August 24, 2014

By: 
Rachel Strella

3 Challenging Small Business Truths

challenges for small business ownersI love owning a business and wouldn’t trade it for a traditional 9-5 job no matter what the offer.   However, it’s not all roses. There are a few things that make it tough, especially for those just starting out. I’m wondering if you can relate to my top three.

1. Time off is relative.  Whether you’re sick (as I am now), you’re on vacation or there’s an after-hours client or customer emergency, I find it’s hard to truly ‘get away’ when you own a business.  This could be dependent on the size and scope of your business, but for those who have less than five people on your team, I’m thinking you know what I mean.

2. The paycheck is never guaranteed.  All business is cyclic and it’s a scary place when profits are down. I would venture to say it’s just as scary when profits are up because there’s the fear of keeping it sustainable.  Carrie Wilkerson said it best in her book, The Barefoot Executive, “The truth is, being an entrepreneur is tough. It’s stressful. Most folks act as if ‘working for yourself’ is the ultimate vacation. But, you’re responsible for everything. While employees get paid for showing up and doing what they’re told, entrepreneurs get paid for taking risks and even then income is not guaranteed.” Enough said!

3. We have to make tough decisions.  Without a doubt, owning a business means taking risks. With that, we are forced to make decisions that could not only affect us but also our staff, clients and partners. I think the decision-making process gets easier with time and experience, but it’s still uncomfortable because the outcome is uncertain.

What would you add to this list?

Subscribe To Our Blog
Subscribe To Our Blog
Categories

2 comments on “3 Challenging Small Business Truths”

  1. All very good truths, Rachel!

    I would say another challenge goes along with items 2 and 3. To Grow or Not to Grow! Once you've made the decision to take the risk and grow the business, it requires a solid flow of income. Where do you go? Do you ask friends or others to invest in your services or products? Do you go to a financial institution for a business loan? If so, do you take out an SBA loan or a Line of Credit? Many institutions require your business shows at least three years of tax statements so if you're in your first year, forget it!

    It's a daunting task trying to determine which path is the right one for your business. That doesn't even include yet another challenge: Hiring the right people! But that's a whole other blog...and I think you've written about that already! LOL

    1. I can certainly agree. And I've been there a few times - grow and hire... then stay where I am and cut back. I'm in growth stage again... it's an ongoing battle!

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

We offer full-service social media management including: content development, posting to designated social media channels, dedicated advertising campaigns, social media audience building, monitoring and engagement on social media sites, and monthly progress reports.

Commitment to Excellence
Communication
Service
Relationships

Blogging
Business Advice
Entrepreneurship
Social Media Strategy
Social for Business
Social Media Manager
Twitter
Facebook
Marketing Strategy
LinkedIn
Banks/Credit Unions
Health/Wellness
Compliance/Legal
Construction
Real Estate
Coaches/Consultants
Home Improvement
Broadcasting/Media
Transportation
IoT/Tech

Strella Social Media
1412 N. 6th Street
Harrisburg, PA 17102

Customer Service Requests
Social media is all about relationships. Join our community and keep the conversation going! We love to get to know people on a deeper level! Connect with us on the medium of your choice and tell us what you love about social media.