Owning a small business is a major life goal for many people. This achievement, however, is not without its challenges. Every company will face problems in its lifespan, but in the case of a small business, every issue is magnified. Let’s try to solve some of the most common problems that you might face throughout the life of your business.
Lack of Funds
What separates a side hustle from a legitimate small business? Capital.
In the business world, one statement remains true, you need to have money to make money. Getting capital to fund your business venture is a major milestone in getting you off the ground and in the black. The problem here is obvious, if you don’t have money you have no way to buy inventory, pay employees, or take a salary for yourself.
Starting out, many individuals will either try to save up enough for themselves or maybe ask for money from family and friends, but this may not be the best way. Getting a small business loan from a bank or other lender might be the best option that works for you.
Once you have the funds, you can start turning it into profit. Make sure to research all the options as there are several different kinds of small business loans, and some may be better for you in your situation. There are loans specifically for startups and many different types of credit that could get you what you need.
Package Management Solutions
A common problem small businesses run into is that it is hard to push your product to many people if your actual shipping process isn’t the best it could be. That is especially true if you have a storefront and expect customers to pick up their items in-store. Streamlining the process by adding something like pickup lockers, for example, could be one of your package management solutions.
Other trips would be to notify customers in multiple ways when their package is ready. If you offer delivery, make sure the company you use is fast and reliable. If a competitor can get the product in the customer’s hands two days sooner than you, they will be taking your business.
Finding Good Employees
The next problem is an issue for small and big businesses alike. The difference is that a bad employee can completely ruin your company’s reputation, not to mention the waste of money it took to train and pay them to do bad work.
There are many things you can do to ensure you are getting the top talent available. One advantage you have over big corporations is that you can offer a more personal touch when it comes to availability, benefits, and time off.
For example, if you find a dedicated and solid worker who happens to also be a single mom, you may be able to work out a way she can work from home. That secures your position as a good employer and shows that you are flexible and easy to work with, which will attract more good workers. Another advantage you have is your personal story and vision for your business. People are more likely to work well for a vision or cause they believe in than they are when they are just showing up for a paycheck.
Online Marketing Presence
The final problem to look at is the problem of your online presence. How are you supposed to promote yourself online if you aren’t popular enough for people to actually see your promotions? This is where digital marketing can come into play. Part of the resources and capital you raise needs to be invested into how you present yourself online. There are many ways to do this, but one of the biggest trends right now is something called influencer marketing. That involves getting an online influencer with a huge audience to promote your product to their followers. Influencers have often built a brand themselves, so you will have to find the right ones to push your product to them.
Being a problem solver is essential when you are a small business owner. Finding solutions to some of the most common problems you may run into will help save you time, money, and a huge headache. Don’t let little things get in the way of your success.
