3 Challenges Entrepreneurs Face After Starting Their Own Business

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Starting a business is a huge challenge for any entrepreneur, but maintaining it successfully can be even more demanding. All companies, big and small, face similar challenges: those to do with branding and productivity of employees, for example. However, there are some that are only applicable to smaller start-up businesses, and it is these challenges that this article will explore.

Maintaining Quality Despite Growth

It is important to find a middle ground here. On one hand, you dearly want your business to grow as much as possible, and start competing with the bigger players. On the other, however, your company’s initial successes may have been founded upon its perceived superiority – in aspects like personable customer service andattention to detail – and if you compromised that quality in favour of expansion, loyal customers might decide to look elsewhere. While you should endeavour to maintain the integrity of your company no matter how much it might expand, at times you will have to make compromises and sacrifices for the overall good of the business.

Tiredness and Overworking

No matter how passionate you are about your business, you still risk overworking yourself and burning out. Fatigue can lead to rash and irresponsible decision-making: this is something that could jeopardise your entire business, and you will need to settle quickly into a sustainable pattern of work. Many successful business owners find themselves working much longer hours than their employees, partly due to fears that the business will stall without their presence at the helm. They might also avoid taking any long holidays off from work. You should make sure you take ample time away from the stresses of the job to relax and recharge, and give yourself a well-earned break. Equally, don’t jet off to Ibiza for the whole of summer: be responsible when booking your holidays, and try to find a healthy balance between your wellbeing and the demands of your business.

Dependence on you (the founder)

It’s important to make sure that your business can still function successfully without you, if for some reason you are unable to work for a lengthy period of time. Start by delegating more influential tasks to your employees. Not only will this lessen the burden on your shoulders, it will also help to promote a feeling of mutual trust between you and your workforce. You want them to feel a sense of involvement in the running of the company. This is something that might encourage their continued loyalty towards the business, as well as greater productivity in their work. At first, it might be hard to relinquish control, given that this could lead to a lower quality of work whilst you train your employees. However, delegation is a vital step that you must take, and one which will, in the long term, prevent you from succumbing to stress and fatigue. Without the ability to train new employees efficiently, your small business will find it tough to grow. These are challenges that any new business faces, and normally there aren’t any magic solutions that completely solve a problem. The hardest part is finding a balance that works for you, your employees and your business. If you can strike that balance, then your company will continue to flourish long after you start it.

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Paul Mex is an entrepreneur by nature, and works for Lenstore.co.uk,In his spare time he enjoys clay pigeon shooting and attending the ballet.