Owning your own business might seem like a dream come true when you’re working for someone else; but once you’re in the front lines of entrepreneurship, you’ll find out just how hard it is to fly solo — unless you have a net. Here are five of the biggest challenges of owning your own business — and how a business growth coach can help.
1. Hiring the Right Employees
Fifty percent of small business owners say that the biggest challenge to business ownership is hiring the right employees. One reason for this is because small business are competing against big corporations for top talent — and the bigger the company, the more money and perks it can offer. As a small business owner, you might sometimes feel like it’s impossible to get the talent you want with the limited funds/benefits you can offer — and this can lead to frustration right off the bat, before you’re even open for business.
2. Managing Your Staff
Managing staff is difficult for any size business; but as an independent owner, you’ll have to do a lot more hands-on managing when it comes to staff issues — in addition to all your other ownership responsibilities. Dealing with a staff of different personalities (each with a different sense of responsibility and work ethic) can seem like a full-time job in itself. Plus, you’ll have to deal with scheduling, time off, vacations, insurance, and all the things that are usually managed by a company HR manager.
3. Delegating Tasks — Including Your Own
Delegating tasks involves more than deciding who does what; it also involves identifying which things you should take care of yourself. In addition to dealing with the responsibilities (and daily problems) of ownership, you’ll quickly discover that you’ll also have to jump in and deal with everyday operational tasks that, in a large company, would be easily managed by supervisors. If you’re lucky, you'll have enough staff to delegate tasks — but sometimes it’s a challenge to identify which tasks you should delegate and which tasks you’ll need to do yourself.
4. Managing Money
This is arguably the most difficult aspect of business ownership because it involves every facet of your work life — from hiring staff and purchasing inventory and supplies to delivering your goods or services. Whether you’re good at numbers or not, it’s up to you to keep the books straight and come up with a payroll and a profit every week.
5. Maintaining a Work/Family Balance
No matter how many hours you think you’re going to put into your business, it always ends up being more than you think it will be. At some point, you’ll want to try and figure out how you can get a sense of proportion back, so that your entire life isn't absorbed by your business.
How a Business Coach Can Help
Hiring a business growth coach can bring you an ROI of seven times your initial investment. That’s because small business coaches are typically people who have, as they say, seen it, done it, and bought the T-shirt. A good business coach has a solid background of extensive entrepreneurial experience. Plus, a good coach has already seen dozens, if not hundreds, of examples of what works (and what doesn’t) for other business owners like yourself.
In addition, a good business growth coach will have an organized system to share with you — a system of techniques and skills that can streamline daily operations and help you deal with everything from inventory and payroll to employee/staff management. Toward that end, today’s business owners agree that the best, most comprehensive system for entrepreneurs is the Entrepreneurial Operating System®.
The Entrepreneurial Operating System® — and What It Can Do for You
The Entrepreneurial Operating System® (EOS®) is a comprehensive set of practical tools and user-friendly concepts that thousands of entrepreneurs have implemented in their business ownership. The EOS® model can get you and your team on the same playing field by:
- Creating a common vision and goal-set
- Instilling discipline, concentrated focus and personal accountability in your workforce team
- Developing healthy, effective leadership qualities in your management team
Implementing EOS® techniques in your management will bring three important elements into your business:
- Vision: Your company vision will be more clearly defined and instilled in your team
- Traction: You and your staff will be on a common trajectory toward success, with everyone doing what needs to be done
- Health: You and your staff will be more functional and work more effectively, which in turn will create a positive, healthy atmosphere, company climate and work ethic
Finding the Right Business Coach
Finding the right business coach might seem like a challenge, but by prioritizing your needs and doing a bit of research, you can find a small business coaching and consulting firm to suit your needs.
First, decide where you need the most help — is it in employee management, or day-to-day operations? Or, as a new entrepreneur, do you need help in just about every aspect of business ownership?
Next, do a bit of online homework. If you do, chances are that a quick search will take you to the best one-stop-shop for your business coaching needs: Traction Inc.
With the right small business coaching tools, you can quickly learn the techniques you'll need to handle every aspect of business ownership. If you’re ready to get to the next level in your business, contact Chris Hallberg for a free 90-minute consultation that can lead the way to profit, growth and expansion in your business endeavors.