One of the toughest types of people you will find in the business world are the mom and pop business owners. Research shows that they create about 57% of America GDP and they play a crucial part in the American economy. If you are mom and pop business owner you know, there are some challenges you face and find a way around it that can even be challenging for bigger business with more resources. Well, for those that might be thinking of going into the mom and pop business we have listed below some of the challenges this type of business owner’s face and how to tackle them. Read on:
• Winning the Traffic Battle
You don't have to be on the war front before you go to a battle, owning a business alone is more of going to a battle. Owning a business can feel like going to battle at times. Some of the battles are against your competitors, conglomerates and against your own misgivings and against the naysayers. For a small business owner to survive you need to clear the hurdle of step one – letting people know about your business and getting people through the door. A saying goes as “if people can't find your business they won't buy from you.” This is truer for mom and pop business – this is why it is advisable for the business like this to have an online presence. No matter how small your business is, you should have an online presence and find ways to attract customers online as this is the best way to make your dreams come true.
• Revolutionizing the Cash Flow Battle
Apart from the fact that big business has the funding to push their business, small business owner, on the other hand, have the zeal to grow profits, share your ideas, and build a business that will pass the test of time. Over the years one problem this small business face is getting the cash they need from traditional lenders even with the fact that there is some time where they will experience huge orders coming in or growth demands that will require them money to expand their business. When these happen small business owners can wait months for loan approvals only for lenders to tell them they are not qualified. As a mom and pop business owner you should be focused on improving invoicing processes and making sure clients pay early if you want to make the most of the resources you have.
• Enduring the Burnout Battle
America was not built in a day so as business as well. No one creates a successful business overnight; it requires late nights that bleed into the next workday, lonely time, vacations that are never taken, unanswered phone calls and text and many other sacrifices. So, as a business when facing all these challenges you also need to find time for yourself, time to rest and evaluate how to balance your work life with your business life.