Many small businesses undergo the same issues and struggles, but also have the same values and ideas when it comes to starting up a company. Whatever the company may be, there are certain truths that all business owners can attest to.
Here are the 10 most common things which small businesses and entrepreneurs can relate to:
1. Say ‘yes’ to everything
Small businesses have to take opportunities when they appear in front of them; therefore, saying ‘yes’ even when time and money are tight is the only way to succeed and get your company noticed.
2. Every penny counts
Small businesses need every penny for their company to survive; therefore, cutting back on whatever you can is a must. Works dos and social activities might have to be put on the back burner for a while until your company makes enough profit to do the fun stuff.
3. 9-5? No way!
Small business owners can forget working 9-5 like most of their friends. Their working day could be as extreme as 6am-midnight depending on the work that needs doing. It’s not really a job but a way of life, and you need to be cut out for it.
4. A one-man band
Usually, when small businesses start up, managers can only pay a certain amount of employees to do a number of roles. If you haven’t got the money to pay employees, all the strain lands on yourself. Therefore, not only do you have to buy in or create products yourself, but you’re also responsible for the marketing, finances and packaging.
The long working hours can really take their toll, so much so that you’re afraid of taking any time away from the business. This mentality can become overwhelming and distressing, which can mean making rash decisions.
6. Businesses like to help other businesses
If you’re a business owner, you know all too well how difficult it is to keep everything afloat; therefore, you do your best to help out other start-ups in need of some guidance. You feel you have a duty to give advice and assist with any problems they face, the way others may have helped you.
7. Money management is scary
When managing a small business alone, money can become an obsession. You need to have enough to pay your bills, pay taxes, business insurance and your employees. Your main concern is to pay employees on time so your company doesn’t fall flat.
8. Choosing passionate employees
If you’re running a company with a very small number of employees, you can monitor their efforts closely and notice when someone isn’t pulling their weight. In order to make your company a success quickly, you need people who are determined to achieve results rather than doing the bare minimum to get paid.
9. Working for no pay
The majority of the time, entrepreneurs work long hours without pay just to keep the company running. A second job to keep the business ticking over is often necessary, meaning that there are hardly any hours in the day to have time to yourself.
10. You love what you do
Although there are many issues and strains when first starting up businesses, the rewards eventually pay off and you can enjoy the results. If you didn’t love the idea of starting a business in the first place, you wouldn’t have made so many sacrifices to make it a success.