding, but you will only be helped by getting outside input and ironing out the details of your approach.
Problem 2: Getting Capital
Acquiring Clients Offline
The internet has impacted just about every business model that was around for the last 100 years. Although it has impacted many different industries, the fundamentals of acquiring clients either offline or online remain the same. Newspapers, the post office, banking, shopping, you name it, there’s probably no single industry that the internet has not had an impact on. As a result of this many business now solely focus on the online opportunities to grow their business thinking that the internet is the only way. If they’re focused only on online methods they’re neglecting a much larger and proven advertising model that’s still effective today. As large the internet may be, it’s just a small fraction of the world’s overall advertising budget. According to E-marketer the total ad spend is worldwide in 2014 is close to $656 billion while the digital ad spend for was $137 billion. As you can see worldwide there’s still significantly more money being spent offline than online.
Here are a few tips and strategies for improving your offline and online marketing efforts these are some of the methods used and understood by very established businesses. I hope these concepts will be invaluable to helping you grow your business.
Understanding the Lifetime Customer Value (LCV)
Many people don’t understand the lifetime value of customer, and not understanding this could be difference in your business succeeding or failing. The lifetime value of a customer is calculated based on how much the customer will spend with you your business over their lifetimes. If you understand the concept LCV, you can go negative to acquire that customer and still be profitable in the long run, this will allow you to budget to spend more than your competitors to acquire that client, because most businesses are only looking at the initial transaction.
Your Unique Selling Proposition (USP)
When we started Joonomy it was important for us to craft our Unique Selling Proposition properly (USP). Your USP has the ability to differentiate your business from your competition. Having a strong USP that you can deliver on, can be the foundation of your business. Our USP for Joonomy is:
“We help new business owners succeed by providing a trusted marketplace to hire the right candidates and find customers for their services. And we provide this at no cost to you.”
Today’s business recruiting and hiring processes are embedded in the social media sites that circle our lives daily: social media is here to stay. Take full advantage of it for your business concerns when you recruit, interview and hire. Skilled, proficient, freelancers, contractors, employees weave themselves into social media sites to self-promote their expertise throughout the job market: the best candidate for you is among them. When you need that kind of help, you’ll appreciate Joonomy being around.
Social media is a master server when it comes to people branding themselves for recognition, no matter the reason. Everything someone does on social media has an intent and purpose; hence connecting, networking, thru social media for the purpose of hiring and/or searching for a job is not a happenstance undertaking. It is a direct targeting tool for a both business and job seeking prospects; and, it is very often a cost efficient one.
Joonomy appropriates the diverse efficiency of social media into its hiring manifesto so you as a business can scrutinize applications until you find that applicant who you presuppose to be the most all-round fitting for your company’s needs.
Why We Want to Help Your Business
We understand that new and small businesses are the key to any economy and this is where we want to have an impact on. If you’re a new business looking to hire or if you’re business looking for new customers Joonomy wants to help you achieve this. We currently have no plans on charging for our services. We understand how difficult it is to run a business and we want to see your business succeed and have you be able to provide for the people you care about.
Being business owners ourselves we understand the struggles and uncertainties that new and small business owners face each and every day, at Joonomy we want to help you overcome some of these challenges. Small and new business owners often don’t have the resources that larger companies have, and often find it a struggle to compete with larger or more established business to get customers and to hire the trusted talent.
We want to help you find the right talent and customers for your services.
As a business owner, your responsibility as Michael Gerber said in the E-myth is to work on your business not in your business. In order to work on your business you need to hire people for the daily functions of your business, while you work on strategically growing your business. At Joonomy we want to help you find employees you can trust, so you can focus on growing your business.