The rate of small online businesses continues to grow since the pandemic’s peak, and this is why more and more people are trying to establish their businesses at home to have other sources of income while there is a demand.
Handling a small home business may seem like an easy task, especially since you’ll be in the comfort of your home while the threat of Covid-19 still lurks around. It may be a lot cheaper in terms of operational expenses, but despite the financial advantage, there are still challenges that you may face along the way. There are other factors in running a business that may become a problem in the future, and these are the things we have to watch out for.
In facing these challenges, being a proactive business owner can help you avoid more complex problems that may bring permanent damage to your business because you are prepared and readily available to provide solutions under any given circumstance. To be proactive, you must first know what the common challenges that may come to you are, so here is a list of these challenges you may face in your small home business and how to combat them:
#1 Lack Of Funds
Did you think you would be safe from money-related problems only because your business is based at home? Well, the answer is no. No matter how financially capable and prepared you are, some circumstances may happen unexpectedly that may result in you using all your available funds for the business. Some of these circumstances can be avoided, while some are not because these are works of God, which means they are beyond human control.
To tell you frankly, there is no standard solution to this because it is a type of problem that can be situational. Some may have it worse, while others may have it light. However, you can always prepare even if you do not have a million in your bank account, and here is how:
Set a budget for emergency funds. You’ve probably heard people mentioning this, and yes, it is essential to have an emergency fund, especially if you have a business. Your emergency fund should be at least three months’ worth of your salary or living expenses.
Even if you will not be able to tell how much you would need in case an emergency occurs, at least you are prepared and have something to use in the meantime.
#2 Weak Online Presence
No matter where you put up your business, it is essential to be visible online to market your products and services and reach more people. If you already have a social media page for your business and you noticed you almost do not have any engagements, then maybe you are doing it wrong.
If you have the budget for it, hire a social media manager. A social media manager can revive your pages as they will know how to market your business and engage with your customers adequately. They will polish your pages and position your branding correctly.
Once you have a social media manager, make it a point to respond to inquiries right away, as it will be a turn-off to potential customers if they get delayed responses from you.
To build up your online presence, you will need a good internet service provider with reliable internet speed to ensure all your online services are accomplished on time.
#3 Difficulty In Finding Good And Trustworthy Staff
Small businesses also need staff for an extra workforce. Usually, the owner focuses more on the company’s financial aspect, while the team does more hands-on tasks such as inventory, selling, entertaining customers, packing, etc.
More often than not, small business owners may find it hard to find reliable and trustworthy staff to whom they can entrust the business and their home to. If you are one of them, then you need to see this.
Hire close friends or family members. For a home-based small business, it’s better to hire someone you already know before hiring more people outside of your group of friends. It will be easier to train them and inexpensive to pay.
#4 Poor Time Management
Managing your time as a business owner can be stressful, mostly when your business is expanding or if you have other priorities to attend to. Sometimes you may find yourself feeling lost, trying to juggle several things at once to keep the business going. If you have reached this point, then you need help, literally.
The only way to combat this issue is to hire enough people you think you will need to run the business smoothly every day, then divide the tasks equally and according to each staff’s capabilities.
Handling a small business at home is never a walk in the park. Even when you think you have prepared everything you need, once you begin, some things will look as if they are out of place. So it is always better to prepare in advance.
In every action you take, remember that you have to be wise with your decisions because it will only take one wrong decision to destroy everything you have worked hard for.