Challenges Faced By A Small Business Owner In Creating A Successful Brand

There are many challenges faced by a small business owner in creating a successful brand. If any successful small business owner tries to explain how their plans led the business to flourish, many of you would wonder how possible that is. For instance, I started my essay writing business at a time when the financial markets where going through a recession. 

Getting a loan to boost my business was a dream because I had not cleared (I have not yet cleared) my higher education loan. I then opted for others means of raising capital to grow my business.

Being self-employed is the best decision that anyone can make, however, someone should become aware of the numerous challenges they are likely to encounter in their operations, and consider how best they can counter them for a positive business image.   

Nothing good comes easy and therefore problems along the way need to be handled positively. Let’s examine some of the problems you are likely to come across as a starting petite business proprietor.

Challenges encountered by business owners

  1. Inadequate capital

Lack of availability of funds can be an issue for any business. Many of the people who venture into business barely go past their third birthday, mainly for lack of funds and resources. Others business owners lack the knowledge that there are free online services that can help them jump start their ideas. For instance, blogging can be a good idea to supplement your business by promoting it through the free blog platforms.
  1. Inconsistent employees

            When employees do not match their job descriptions and are always being laid off, a business cannot progress, as more time is spent recruiting members of staff other than planning on how to expand the business. It is important to note that, even though you might start a small business, most of them would require some employees since you cannot work alone. For example, if you are staring a workshop, you would need people to help with putting in order the raw materials. Similarly, not all businesses would require employees, for illustration, running MyBusinessTricks, can be run solely- but for sometime.  
  1. Competition

            If a business cannot come up with better and competitive strategies to create and edge in the products or services they offer, a business will not survive for long before its pushed out of the market my competitors. Most business proprietors fail to compete effectively because they lack creativity and uniqueness in their operations.
  1. Failure to follow specifications of the business plan

            Before setting up a business, having a workable business plan is always the first task. However, if a business deviates from the initial plan, an enterprise falls short of the expectations of the business objectives. The temptations to deviate from specifications of the business are very high in many organizations.
  1. Thriving in a declining economy

            The moment you engage in business, making profits and growing the business remain the main objectives regardless of the economic situation. A businessperson has the responsibility of thinking up of all possible ways to survive.
            From personal experience and testimonies from other people, a business will not lack challenges. Success is determined on how well the challenges are handled. Having a qualified team of analysts is crucial in determining the direction a business takes.
My Next Article would discuss ways of overcoming these challenges

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