5 Biggest Problems New Business Owners Face

Starting a business is a dream come true for many.

What’s not to like about being a boss that
makes executive decisions and enjoys the fruits of the company? Well, that’s just a facade.
Business is hard from the get-go, and new businesses go through a lot of hardship to survive
the first year.

In this article, let’s talk about the solutions to common problems you may face as a
new business owner.
Inefficient time management
Once you launch and start doing business with clients, prepare for at least a 60-hour work
week. As a business owner, your job for the day doesn’t end at 5 pm. There are processes that
need to be optimized, and there are tasks that require delegation. All of this can quickly turn to
chaos, especially if you manage a team larger than a few people.
You can ease the pressure with a workflow management system. The Kanban board system is
a great starting point for new business owners.
Cybersecurity negligence
You don’t have a “hacker shield” just because your business is new. Because this is a common
way of thinking, there’s been a niche of hackers and scammers that aim at new businesses
specifically, relying on the owners’ gullibility.
To set up a basic cybersecurity framework, you should consider the following:
● Use an anti-malware app that suits your data needs. Don’t just get the most expensive
one.
● Protect your network with a VPN. Encryption will protect you from most malware.
● Regularly update your anti-malware, OS, and other software.
There’s no need to break the bank on cybersecurity for your new venture. Software updates, a
VPN, antivirus, and some common sense will be more than enough at the beginning.
Difficulty hiring the right people
In a rush to prepare everything for launch and your first months of business, new entrepreneurs
often undermine the importance of quality hires. You don’t have to go headhunting for the best
talent out there. But you do need to spend some time vetting your future associates.
Another often overlooked thing to remember – if things aren’t going well with an employee, it’s ok
to part ways, even if it’s in the middle of a crisis. Waiting for the current situation to end so you
can rehire for the position might just fuel the flames. Finding the right person to help you with
your whole new set of challenges is a challenge of its own.
Social media management
One of the biggest challenges with new businesses is balancing the budget. With social media
entering the fundamental business toolset, it’s easy to blow the budget on marketing.
Yes, you need to raise brand awareness, and yes, social media can help you develop new
leads. On top of that, the more money you inject into social media marketing, the higher the
yield. But do not fall into this trap!
A lot of new business owners burn through their budget trying to fulfill social media standards.
You should start slowly, build awareness through quality content, and build a brand with things
other than just money.
Burnout
With executive power comes a unique perspective that allows you to see what can go wrong.
This is both a blessing and a curse. On the one hand, you will be able to prevent a wide range
of potentially disastrous things. But on the other hand, the volatile nature of business will
exhaust you quickly, taking a mental and sometimes even physical toll.
Take preemptive measures before you reach a breaking point – take care of yourself. Take walks
to calm your mind, learn to meditate and relax, and start exercising.
Leading a business is a bottomless pit of obstacles, so it’s best you learn how to let some of that
steam off.
Bottom line
There’s no magic formula on how to maintain a new business venture. But with hardcore
dedication to short-term goals, you’ll get through a successful first year faster than you think.
At its core, business is a set of ever-changing rules and adaptations on a daily basis. So all you
have to do is build a foundation, keep an open mind, and adapt.
Just be careful not to spread yourself too thin!