Hiring New Employees: After opening your own business, finding the people that are going to build up your vision with you can be very challenging. It is extremely different hiring someone for your own business than just for a business you work for. You are more particular about the people you want working for you, making the process longer and more detailed. In this case, it takes you away from working on your business because you are shuffling through applications instead of being out in the field promoting and working.
Increasing Profits: Owning your own business comes with lots of expenses that you never had to worry about previously. You are paying the electric and water bill in your space, you are paying and filing taxes for your employees, you have to pay for advertisement etc… So not only are you pumping money into the start up and up keep of your company, but you need to worry about increasing your profits. Yet to make money, you need to spend money. Also you need to keep your prices reasonable so clients will want to use your services/product instead of your competitors. The only answer is to innovate and optimize constantly and stay one step ahead of your competitors.
Staying Energized: Having your own business can be exhausting. From taking on all the responsibilities of being a CEO, all the while making sure your business stays afloat and successful; you have a lot on your plate. Also you have to put in a lot of effort and capital before you start profiting and that could lead to low motivation. Often times things are going to get worse before they get better. What you need to do to remain energized and motivated is to continue to picture and work towards that dream you created. Finding a pace that keeps the business humming without grinding down the owner is a challenge that comes early and often in the evolution of a small business, considering business owners work 80+ hours a week.
Minimum Wage Increases: As the “fight for $15” movement is a hot topic across the nation and is already being implemented in some big cities across the country, we have to stop and think how this is going to affect the business owner. It sounds like a great idea from the employee standpoint, yet they don’t think about how the business they are working for is going to come up with the extra money to pay for the increase. This will lead to small business’ having to let go more employees because they can’t afford to keep them on and leads to unemployment and puts the stress on the business owner now they have to operate with less people that they are paying more money to do the same job.
Marketing: How you want your business image to be portrayed is a difficult and time consuming aspect of owning a small business. You don’t have that luxury of already having a name brand company that is recognized nationally or even globally. So because of this aspect, marketing a small business plan against a nationally known company is a huge challenge. You need it to be different enough from your competitors and appealing enough that the clients want to switch to your service or use your product instead. Here at AYS Employee Leasing and Payroll Services, we have made our service reasonably priced and made it a priority to keep our clients happy. We have also made ourselves available for around the clock customer service.