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3 Areas Of Challenge For New Entrepreneurs

Being an entrepreneur or running your own business is an adventure that tests even the strongest women. After all, the results of your choices and actions are your responsibility. Though they may have most things through and planned out, there could be some things that still bother them or are challenging. That’s why it’s important for new entrepreneurs to seek help when they need it. Consider also that these challenges aren’t just at the beginning, they can get even more difficult when your business grows. Take a  look at the following areas and be honest about how you’re doing with them.

Finances

There are many things to consider as far as the financial world of business. Though there are some similarities between personal finance and business, it’s much more complex and can stress a new business owner to the brink of wanting to quit. I’ve been there, and it’s not a pleasant place to be. I recommend learning all you can about business finance before you even open your doors. Focus on your industry and how it operates from all financial angles such as accounting, sales, securing financing, ROI, margins, product-market, and future projections.

Be patient with yourself if this isn’t your strength. Don’t be hesitant to hire outside services to help you get things running smoothly in this area. Your future success will depend on how well you handle the money flowing in and out of your business.

Marketing

Many business owners don’t have a clue about marketing trends or how to even start getting the attention they want from potential customers and clients. This is partly because things can change fairly quickly in some industries, making it difficult to keep up with. Unfortunately, this leaves some entrepreneurs in the dark with their tails between their legs. However, there is always help to be found.

Consider what bothers you the most and seek out a firm or coach who specializes in that task. This could be social media, web design, lead generation, conversion, copywriting, or branding. Remember, you want your branding and marketing to reflect who you are as a businesswoman and target those who need the unique products you sell. Should you get help in this area, listen to their advice, but don’t sell out to a plan that doesn’t seem like you.

Letting Go of Control

This is a subject that I could talk about for more than a couple of paragraphs. Letting go of control enough to ask for help can be one of the most challenging things to do for any new business owner. There is, of course, some good reasons to maintain a sense of control. After all, it’s your baby and you don’t want anything to happen to it. That said, it’s imperative to let go of some aspects of the business so it can grow and develop into the entity you envisioned.

A part of letting go is asking for outside help such as coaching and consultation. Getting advice from those who have “been there and done that” is simply wisdom. The other area that some owners have trouble letting go in is the hiring of staff or freelance providers. This takes trust and the willingness to admit that you can’t do everything on your own. Yeah…that one is likely more of a pride issue.

All in all, for the ongoing success of any business, it’s crucial to get help in a timely manner as things develop. No one is perfect and cannot expect to do everything solo or make all the right choices. Look at all areas of your business or plan to see where you might be challenged. Seek help and grow with the confidence you’ve done all you can to build your baby!

 

About Madeline

Madeline is a mid-west mom of three who spends most of her time refilling ice trays and changing toilet paper...just kidding. She is a high school guidance counselor, all around funny gal, and a writer. Her first book, Be Happy Already!", is in the works.

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