If you’re a current small business owner or an aspiring incubator entrepreneur, this is as good a time as any to pursue your dreams. According to the Small Business Administration, there are 30.2 million small businesses in the United States, accounting for 47.5 percent of all jobs! Even with the expansive market for small business growth and development, it’s essential to understand the challenges ahead.
Before you forge forward, there are a few common areas that can trip up even the savviest entrepreneur and the BLOQ parq (tBp) wants you to be prepared. Our mission to grow the economy and assist entrepreneurs in reaching their full potential involves helping individuals like you to better prepare for everything business ownership entails.
1. Trying to balance quality with growth
It’s not uncommon to celebrate the landing of a large client one day and then struggle to meet the needs of those who have entrusted you with their business. For small businesses, growth tends to be paired with growing pains. By being aware of this issue in advance, you can prepare yourself and your staff for potentially long working hours to meet the demands that come with a new, expanding business. The alternative? Cutting corners. However, this is a less appealing choice since it can stunt growth and impact the quality of your services or products. Opting for the investment of time and energy may seem daunting, but in the end, the pay-off will be more than worth it.
2. Lacking an online presence
Marketing is a critical piece of your new business puzzle. Without it, there is no way of reaching the widespread client market you require for business growth and success. Since advertising may be beyond your new business budget and word of mouth is slow-moving at best, the internet can offer opportunities to expand your reach without breaking the bank. A well-designed and intuitively functioning website is a must when launching your business; acting as your online storefront.
The real challenge is grasping the elements that will maximize your presence. Is your website SEO optimized? Does it succeed at driving sales, or is it only acting as an online billboard? These are all questions to be considered. You’ll also want to incorporate a blog and utilize social media channels like Facebook and Instagram to make a larger impact online. Every component plays a part in the bigger picture for improving your brand’s recognition and reputation.
3. Struggling to secure quality employees
Finding suitable employees is a challenge that can be overlooked during the initial planning of a small business. Attaining qualified, hardworking employees may seem like a given, but that’s not the case. The big corporations vying for talent can pose an issue as the benefits and payscale you can afford may not compete with what larger companies are offering.
One way to approach this challenge is to recognize what sort of skill sets you require from your ideal employees and focus on targeting those who are looking to be a part of a company where their talents can be put to use across multiple areas. You want people who believe in your brand’s mission and who recognize the opportunity for personal and professional advancement.
Launching your small business may not be easy, but that’s no reason to be discouraged! Having a plan in place for some of the more common entrepreneurial challenges will help you to come out on top. And if you are seeking a supportive and optimistic community to help get you through, tBp is the place to build your booming business dreams!