Challenges in growing your small business

Here is an interesting article titled, Top 10 Challenges Small Business Owners Are Facing Today on SmallBizTrends.com.  Here are the 10 challenges listed:

  • Healthcare
  • Government Regulations
  • Federal Income Taxes
  • The Economy
  • Tax Compliance
  • Cash Flow
  • Staying Passionate
  • Not Diversifying Client Bases
  • Growth vs. Quality
  • Hiring New Employees

As you can see, just because you have a fantastic idea does not mean you are going to have a successful business.  There is a certain level of knowledge and drive you need to succeed.  In today’s environment, if you have employees- you are expected to pay them a certain amount of money and provide a certain level of healthcare.  Even if you do have the funding to hire employees, it is not always easy finding the right employees for your business and culture.  As we can see, there are a slew of challenges for small businesses and it feels as if there are more things working against us than with us.  How can we change this and be successful in an environment that is not favorable to small businesses succeeding?

I started my business with my father back in 2008 and we didn’t dump all of our money into it.  We started working out of my father’s garage building equipment. We used the tools we had and asked for money down from our customers on each product they asked for.  As time went by and we saved more money from our business, we slowly purchased new equipment and tools to make our lives easier.  These new tools and equipment helped us complete jobs faster, so we could complete more projects each year.  Of course this helped us become more profitable.  We continued to build in my father’s garage for two years until we were able to move into a larger building.  We did not own the larger building and needed to pay rent.  We spent another eight years in this building.

Finally, my father and I saved up a bunch of money and purchased a piece of commercial property for ourselves.  We are still in the process of gaining approvals to build the shop we want and it is most definitely not an easy process. It requires hiring a lawyer, engineer, and working with the town to gain their approvals.  The process is very expensive and not something we could have done when we first started out business.  It is difficult to start a business and also challenging to grow a business.  On top of putting blood, sweat, and tears into our business, we also need to provide money to our town for approvals.  It seems everyone wants a piece of your hard earned money.

If we gave up today, we are only hurting ourselves.  Since we believe in our business and the future of our business, we must continue on.  I said to my father, “we will not let anything stop us from completing this project”.  This project I am referring to is the construction of our new shop on our commercial land.  We are super excited about this journey.  My advice to anyone else in a similar situation is this, do not give up and continue forward.  You will see results if you do not quit and it should be very beneficial.

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