It goes without saying that it takes far more than a bright idea alone to own and operate a business. And I have to hand it to you, as a small business owner, you are a breed of your own. Despite the long hours, dire commitment, and the up’s and down’s of business operations, a study from Yodle states that on average, a small business owner is “happy” with their career path. That being said, there are some legitimate worries that keep even the happiest and most successful business owners up at night. Here are The Top 5 Small Business Owner Worries:
1 – Finding New Customers
A concern of any business, no doubt, but this area for concern is among the largest worries for small business owners specifically. 42% of small business owner worries revolve around finding new customers.
It may be a concern for many businesses; but when you don’t have the mass funding of large corporations, acquiring and retaining customers and clientele is your livelihood.
2 – Keeping Existing Customers
Without any knowledge or planning for customer relationship management, it can be a whirlwind of chaos trying to figure out how to keep your current customers satisfied. As a whole, 33% of small business owners worry about keeping their customers satisfied. This isn’t all bad, however. When you can crack the code to retaining current customers, you’re opening up opportunities for referrals, business growth, and a better night’s sleep (unless you’re worrying about #1, 3, 4, and 5 also).
3 – Paying The Piper
Maybe not “the piper” exactly, but paying the bills is enough of a worry that it affects 33% of SBO’s regularly. This can be a daunting task. And depending on how well – or not so hot – your business is doing, it can be a true nightmare for many. Our advice? Be smart with your money, make sure you’re keeping your customers happy, and without-a-doubt, have a promising (and realistic) plan for growing your business.
4 – Hiring Good Employees
Especially as a small business owner, acquiring the right help – that you can trustwith your livelihood – is one of the toughest things you can do. There’s a lot riding on you’re the success of your business from a performance and satisfaction perspective. But even from an accounting standpoint, a salary, or even an hourly wage can have a large impact on your balance sheet at the end of the day. What we can suggest to you: Interview everyone, let them prove to you that you can trust them, and don’t hesitate to have a few encounters before you sign off on their help. Secondly, and possibly most importantly, be weary of hiring family. Number One of The Six Biggest Barriers Facing Small Businesses In Canada, published by the Globe and Mail, family-run businesses encounter far more conflict in the workplace than any other business. Do what you can to not face the woes of the small business owner worries.
5 – Competition
Competition in the workplace is always a hassle, especially for small businesses. In the eyes of a consumers, who’s to say that your competitor can’t do it better for a lower price?
Though your competitors are always exactly that – the competition – often times you can use this as a big advantage for your business. Leverage your competition. Anything they can do, you can do better. Provide your customers with one thing that can’t be beat – value. Give them more reasons than quality of work and cost to choose you. Often times, consumers are willing to spend more for the value of a product or service than for a better price.
If any of the above tend to keep you up at night, just remember you’re not alone and there are always – always – solutions to these. Are you ansmall business owner? What are you small business owner worries?