In soccer, the coach will plan ahead on how they’ll tackle the season. They’ll find the best team players, build a strategy and analyse their opponents. And you’ll need to apply the same strategies for your business. Just like soccer, you’ll need hard work, the capacity to tackle your problems head on and the ability score points. And as a business owner, you need to be prepared for any eventualities which may come your way.
Here are a few challenges you’ll face as an entrepreneur.
To leave or not to leave
The saying goes: don’t quit your day job. but a business requires your full-time commitment. You may be a full-time employee and have a part-time business. It may be that you’re scared to take the risk and jump in with both feet. Or maybe you just want to test out the market first. Unfortunately, most businesses require a great deal of time, energy and resources in order for them to take off.
If you’re working on the business part time you’ll have less time to fully market it and implement strategies which will keep it afloat. If you’re not prepared to leave your job, then you’ll need to have the self-discipline and time management skills to be able to balance both.
A new business demands the time and energy of the owner. You’ll have to sacrifice a lot of personal time in order to build a successful business. You might need to work on the weekend and cut back on sleep so your business can grow.
Pick the right business
If your business doesn’t meet customer needs, then it is fruitless. You need to build a business which will help customers. You can’t choose to build a business based solely on your passions. Your business should improve people’s lives and they should be interested in it. You need to do thorough market research in order to find out if your product or service offered has a market demand and if it will be sustainable in the long run. If you build a business which has no market, you’ll ultimately lose money and run the risk of going into debt.
Financing a business can be hard. And you may have to borrow money in order to establish your business. For example, You could be a farmer who needs agricultural finance to lease land, buy crops or cover the whole agricultural chain. You can raise funds, or get loans or investors who will help finance your business.
Great employees build a business
The other challenge of building your business is picking the right team. You’ll need to sift through CVs and interview potential candidates to help establish your business. The task may seem tedious and time-consuming. But it’s an important step for building a thriving company. The people you select for your business could make or break it.
Lonely on top
As the CEO of your business, you’ll have to live and breathe your company because a lot is at stake. Your employees clock off at a certain time but a CEO’s mind is still running long after the clock strikes 5pm. You’re either thinking of new marketing strategies or worried about up-and-coming competitors. And others may not fully understand the pressure and burden which lies on your shoulders. Not only are you responsible for building a thriving company, but you need to keep both your clients and employees happy.
Don’t give up
You’ll get discouraged and tired at some point. When you establish a business, you’ll go through a roller coaster of emotions. One month the sales may be up and business will be booming and the next your sales could be down. And you need to be motivated and keep going when the going gets tough. Unfortunately, business profits are always up and down and you need to able to push through the hard times. Otherwise, you may find yourself giving up too quickly.
Lack of marketing strategies
Another challenge an entrepreneur can face is the inability to market the business. If you don’t know how to get the word out about your business, it is bound to fail. People need to know about your business and what it is in order for it to succeed. A business needs to have a marketing plan which will target key customers and help keep the brand visible.
Starting a business from scratch isn’t easy. And, as a business owner, you’ll face many challenges, such as uncertainty, finding the best employees and searching for ways to finance your business.