I started my small business at age 19, online particularly. It has been a roller-coaster ride, funds was a major problem. With my experience and little research I’ll be sharing with you the problems small businesses face in their first few years
5 things to bear in mind
If you’re about starting one, well it’ll be good you prepare for rainy days
1: lack of capital: i remember starting mine with no capital, just data and phone. It was hard because capital is the soul of a business. The financial market doesn’t care about how bright your ideas are, if you are unable to meet their requirements that means no advanced loan/capital for you.
2: Lack of true entrepreneurial spirit: if you give up on things easily, don’t bother starting because there are days you’ll get angry and frustrated but your entrepreneurial spirit will keep you going and make you understand that Rome wasn’t built in a day. Most business ventures are being led by personnels who do not really have good vision for the business, they do not have the spirit to take risks and that’s what entails in the sector.
3: No visibility or good marketing skills;
So many small business owners are struggling to reach their target market. A lot of the brick and mortar businesses are located in one corner of the market without reaching its full sales potential.
This has led to poor sales, low revenue, and stunted business growth, giving small business owners a lot to worry about. As a business owner you must know how to sell anything, if you can sell you’re good to go
4: Resistance to Change:
If your company is a start-up or has been around for 100 years, innovation can be a frightening thing. But change is real. Don’t get stuck in archaic ways of doing things. Embrace a culture of forward thinking.
5: Spending your profit on unnecessary things: when I started if I make sales i remove the capital and spend the profit and in no time I spent the capital too 🤣
You need to be disciplined, your profits goes back to the business for expansion or other miscellaneous like ads etc
This isn’t really all but these are the ones that comes first and has a great effect on small business