It's no secret that entrepreneurship involves a lot of risks and requires you to develop a thick skin in order to weather the storms and drive your business to profitability. We've decided to put together 5 reasons that many small businesses have succumbed to with actionable solutions that you can take to fix that.
1.Being a jack all a trades
I'm aware that at the beginning of your business there's not a lot of capital to work with and that forces you to do most the tasks by yourself with hopes that you will save money. One thing that i will tell you is that, it's impossible for you to be good at everything (you don't have to). Outsourcing is the best thing because it allows you to focus on what you're good at and leave the rest to your team. You don't have to hire someone to be a permanent worker, you can outsource them on a timely basis. The best platforms you can use to find professional freelancers is on:
Scaling your business during it's early stages is very risky and can collapse the whole business like a domino effect. It's always recommended that you narrow down your focus to one thing until it becomes very successful and well adopted before moving into creating a new product or service. For example let's say you are selling cakes. You have to make sure that people fall in love with your cakes before you can add cookies or bread into the equation.
3.Playing it safe
As aforementioned, taking risks is the name of the game. There's tons of testimonials from successful entrepreneurs that shows that taking risks is what allowed them to experience so much growth compared to caving in and playing it safe. The business landscape is in constant change , and playing it safe is the equivalent of complacency. Take a little bit of risks and do what others are scared of - that's what entrepreneurship is all about.
4.Lack of online presence
We are currently living in a tech savvy environment that requires your business to have an online presence. This means that you have to create a Facebook page or a Twitter account that is going to offer support and promote your products and services. Take a look around, you will realise that every successful business has a strong online presence that contributes to generating sales.
5. The power of automation
Automation is taking over every industry and making tasks that required a lot of money and time even more simpler and affordable. If you business lacks on automation, you will be replaced by your competitor next door. Take advantage of accounting software, email marketing platforms and websites to streamline your work flow.
We hope this article was an eye opener for you and was helpful. Let's keep this conversation going on the comments section below, we'd love to engage with you. If you haven't followed us already, make sure that you do that and be part of our awesome community.
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