Running your own business is surely challenging and it is not a secret anymore. Starting from a small business is a great idea. However, it doesn’t mean you will face less challenge just because you start it small. In fact, there is always risk and challenge in every type of business. Some of them are predicted so you can make thorough plan in advance. Some others are unpredictable or situational. That’s why you always have to spare for flexibility so that you can always adapt to the circumstance while the problems occurs. There are even unthinkable or underrated challenges or problems you should actually be prepared for.
Challenges small business might face
There are many types of challenges and problems you will face when you decide to run your own business even if you start it small. However, there are also your opportunities to grow your business bigger and better. Here are underrated challenges small business face you should not ignore in reality:
Dependency on a client – It is possible for your small business to be too dependent on your clients. It is not a good thing because then it only makes you an independent contractor instead of a business owner. You should not let a single client make up half of your business income. You should build a customer base with diversity so that your business will grow successfully. This can benefit you if your clients have their own dependence on your products or services which stay consistently. If not, you’d better diversify your customer base.
Money crisis and management – Financial crisis should be a predicted challenge you have to prepare for in advance. There is no one can predict when a financial crisis will occur. Therefore, you should always be ready with your financial buffer. It is also better if you manage to gain extra income. Then, management is also another issue when it comes to your finance. Managing money is not easy both for professional or personal purpose. Gaining income from different sources can help you build finance’s stability for your business in the long run. If it’s necessary, you can also invest in bookkeeping assistance to make sure your finance is well-managed.
Founder dependence – Aside from client dependence, there is also underrated, unexpected challenges small business face, founder dependence. You might not predict this situation when you stared your business. However, what would happen to your business if you got into car accident which makes you unable you to operate your business properly? One of the best solutions is to give over more control to your partners or employees.
Constant pressure – Many of small business owners didn’t think they would experience constant suffer when they started because they thought small business meant less work and challenges. Fatigue is common thing most business owner suffer. However, dealing with constant fatigue and stress can take a toll on you. Not only can it wear you down physically, but mentally as well. Thus, it is important to find your own pace where you can stay passionate doing your work without crushing you down.