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Obstacles small business face

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Starting your own business certainly sounds glamorous enough, but those who have tried starting their own businesses know that there is a lot more to starting your own business than having a good idea or the motivation to be your own boss.There are a lot of obstacles that face small business owners, especially when they are first getting started.Did you know that half of all small businesses will fail in the first four years of operation?50% is a huge number and you never think that it will be your business that will fall victim to that statistic.Below are some of the most common obstacles that small businesses face.Hopefully, by realizing what these obstacles are, you can better avoid falling victim to some of the most commonly made mistakes in the world of small businesses.

Loosing the big picture

Thinking too small or loosing the big picture of what it is that you are trying to do as a business owner is something that is surprisingly easy to do.Many small businesses see small successes and forget that they are trying to build towards a larger goal.They become too focused on temporary gains to adjust as quickly as is needed to meet the demands of their respective markets.Long term planning is required if you really want to break through mediocrity in the small business competitive world and see your profit goals met.

Poor marketing choices

There are plenty of marketing strategies that incorporate principles of working smarter rather than working harder.It is true that to market effectively you will need to allocate a certain budget to that cause.However, marketing is a process that involves highly creative and innovative thinking, not just funds.Use what funds are necessary to come up with a truly effective marketing plan and strategy rather than wasting your marketing dollar on haphazard activities.

Weak time management

Time is a factor in small business ownership that is not always apparent.Deadlines and due dates that are imposed on us are easy enough to follow, but what about the timelines that we need to be placing on our own goals.Time is money and in the world of small businesses there is little time to waste on micro-managing.You need to focus on the activities that are most worth your time.In some cases this means hiring or outsourcing for help.Planning is needed for any business person.Not being able to do everything is not a weakness that needs to be overcome; it is an obstacle for which a solution should be found.As the business owner you are the one with all of the fantastic ideas.Do not forget that you need time to foster and develop those ideas in order to further strengthen your business.

Money, money, money!

It would certainly be nice if we could carry our small businesses with nothing but the brilliant ideas on which they are based.But unfortunately we live in a world of dollars and cents and no matter how great your business idea is, if you do not have the money to get it off the ground you will not get far.You need a plan for budgeting, a projected sales timeline, money for marketing, accounting, consultants, payroll, etc.Create a business plan to determine just how much money you will need to operate your business and therefore how much money you will need to borrow or raise.You need to remember to think big and account for costs that you may not now know about.Having the downfall of your small business be attributed to under financing is really a shame

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