The first few years of owning a small business can be rocky and full of challenges. Some challenges can be easily overcome, but others can be much harder. In fact, 20% of small businesses fail by the end of their first year, and 50% by the end of the fifth year. For this reason, it is important to prepare for the challenges you may face as a small business owner. Here are three unexpected challenges you may encounter owning a business.
- Finding customers. First, one problem you may encounter as a small business owner is finding customers. Customers can be difficult to find because it may require advertising or thinking outside the box. Plus, if you are in a unique market, it can be even more difficult to convince the consumer base they need what you are offering.
- Building an email list. Next, building an email list can also be quite difficult. For online businesses, it can be easy to create a loss leader that lures people to your email list. If you are a brick-and-mortar shop, encouraging customers to give you their email addresses can be more difficult.
- Managing the finances. Finally, you may encounter an issue managing finances if you have never done it before and you do not have a plan. Managing business finances is a lot different than managing personal finances, and if done incorrectly, it can get you and your business into trouble.
Owning a business can be a rewarding experience, but it is not always easy. As a business owner, you will encounter many issues and setbacks, but some of the most unexpected issues can be finding customers, building an email list, and managing your finances. If you are truly struggling with getting your finances together, you can contact a financial expert, such as those at Aspen Commercial Lending, and they can help you get on the right track.