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Opening a New Business? - How to Overcome Key Challenges
Starting a business is hard. It's important to identify your key hurdles and set a blueprint on how you can overcome them.
Starting a business has many great benefits. You get to work for yourself, earn more, and have a flexible schedule while you expand your skill set at the same time.
Even though having a business has many positives. Building it has many challenges. Sometimes these difficulties appear bigger than they are. Sometimes this keeps you from pursuing the idea you have to the fullest.
The risks and challenges you are confronted with are usually worth it. Finding solutions to these challenges can fast-track the realization of your dream.
Below are key challenges any business owner has when starting a business as well as proposed solutions.
Operating the business on your own
In the beginning, you’ll have to wear different hats at the same time. This can be daunting. But just because you’re a businessman or a woman does not mean you need to excel in all areas.
Even though you take on many roles as the founder of a new establishment. This can include accounting, IT, innovation, sales, and marketing. Does not mean you have to perform well in all areas.
How to conquer this challenge
Be realistic about the strengths and weaknesses you possess. Also, have an understanding that your time is valuable when you operate a business. Just like bulk buying DERV is cost effective you may explore training options to improve your abilities. It would be handy to seek help from other people in areas where you are not strong.
In this regard, you can employ a part-time contractor or a college student whose area of specialization meets your business needs.
Illustratively, if your marketing skillset is not the strongest, or you just need to offload some work to save time. Taking on a marketing student to work on your marketing task part-time can be a realistic solution to your problem (at least in the initial stages of your business.
Getting funding
One of the greatest obstacles you’re often confronted with when starting a business is finding out how you can fund your business venture. Not all business types need a big investment in the beginning. But you want to position your business for growth right from the beginning.
How can you conquer this?
When establishing the building blocks of your business, you can find funding in the form of lines of credit, small business loans, save money and fund it yourself. Or do a crowdfunding campaign to raise capital.
Finding health insurance
Once you successfully register and own a business. You’ll have to find health insurance to protect yourself in case you get hurt or fall sick. This is a small price to pay compared to the rewards you’ll get from operating your own business.
How to triumph over this
Look at getting independent health insurance. If you have a good bill for health, you should be able to get individual health insurance for a reasonably low rate.
Another idea is to apply to be a member of a company that allows you to get group rate health benefits even if you happen to be self-employed.
Another option is to search in the Health Insurance Market place to discover plans that are suitable for your healthcare budget and needs.
Maintain a work-life balance
Any business person can tell you about the struggles they have in maintaining a work-life balance. If you happen to be starting out and working from home, it's easy to find yourself behind a computer from 5 am right to dinner time. Only to cross a few things off your list just before you sleep.
At times, you may find yourself frantic about business-related tasks thus not paying much attention to other important areas of your life. Sleep time, time with family and friends, and exercise are often taken for granted.
How you can overcome this
As hard as it may be, it’s important to establish a strict routine that sets clear boundaries between family time, work time, and free time.
Different people manage their daily activities differently. So, if placing “walk 2 miles after lunch” helps you incorporate exercise onto your calendar and helps you keep that commitment, then do it.
If for instance, you do everything on your to-do list before 9 p.m don’t begin on tomorrow's tasks. Treasure that time and spend it with family, or maybe go to bed a bit earlier.