So you made your first attempt to run a small business but it didn't go so well? Not to worry... you have the rest of your life to do it all over again, and next time around you'll at least know what NOT to do. Here are some common obstacles that can sabotage a new business owner operating on a shoestring budget - and how to fare better the second time around. Ostacle 1. Lack of Funds. Bottom line, you need funds. How will you hire that designer without cash? What about office equipment? Most importantly, how will you retain a loyal team of workers if you can't support them? Without a nest egg, your business is surviving on a wing and a prayer. Sorry, but prayers don't cut it in the real world. Solution: Start saving. Your baby business needs financial sustenance to thrive and grow. Look into taking out a business loan. If your credit is decent, this shouldn't be too big of a problem. Talk to your financial institution. Do it tomorrow. Obstacle 2. Circumstances Beyond Your Control. The world of free enterprise is a crazy place. One minute you're forging a partnership with a pal, and the next minute they're working on a chicken farm in Chile. You just never know when some ill-fated event is going to throw the plan for a loop. Solution: Listen to the Magic 8 Ball - Try again later. Bad timing is one of the easiest obstacles to overcome. After all, you know that whatever happened was beyond your control. Take a break, then continue living the dream. 3. Team Members with Large Egos. Part of creating a stellar team is having each person check their ego at the door. Yet, a few rotten apples always seem to roll in. You'll learn quickly which of your key players have that can-do attitude, and which ones are too busy preening in the mirror to help out. Solution: Exterminate the pests. Yes, I mean fire your narcissistic and/or uncooperative team members. Every single member of your company should be outwardly focused. Every team members actions should point toward achieving the goals you've set. If your team continues to misunderstand or disregard the goals... find a new team. 4. Misplaced Priorities. Sometimes, you make a mistake... and it seems like a small detail, but it's so big that it completely derails your plan. When you're telling five or six people to do something that ultimately won't bring profit for your business, then everyone is working hard for the complete wrong goal. This type of mistake is PAINFUL... but, it happens frequently to anyone who's just starting out. Solution: Mapping out a solid, practical business plan is key. If you're not a practical person, find someone who is. Out of the box thinking is great, but you need a few people to stay IN the boxes labeled Logic, Reason and Common Sense. Without these, your business is doomed to failure. 5. Too many cooks. Ah, everybody's got a criticism, don't they. Forget about launching that "constructive ideas" forum. If you do, as soon as you're headed for uncharted waters, one of those bullheaded workers is bound to rock the boat. Forget democracy; you're running a business, not the country. Solution: You call the shots. If anyone on your team undermines your power, lose them. Don't encourage your workers to pipe up with excess input. Yes, some feedback can be appreciated... but don't let it get out of hand. If your workers do try to take the reins, maybe that's saying something about your leadership skills. Above all, don't stop reaching for that goal. Just because you weren't a smashing success the first time around doesn't mean you can't take what you learned and apply it next time. Live and learn. The same applies to your business. What's that old adage again? Oh, yes: "If at first you don't succeed, try, try again." Copyright 2005 Dina Giolitto. All rights reserved. |
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