Do you know that more than 90% of the fully operational businesses in the US are under the category of ‘small businesses’? This is a surprising fact, but an encouraging one for those of you who are considering becoming an entrepreneur. This figure only shows that the majority of the successful businesses you may see around you may have started really small. However, no matter how many small businesses are operating out there, this doesn't mean that success is guaranteed for anyone who is about to launch an enterprise.
Below are the biggest challenges faced by small business owners that you should prepare for if you want to succeed in your business:
1. Getting the best employees
Although unemployment is continually on the rise, hiring remains one of the biggest issues faced by business owners. This is because it is almost impossible for an experienced and qualified worker to agree to a minimum salary rate. Small businesses usually have to compete with bigger companies in terms of the pay rates they offer to qualified workers.
In most cases, small business owners could only rely on their ability to persuade job candidates to maximize their potential in a smaller and less competitive workplace.
2. Acquiring management skills
It is very common for entrepreneurs to choose the kind of products or services to offer based on their educational background or passion. While it is recommended that you engage in a business related to your passion, you must choose something you can use your skills on. Without the right management skills, you may as well be the one to kill your own business.
If you want to develop the specific skills you need to effectively run your business, you may consider taking up management courses at your local college where you will get the knowledge and skills required for effectively running an enterprise.
3. Sales and Marketing
Your ultimate goal in your business is to make sales. Thus, you should come up with a powerful marketing strategy, which you will use to convince consumers to buy your products or get your services. So what are you supposed to do to ensure you are using an effective marketing strategy?
Marketing is an aspect of business that is usually left in the hands of the experts. Although it is true that you would need a significant amount of money to advertise your services or products, this investment can very well determine the success of your business. Hiring a marketing specialist can definitely boost your efforts to make your business known to your target audience.
If you are short on cash to fund your business needs, consulting a business mentoring specialist is what you can do to explore various ways in which you could increase your funds. A mentor has the experience and expertise that can help you deal with whatever business problems you might be facing.
Cecile Peterkin is a certified career and retirement coach, and a registered member of the Career Professionals of Canada and the International Coach Federation. She is also the Founder and Senior Career Strategist at Cosmic Coaching Centre, provider of career and life management services for middle managers and mid-career professionals across Canada, United States and Europe.