Running a small business is hard work!
- Business Rescue Business Growth
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So, you’ve fulfilled a long-held ambition to be your own boss. Maybe you’ve turned your passion into a small business or developed a niche product that fills a gap in the market. While running a business will probably be one of the most rewarding things you ever do, at times it can seem like a daunting task. Making the transition from employee to business owner does come with its own set of challenges, So, why is running a small business so hard? And how can you make it easier for yourself? At Be Rescued, we’ve helped a fair few businesses, here are some tips from us:
9 Tips from Be Rescued on how to cope with the ups and downs of running a small business
1. Starting up
Starting a business is challenging. You spend months working hard on developing a business plan and creating a marketing strategy that details the launch of your business. This is when stage fright can set in. There can be a tendency to seek refuge in planning rather than getting on with starting the business.
You can and should return to your plans constantly during the lifetime of your business, however you need to start up. Perhaps having a second pair of eyes glance over your business plan might give you the confidence to get going. At Be Rescued we help business owners with planning and could help you get your business off the ground. Get in touch to find out how we can help.
2. Finding your niche
During the early stages of running a business, it can be hard to find your place in the market. The key is understanding who your customers are, what motivates them and how or who are servicing them. If your service or product is not a novelty, the likelihood is that your product or service may not be relevant for everyone.
Your business doesn’t have to appeal to everyone to be successful, fulfilling a specific customer need will help your business thrive. Find your niche and focus on marketing to a specific set of customers. Craft messages that speak directly to your customers to resonate with them and encourage positive action such as an early engagement or purchase.
3. Understanding the numbers
Unless your business is an accountancy firm, the chances are you may not be familiar with how to manage business accounts. This can be challenging. It is essential that business owners understand the financials. Without grasping the numbers, you cannot understand your profit and loss, and crucially get to grips with cashflow.
This is an area where seeking advice really helps. For example, you might need advice on what accounting software to use or how to submit your end of year accounts. At Be Rescued, we work with first class accountants and can help you get your finances in order, helping you to sleep easy at night.
4. Becoming the boss
Going from being an employee to becoming the boss can be daunting. It can be difficult if you have gone from working as part of a team in a busy office environment to working in a micro-business where it is just you. You could consider getting a mentor. Being mentored by someone can really help small business owners and is especially helpful for start-ups. At Be Rescued we strive to help and hold your hand in the process or referred you to a specialist or next level mentor.
Beware of imposter syndrome, which according to a study by AXA PPP healthcare affects one in five SME owners (study of 1000 people, source https://www.telegraph.co.uk/connect/small-business/how-to-beat-imposter-syndrome-entrepreneurs/ 17.8.2018). The crucial thing is to believe in yourself and take note of praise such as good testimonials. You know what you are doing. This is your business. You can succeed!
5. Too many hats!
One of the hardest things for small business owners is being responsible for so many things from accounts to marketing and IT. These specialisms could be well outside of your skillset and take you beyond your comfort zone.
You simply can’t do everything. What’s more, working on something you don’t know takes at least double the time it would take an expert and takes you away from your business. Don’t be afraid to outsource. You will get expert support, leaving you free to focus on running your business. Be Rescued can help with your planning and financials.
6. Not giving up
Not giving up is essential to business success, whether you are a start-up or a long-standing business. When you start a business, it can take a while to get established. Don’t give up, stick to the plan and you will get there. It takes time to grow.
Any business can encounter setbacks whether financial or some unexpected event that causes disruption. The main thing is not to panic, and to try and take positive action.
Recognising that you need help and asking for it can make a huge difference to the outcome of any difficult situation. At Be Rescued, our turnaround service helps small business owners in difficulty, do get in touch if that sounds like you, we’re here to help.
7. Make the most of success
Don’t be afraid to celebrate success. It is essential that small business owners take time to acknowledge when things are going well. You’ve earned it, give yourself a pat on the back.
Learn from your success and build on it. Discover what has worked and why? Take time to analyse things so that you can plan future activities to try to replicate the success.
8. Staying current
If it’s been a while since you started your business, staying current can be a challenge. It can be especially hard to keep up with technology or new regulation within your industry, with new systems or processes constantly being introduced. For example, it might be worth your while having an IT health check with a specialist company to check your business is on top of things from a tech perspective.
Keeping your business relevant to customers is a must to ensure business growth. Keep your eye on industry trends, monitor your competition and review your product/service offering regularly. The key thing is that you never stop getting to know your customers. By understanding their needs and the problems you can solve for your customers, you will stay relevant and your business will thrive.
9. It’s not all doom and gloom
When running a business seems hard, always remember why you started your business in the first place. Look at where you are now and how much you have achieved. Think about the benefits of being your own boss.
Five years ago, would you have thought that having your own business was possible? Always go back to the beginning. This will help you develop a positive mindset and reignite the passion you have for running your business.
You can always get help
Remember, when the going gets tough, there is always support available. At Be Recued, we work with a wide range of small businesses and entrepreneurs during the good, the bad and the ugly times. We can help your business grow and support you when things don’t go to plan. We’re here to help, give us a call if you need anything.