When you first launch your business, you might feel like all the problems of the world are falling onto your shoulders, and you’re the only one who faces them. In reality, many other entrepreneurs and business owners have faced the same challenges. Below are a few common problems that most businesses face and tips for how you can overcome them.
Oftentimes, owners have to pick up the slack left behind by other employees or gaps in the process. If employees get sick and miss a shift, the owner has to fill in for them if no one else can. Even when they’re not running the business, owners have to deal with finance management, marketing, and even legal aspects of ownership. All of this can be incredibly taxing. It’s not uncommon for owners to suffer from founder fatigue and burnout a few months or years on the job.
To prevent founder fatigue, owners need to learn when to say no. If they regularly have to pick up shifts, they may need to consider hiring part-time help or replacing an unreliable employee. They also need to set aside hours to disconnect from work, even if it’s only for a few hours every night.
Marketing on a Budget
Most business owners prefer to allocate their budget to parts of the business with direct return on investment (ROI). As such, they only want to launch marketing promotions that are free or have some way to track how many customers come in and what they spend. This is a problem for businesses that need to use branding to get their name out there.
Never underestimate the power of branding. For instance, the website Jet.com ran a branding campaign months before it officially launched in order to guarantee a customer base. It’s worth your time to do something that boosts your business’s name. Consider setting a flat budget to spend on marketing every month. This way you’ll never have surprise costs, and you can change up your marketing strategy as necessary. If you own a seasonal company, consider setting aside funds in savings each month until it’s time to use them during the season.
Finding the Right Credit Card Processor
Image via Flickr by originalrobart
When businesses first launch, they may not have a strong credit score or a lengthy financial history. This means it can be hard to receive credit as a high-volume merchant account. Companies are only willing to process a certain number of transactions per day, and they might not grant you as many as you need. This can be a huge problem if you rely on several small tickets per day, instead of a few big ones.
It’s important to shop around when looking for a processing company so you can find the right one to meet your company needs. As you build up your credit history, evaluate your current plan every year to see if there’s a better deal out there.
Starting a business is both tedious and terrifying, but if you work through these problems, the process can lead to some of the best years of your life.