4 Common Issues You’ll Face When Building a Business

Creating and managing your own business can be hard, and at some point we have to face these issues head on if we want our businesses to succeed.

Here are some of the common hardships that are involved in owning your own business, especially within the first year of open business.

Health and Safety

As with all businesses these days, health and safety is one of the most critical aspects to running a business. If you’re not compiling risk assessments, you’re on site making sure that your business is a safe and friendly environment — for both yourself, your customer and employees.

Be sure that you’re up-to-date on risk management paperwork, and have regular checks of fire and burglar alarms. This will show local authorities that you are dedicated to safety in your work place.

Health and safety are invaluable skills to have — especially as an on-site manager and business owner — and will help keep your business from being potentially prematurely closed by authorities.

Paper Management

Don’t kid yourself that owning your own business is gonna be all laughs and seeing how happy your customers are when they receive the service you provide.

Most of the time, and owner is going to be in the back office, making sure taxes are paid, that employee schedules do not conflict and that the business is running smoothly.

Paperwork is no easy management. Luckily, there are several online programs and apps that will:

  • Reduce the amount of paper and waste
  • Keep it all neatly organized

There are all types of business management software, IT software, bar and restaurant software etc.

Financial Management

Keeping on top of your projected income and expenses is a skill that is learned through experience. However, a little help won’t harm your chances of successfully projecting these figures for your first quarter. Finding a financial management solution can be effortless if you know where to look.

With staff inconsistencies (such as illness, vacation and any other disabilities) it can be tough to make a good call on your expenses for these payments. Then couple that with daily customer inconsistencies and you’ll end up with a tough figure to project.

Advertising

Advertising is harder than most people recognize, and often, is more expensive than people imagine. This can be an invaluable expense to help your business get off the ground.

But because it’s pricey we can’t forget that the best advertising, is word of mouth!

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About the author: Carrie Smith is the financial artist and editor behind Careful Cents. She helps creative entrepreneurs make a living with their creations, and reach financial freedom through systems and financial organization. She’s been featured in The Huffington Post, Glamour Magazine, Kiplinger Finance and several other business websites. In May 2013 she quit her full-time accounting job to pursue entrepreneurship and blogging. You can find her on Twitter or Instagram @carefulcents.

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