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3 Most Common Business Challenges and Ways to Overcome Them

Being a business owner comes with its rewards and challenges. Any length of time in business likely brings experiences of both. Often, the freedoms of entrepreneurship outweigh the dissatisfactions, but if the negatives start to wear on an individual, discouragement can set in. Recognizing the most common challenges early on can help in taking them in stride.

1. Hiring

One of the most critical decisions a business owner will make is hiring, which impacts all areas of the business. The first challenge is determining when it's time to hire the first employee or expand the team.

Once the decision is made to add headcount, the next challenge is selecting the right person. Poor hiring decisions can lead to high turnover and negatively affect morale.

Tips for Successful Hiring:

  • Clearly define what is needed and wanted in the position. Understand the distinction between the two.

  • Assess the candidate's qualifications and whether they meet the job's requirements.

  • Be honest about the job and its challenges, including any difficulties they might face, such as working with the owner.

2. Making Time for Oneself and Family

Starting a business out of passion often means it doesn't feel like work, leading to an enormous amount of time dedicated to it. However, this can result in neglecting personal time and relationships.

Tips for Work-Life Balance:

  • Balance is essential. Loved ones need time and attention.

  • Schedule personal time as if it were an important meeting with a major client.

  • Determine the best parts of the day for personal time and protect that time from other obligations.

3. Staying on Top of the Industry and Technology

Working for someone else often provides professional growth opportunities. As a business owner, identifying and pursuing these opportunities independently can be challenging with a busy schedule.

Tips for Continuing Education and Professional Development:

  • Utilize online resources like Lynda and Udemy for courses in relevant areas of interest.

  • Join local chambers of commerce and participate in their educational events.

  • Follow industry blogs and read their posts regularly.

  • Use social media, such as Twitter, to stay updated on industry trends and discussions.

While being a small business owner offers many freedoms, it also presents numerous challenges. By mastering these common challenges, one will be well-prepared to tackle additional obstacles as they arise.

*This article features excerpts from Christina R. Green

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