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At National Legacy Capital (NLCG), we see first-hand just how challenging it is for small businesses to stay afloat. Here are three challenges that many clients deal with, plus ways you overcome them.
Running a small business is no easy feat. There are a million and one things to think about, from finding the right products or services to offering competitive prices and delivering top-notch customer service. Not to mention, you also have to wear a lot of hats and juggle a lot of balls! It's no wonder that so many small businesses fail within the first year.
But failing isn't inevitable; there are plenty of small businesses that not only survive, but thrive. So, what's the difference between those that make it and those that don't? Most likely, it comes down to three things: mindset, money, and marketing. Let's take a closer look at each of these challenges and how you can overcome them.
Mindset
One of the biggest challenges facing small business owners is having the right mindset. When you're used to working for someone else, it can be tough to adjust to being your own boss. You have to be comfortable making decisions on your own and being responsible for the outcome, good or bad. What's more, you can't be afraid of taking risks. Many successful entrepreneurs have failed—multiple times!—before finally hitting it big. The key is to learn from your mistakes, pick yourself up, and keep moving forward.
Money
The second challenge is money. When you're running a small business, there are always going to be unexpected expenses popping up, whether it's a piece of equipment that needs replacing or an unanticipated repair bill. And then there are the day-to-day costs of doing business, like inventory, rent, utilities, etc. It can be easy to get overwhelmed trying to keep up with it all. That's why it's so important to create—and stick to—a budget. Keep track of where every penny is going and make adjustments as needed. There will always be unexpected costs but if you're mindful of your spending, you'll be in much better shape to weather them when they do come up.
Marketing
Finally, there's marketing. In today's digital world, there are endless ways to market your business online—social media, email campaigns, pay-per-click ads...the list goes on and on. It can be tempting to try to do it all but spreading yourself too thin will only lead to burnout (trust us, we know from experience). The key is focus; choose one or two channels that make the most sense for your business and put all of your energy into those. If you try to do too much at once, you'll only end up doing everything halfway. And when it comes to marketing (as with everything else in business), half measures just don't cut it.
Bottom Line
Running a small business is hard work but it doesn't have to be impossible. By mastering the three Ms—mindset, money, and marketing—you'll set yourself up for success now and in the future regardless of what challenges come your way. Need help implementing any of these tips? We're here for you!
If you're looking for a business loan, line of credit, or equipment financing, National Legacy Capital Group can help. We offer working capital loans, business lines of credit, and equipment finance solutions to small businesses in a variety of industries. Contact us today to learn more!
Send us an email or give us a call today—we'll be happy to chat further about how we can help you grow your small business into a thriving enterprise.
