10 Challenges of Starting Out in Business (Part 2 of 2)

Last week on the blog, I shared part one of my list of the top ten challenges.

 

Let’s continue with the rest of the list!

 

 

Once again, these are my opinions and certainly not the only challenges new business owners face, and the list is in no particular order.

 

5: No time to get anything done.

Three big ways this can manifest:
You’ve taken on too much because there’s no one else, or you don’t trust anyone else to do it right.
You’re still working for someone else while launching your own business, or you’re in school or training, leading to an almost daily time crunch.
Your family is competing for your attention. Everyone wants a piece of you, causing you to split your time, procrastinate, or lose focus.
Poor time management is another factor.

 

The solution may just be as simple as taking time to set a schedule, plan realistic goals, take on one bite-size task at a time, and give yourself social media timeouts.

 

Be honest with yourself about what you can reasonably manage that day.

 

4: Lack of a peer-based support system.

 

Family can provide invaluable encouragement or emotional support, but it’s vital to have people in your corner who can relate to the stresses of owning a business.

 

Peers and colleagues who are qualified to give advice, open doors, share discoveries and strategies, saving you time and frustration while providing an outlet for the times you need to vent.
Entrepreneurs who go without -particularly solopreneurs, are more likely to make long-term mistakes, spend more time trying to find out what works, and see fewer opportunities come their way.
As I like to say, “It’s lonely on top of Entrepreneur Mountain.”

 

Try saying that to the people closest to you. If they can’t relate, they’re probably not a good candidate for your inner circle.

 

3: Family time is all the time.

 

I touched on this in a previous point, but it demands a spot of its own.

 

While other things that leave you with no time to get things done, family is the one thing you can’t delegate to someone else.

 

There’s no proven time management system guaranteed to keep everything your family throws at you in line with your schedule.
If you put off a client too often, you may lose their business, and even get an earful, but it’s not going to have consequences as a far-reaching or long lasting as a strained familial or romantic relationship.

 

2: Too proud or embarrassed to ask for help.

Learning begets learning. For some entrepreneurs, they set out to learn the basics on their own.

 

They become overwhelmed when they see everything they have to do, becoming more inert the more work they realize is involved.
Some entrepreneurs become paralyzed by the fear of failure, others the fear of success.
Some feel foolish when their customers, financial professionals, or other business owners ask questions that they don’t have answers to, leaving them embarrassed by the thought of networking or their confidence shaken.
My Facebook group is a good place to start. Newbies are always welcome!

 

I’m always around to answer your questions. Our community of entrepreneurs is always growing.

 

1: Cash flow.

The top three rules of business are as follows. One, cash flow is king. Two, cash flow is king. Three, and I can’t stress this enough, cash flow is king.
Without cash flow, you really don’t have a business.
And there you have it!
Is there anything you would add to this list? Feel free to join our Facebook group and share your thoughts.
I also offer several courses, including my E-School, designed to help you get started in your business and stay strong.

 

You can also check out the other resources on my website.
Hang in there, don’t forget to breathe, and when in doubt, remember that spark of passion driving your business idea. You’ll get there!