4 Common Obstacles Entrepreneurs Face
When starting a business, no one really expects things to take off quickly and to start gaining profits immediately. Or what if your business is already established? You have loyal customers and you've generated a reliable income every month. That doesn't mean everything goes well all the time. Like every other entrepreneur, you've likely faced some obstacles that have challenged your status as a business owner.
1. Making Sales
A lot of business owners struggle with making sales, especially if they're company is just getting off the ground. Perhaps you haven't quite gained a strong reputation with customers and you don't have too many people who will vouch for company. Even if your business has been around for a while, getting that final sale is one of the hardest parts of being an entrepreneur. You may have some really great products that you know people will love but unfortunately, that doesn't automatically guarantee a sale.
There are many ways you can increase sales including:
Having a strong online presence: By having a user-friendly website and a large following on social media, you have a better chance of generating leads. Once you gain trust with your leads, more and more of them will convert into paying customers.
Getting positive reviews: 84% of people trust online reviews as much as a personal recommendation. This means that most people look at reviews as if they were getting feedback from someone they know and trust. Getting more positive reviews from current and past customers will remove some of the doubt prospects may have about doing business with you.
Nurturing leads: 98% of people aren't ready to make a purchase on their first visit to your website. Many of them will view a few pages and then leave your site without taking action. If you experience this often, it's likely you're not doing enough to re-engage those leads and attract them back to your website. Nurturing these leads through email marketing, drip campaigns and targeted ads will grab their attention and make them reconsider your offer.
2. Generating Leads
If making sales is challenging, then attracting new leads can be even harder. Just because you're not making the sales you want doesn't mean you're not getting leads. But if you're struggling to get leads, you won't be able to meet your sales goals.
There are affordable ways you can attract new leads and reduce your business start up costs. You can get people interested in your business and its offerings by creating quality content that provides value, performing search engine optimization to rank in the search engine results pages (SERPs), and serving targeted ads to the audience you want to reach.
3. Handling Daily Operations
As an entrepreneur, you wear a lot of hats, especially if you have limited staff. From accountant to marketer, you must take on multiple roles in order for your business can succeed. Unless you outsource these roles, you may find yourself overwhelmed with the number of tasks you have to complete. To better manage your time and tasks, create a daily and weekly list of things to do. Set goals and create deadlines you know you can meet. If you feel like some tasks don't align with your goals, eliminate them. If you're overwhelmed, delegate certain tasks to your employees.
4. Managing Cash Flow
Many entrepreneurs struggle to pay the bills while they wait for their checks to arrive. This slow cash flow is often caused by delayed invoicing. When a customer doesn't pay in a timely manner, it affects everything from paying your employees to paying your mortgage. To improve cash flow, require a down payment for your products and services or require faster invoicing.
Whether you're a startup or an established company, business operations won't always run smoothly. Knowing how to manage various challenges that come with running a business is key to success.
