Five Things That Make Owning Your Own Business Way Tougher Than It Needs To Be!

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Five Things That Make Owning Your Own Business Way Tougher Than It Needs To Be!

Any idea (on or offline) how many new businesses are started each and every year? Me either. But one thing is certain, irregardless of how many are actually started, a staggering 88% of them (sadly) will close their within the first sixty months (five years) or less. And that’s really a staggering and quite sobering statistic, don’t you agree?

Which means, (like it or not!) There is an awful lot of potential pitfalls that you (And I) have got to avoid and or recover from asap, or else, more than likely, you’re probably toast.

Now of course it goes without saying that (theoretically speaking), there can and potentially are literally a ton of extremely valid reasons that a hard driving entrepreneur (such as yourself) may just have to close your doors (offline) and say good bye to your carefully thought out domain name online.

Hey, it’s like the saying goes, “stuff happens!” Right?

However, from a more beaten path, practical standpoint, there seems to be a handful of closely related issues that just seem to plaque your all too typical  start up entrepreneur/ solo -preneur.

And this post is dedicated to (not only) bringing them to the forefront, but (hopefully), helping prevent that (mini emotional roller coaster) from being you or someone you loves eventual downfall!

Five Things That Far Too Often Make Owning Your Own Business Way Tougher Than It Needs To Be!

While it’s true that running a successful business can buy you a certain amount of time freedom and allow you to start making more of the choices you prefer, as opposed to those you’re compelled to make!

Lots of small business owners and or service providers (on or offline), never ever quite reach that level. And they’re caught up in the constant struggle between, meeting this week’s payroll and generating new and repeat business.

And while all that’s taking place, the following five (ever evolving issues) keeping showing up uninvited!

1.) Consideration # one: Entrepreneur, did you know that according to a recent survey, a staggering 58%  of businesses that actually filed for some form of bankruptcy, actually did little to no record keeping! Say what?

That’s correct. Now that makes you wonder about payroll, taxes, sales, debts and overall expenses in general,doesn’t it?

2.)  Consideration # two: Next, while it’s great that we’re living in the information age and constantly developing new technologies at warp speed etc. If there happens to be an extended period of down time and or loss of server access and you can’t process orders and or support your customers and or client etc.

Or you can’t adequately perform basic daily operational online functions etc. A seemingly harmless power outage that doesn’t get solved for at least 24 hours or more, can and has caused more than a few borderline solvent entrepreneurs to have to close their doors!

Because so many online companies are totally dependent on the IT solutions, guess what? They simply can’t afford any extended power outages! Don’t you agree? So if you are a company that’s heavily reliant on the IT world, just make darn sure that your data is being frequently being backed up in a fireproof secure location.

3.) Consideration # three: While every business owner/entrepreneur wants to experience continuous massive growth, believe it or not, this can just as easily become a curse as well!

For example, if you suddenly experienced a totally unexpected explosion in sales, (yippie!) but unfortunately, you’re  totally unprepared  (and or clueless) about how to properly go about ramping up both your current infrastructure, personnel and overall productivity, in time to meet your customers demands, guess what?

If it’s severe enough, you may be potentially facing legitimate legal charges! Huh? Or what about the fact that in your rush to meet this new unexpected surge in sales, you’re not quite able to deliver within the customary time frame of thirty days or less!

And it takes you just over 120 days to finally fulfill your legal obligations! Or what if it takes you 45 days to meet your new customers quality expectations and assurances, but their contract calls for  (30 days compliance unconditionally)  and or the entire -legally draw up- contract is immediately voided! (And guess who’s more than likely probably going to have some additional legal costs as well!)

This is not meant to scare and or detour you! Only to make you aware of just a small fraction of what might potentially be starring you in the face, should you suddenly find yourself faced with a totally unexpected explosion in sales!

And if you’re thinking your business is primarily digital, what if your merchant account becomes suspicious, because you suddenly went from marginal business to full fledged rocking it big time!

So they temporarily shut down your account, just to be sure there is no illegal activity going on here! Are you for that and d you have any type of readily accessible back up plan in place, just in case? Welcome to the real world! (Oh the joys of being a successful entrepreneur!)

Try To Cover Your Bases So That The Totally Unexpected Doesn’t Sink Your Ship!

4.) Consideration # four:  And there’s always good old fashion employee theft to worry and constantly be mindful of! And employee theft might include intellectual property theft, not just money! And of course, you need proven preventative systems in place that both detour and prevent your inventory from being taken.

5.) Consideration # five: Not constantly seeking outside proven professional advice, from coaches, mentors and or paid consultants, that can help you avoid the many (and never ending) pitfalls of owning your own business, is another extremely valid reason that owning your own business is extremely risky.

Because sadly in business, you’re only as smart as the last mistake you made and (hopefully) learned from!

These five reasons are but a mere drop in the bucket, but they adequately highlight the potential pitfalls of  owning your own business. Don’t you agree?

Please share your extremely valuable comments (in the comments section below) that you can apply to your business, product or service in the next 30 days or less!

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