Pitfalls to Avoid When Starting Your Own Business | Becoming the owner of your own business is an integral part of the American dream for many. The freedom of being your own boss, the excitement of doing something you are truly passionate about, and the satisfaction of being the master of your own fate are enticing reasons to set your goals to be an independent business owner.
But along with the many positive aspects of owning your own business, there will be many problems and pitfalls, some of them unexpected and difficult to plan for. If running your own business is one of your life goals, here are a few of the unusual challenges you may face. Forewarned is forearmed in the business world.
Focusing on the Big Picture and Neglecting the Details
It can seem like building a business is a matter of big moves and momentous decisions, and of course, these are important; however, it is often the details that slip through the cracks and break a business’s momentum.
There are essential matters that don’t seem to have anything to do with the actual business that you must make sure are attended to. Most businesses rent the space that they operate in. Letting your lease lapse or failing to have an amicable relationship with your landlord can throw a huge wrench in your operations. If you own your building, not maintaining it or taking care of necessary repairs could shut you down for days, weeks or even longer. Small details like scheduling a regular lawn care program can contribute to how professional your business is perceived to be. Do you have a license that needs to be renewed periodically? Forgetting to do so can result in huge fines or lengthy periods in which you cannot operate your business. Don’t lose sight of essential details.
Failing To Tend to Life Beyond the Business
Running your own business can become all-consuming. In your efforts to create business success, it can become too easy to neglect other aspects of your life. Business success cannot become your only focus.
Especially if you are in a committed relationship, and even more so if you are a parent, you must make the time to be present for the people you love. There will always be something that needs to be done for your business; however, it is important to prioritize those things that are urgent and those that can wait until tomorrow. Finding time for date nights, little league games and dance recitals should be just as important as finding the time for a business meeting. Many a business person has found themselves in the terrible situation in which their business succeeds while their personal relationships fail. Success is much less enjoyable without people to share it with. Don’t make the mistake of forgetting who and what you are working so hard for.
Likewise, you should not sacrifice your own health for your work. As a successful business owner, the occasional late night or missed day off is unavoidable. But when working around the clock and ignoring your body’s needs becomes habitual and constant behavior, the results can be catastrophic both personally and professionally. Sufficient sleep, good nutrition and staying fit are essential to handle the stress of running your own enterprise. And what good is business success if you’re not around to experience the fruits of your labor?
Taking Employees for Granted
Forgetting to take care of those that work for you can result in serious business issues. Satisfied employees work harder, become more invested in the success of the business and stay with the company longer. Even replacing entry-level employees can eat up precious human resources time and cost the company a great deal of money in training costs. Take care of your workers to the best of your ability. Offer great training and the best benefits your business can provide. You will reap the benefits of knowledgeable employees who are loyal to you and your business goals.
While pursuing the dream of owning your own business, don’t neglect your personal life, your well-being or the people working alongside you. Taking care of these essentials will make your success all the sweeter.