Owning a small business can be extremely stressful and difficult, even when it is entirely a labor of love. Especially in this day and age, keeping your days open and continuing to make a profit is more difficult than ever before.
There is so much competition out there, both in the form of other small businesses and also large corporations. This can get overwhelming, especially when you feel that it’s unfair to compare a business of your size to one so much larger. Luckily there are tons of small business owners out there who know exactly what you’re dealing with and all of the struggles you face on a regular basis.
Here are 3 things you’ll have to think about as a small business owner that corporations never have to worry about.
Making money may not be the number one reason you decided to start your business, but it has to be one of them. According to many studies, more than half of all small business owners are constantly worried about money and wondering where their next bit of income will even come from. Not to mention credit score ranges amongst small business owners are often on the lower end since they’ve invested so much into getting their business off the ground.
Paying yourself can often be put on the back burner when you have so many things to pay for and employees to pay. This can put stress on you and your family and start to affect your business in negative ways, so try to make the best possible budget to avoid having to worry about money all the time. You should also try to save as much as possible, whenever you can. At some point you will reach retirement age and will need to have some money saved up for your golden years, even if you still plan to try to run your business then.
Many big corporations have a monopoly on certain industries and therefore can pretty much treat customers and clients however they want to without ever having to worry about them returning. As a small business with a ton of competition to deal with, customer satisfaction is likely a concern that is at the top of your list.
If you’ve ever stayed awake a sleepless night worrying about an unhappy customer who had a bad experience, that is one thing that sets you apart from all the corporate CEOs out there. But it also means you have a heart!
Wearing Many Hats
As a small business owner you will have to wear many different hats and juggle all kinds of different responsibilities. When a problem arises and needs to be fixed, you’re more than likely the person who’s going to have to fix it.
This is something that no one working in a corporation can relate to, but it also means you have learned a hard work ethic and have probably learned a lot of random new skills along the way too!
Being the owner of a small business is no small feat, so you should already be proud of yourself. Just remember to think about the things on this list and you’ll be way ahead of the game.