3 Common Business Challenges and How to Overcome Them
Being a business owner at the Lake of the Ozarks has its rewards and its challenges. If you’re a seasoned business owner, you’ve likely experienced both the highs and lows. Often the freedoms override the dissatisfaction, but if you find that the negatives are wearing on you, don’t get discouraged. The Lake Area Chamber wants to help you persevere by pointing out the most common challenges of business ownership, so you can feel a sense of community in that others face many of the same hurdles you're facing right now!
After you make that decision to add to your business, deciding who that person will be is your next big challenge. If you hire poorly, you’ll be doing it again soon, or worse, it will affect morale if you already have more than one employee.
Tips for hiring well:
- Know what you want and what you need in the position. Know the difference between both.
- Be logical in understanding what’s required of the position and whether the candidate has what it takes.
- Be honest about the job and its challenges, especially if you’re one of them.
Small business owners often neglect themselves and their loved ones because they are singularly focused on achieving success. Unlike working for someone else, when the success relies solely on you (at least in the beginning), it’s hard not to be obsessed with it. After all, it's your livelihood and your passion at stake.
Tips for making time for yourself (or at least those who love you):
- Balance is essential in everything. Even if you’re enjoying yourself and don’t think of your work as work and you enjoy it, there are people in your life who want to spend time with you. It’s in your best interest to make sure your loved ones get that.
- Schedule time to be with them as if it were an important meeting with your biggest client.
- Figure out what parts of your day work for you and then don’t schedule anything else for that time….ever.
But when you are the business owner, there’s no one telling you what to stay on top of or what skills to develop in order to stay competitive. You have to decide that for yourself and find ways to accomplish this with your already full schedule.
Tips for continuing education and professional development:
- There are plenty of online options to take courses in areas of interest.
- You can also join the chamber and partake in their lunch and learns or other educational opportunities.
- Follow your peers or businesses like yours that you admire on social media.
A business owner at the Lake of the Ozarks has a lot of exciting times, as well as challenges to navigate. If you’re able to master these most common setbacks, you’ll be in a good position to take on additional obstacles that may come your way. The Lake of the Ozarks chamber is here to help you navigate your way through the business environment you're facing. Reach out for support and other educational opportunities that may help you persevere!
1) Hiring
This is one of the biggest decisions you’ll make as a business owner is hiring. The first challenge for most businesses when it comes to hiring is deciding when it’s time to hire the first employee or grow past that first employee.After you make that decision to add to your business, deciding who that person will be is your next big challenge. If you hire poorly, you’ll be doing it again soon, or worse, it will affect morale if you already have more than one employee.
Tips for hiring well:
- Know what you want and what you need in the position. Know the difference between both.
- Be logical in understanding what’s required of the position and whether the candidate has what it takes.
- Be honest about the job and its challenges, especially if you’re one of them.
2) Making Time for Yourself or Your Family
The problem with finding what you love and opening a business that helps you follow your passion is that you often don’t see it as work and you’ll spend an absurd amount of time thinking about it, dreaming of new ideas, and planning next steps for your business. Even if you don’t feel like you need time for yourself, there are likely family and/or friends who want to see you.Small business owners often neglect themselves and their loved ones because they are singularly focused on achieving success. Unlike working for someone else, when the success relies solely on you (at least in the beginning), it’s hard not to be obsessed with it. After all, it's your livelihood and your passion at stake.
Tips for making time for yourself (or at least those who love you):
- Balance is essential in everything. Even if you’re enjoying yourself and don’t think of your work as work and you enjoy it, there are people in your life who want to spend time with you. It’s in your best interest to make sure your loved ones get that.
- Schedule time to be with them as if it were an important meeting with your biggest client.
- Figure out what parts of your day work for you and then don’t schedule anything else for that time….ever.
3) Staying on Top of Your Industry
When you work for someone else, you likely have a manager giving you ideas for professional growth. Your company may pay for you to attend valuable conference sessions each year. They may purchase association and chamber memberships for you.But when you are the business owner, there’s no one telling you what to stay on top of or what skills to develop in order to stay competitive. You have to decide that for yourself and find ways to accomplish this with your already full schedule.
Tips for continuing education and professional development:
- There are plenty of online options to take courses in areas of interest.
- You can also join the chamber and partake in their lunch and learns or other educational opportunities.
- Follow your peers or businesses like yours that you admire on social media.
A business owner at the Lake of the Ozarks has a lot of exciting times, as well as challenges to navigate. If you’re able to master these most common setbacks, you’ll be in a good position to take on additional obstacles that may come your way. The Lake of the Ozarks chamber is here to help you navigate your way through the business environment you're facing. Reach out for support and other educational opportunities that may help you persevere!
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