Owning a Business: The Top 3 Hardest Hurdles You’ll Face

The hardest part of owning your own business is that it’s all riding on your shoulders. No longer do you have a boss to look up to, a marketing department to drive up sales, a foundation of business to work upon. When you own and run your own business, it all comes down to your own dedication and passion; the following are some of the various hardships people will face when running their own business.

You’re the Boss

Being your own boss has many benefits and is an amazing feeling: you no longer have to answer to others, you can direct your business how you want it and you’re at the top of the ladder which reaps the best rewards.

However, being your own boss does come with its own hardships. When running a business, you now have employees to take care of. You can’t just expect people to willingly work for you because each employee has their own aspirations in life; this means you’ll need to cater to their experience while simultaneously making decisions which will benefit the business.

Additionally, when you’re the boss all of the major decisions ride on your shoulders. Thousands upon thousands of dollars will be at your mercy, make the wrong decision and your business can flop while the right ones can lead to success.

Breaking the “Traditional” Mindset

Most business owners come from a 40 hour work week background. This deep seeded tradition of working often transfers over to the new business. The problem is that this model of the 40 hour work week doesn’t work well with all businesses.

As a business owner, one of the most difficult decisions to make is how to build the correct culture around your business. It may be more beneficial to run on fewer hours but use each work hour more productively. Likewise, breaking the traditional structures of business will push business owners outside of their comfort zone to try new marketing methods, business structures and customer interaction.

The hardest part of owning your own business and breaking these traditions is finding the correct balance between productivity and happiness.

Deciding on the “Right” Platform

When owning a business, one of the hardest choices to make is where your business will operate.

Traditional brick and mortar stores can be a great venture but as the saying goes “location, location, location”. If you skimp out on spending the extra rent for offices only to be in a location with low traffic, your business can suffer from the lack of customers.

Another hard decision is making the transition to the web. When bridging a business to the online world many new opportunity and hardships arise. Besides the development time of the website, reaching a global community and providing a great customer experience will place a lot of stress on people that haven’t work on such a large scale.

Finally, marketing is a vital role to the success of any business. The hardest part of running your own business is to decide on which marketing tactics you’ll implement to drive up business. Depending on your area, product, customer base and reach, you will need to decide on various platforms such as print, radio, television, pay per click and so many more. This decision on marketing is crucial to the business success – choose wisely.

Final Thoughts

It can be very difficult and hard to run your own business but with enough passion and dedication you will see a great reward. Money troubles, time constraints, stress and operating a business all come with their own problems but a smart business owner which continually evolves, builds a great culture and puts forth the effort will have created a road map to success.

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