As a sole trader, your business is owned entirely by you. It grows by you and succeeds or fails by you. This also means that you’re entitled to all profit that the business makes. Indeed, there are huge incentives to becoming a solepreneur but with them come terrifying side effects.
Here we have listed 10 of the most common headaches faced by sole entrepreneurs, with a tip on how to tackle each one.
(1)The Headache of Keeping Customers Happy
One challenge you’ll face in your entire life as a solo-entrepreneur is that of achieving peak customer satisfaction. According to research 91% of customers are going to stop buying from you if they dislike your services for the first time.
Solution
First you need to know your customers and so you need to keep collecting feedback from them whenever and wherever possible. Take every complaint very seriously and respond to all inquiries in good time.
Besides that, make sure your pricing is right and that customers get good value for money on every cent they paid to you.
(2)The Headache of Balancing Business Life with Family Life
Caring for children, meeting deadlines, spending adequate time with your spouse – it’s certainly a bit difficult to balance entrepreneurship and family. But with careful planning and juggling, you can run your business and family life with efficiency and ease.
Solution
Schedule a couple of evenings each week just to relax. Go shopping, watch a movie, got to a park, play a game with your children and enjoy some time with family.
On the other hand, let office time be office time. We recommend you spend 70% of your time focusing on business matters and 30% on family matters.
(3)The Headache of Negotiating for Everything
If you are fresh from paid employment (or school), there’s a good chance that you have never encountered the cut and thrust kind of negotiations. Well, once you become an entrepreneur, you will find that negotiating is part and parcel of your daily life. But negotiating can be time-consuming, at times frustrating and nerve-wrecking.
Solution
Know your value and be a diplomat. Handle negotiations with grace without being overly aggressive. If you don’t reach common ground with the other party, be kind enough to walk away in peace without burning bridges.
(4)The Headache of Staying Motivated
When we enter the world of business, we’re optimistic and ambitious. We dream of living a life of profit, growth and expansion. You wait for the first month – no profit. 6 months no growth. 12 months – no expansion. At that point you start to panic and your motivation plummets.
Solution
Have a realistic mindset. Don’t expect to invest today and see your money triple in a few weeks. Always, there will be unexpected twists and turns on your path to success. Surround yourself with like-minded entrepreneurs and keep off people who have a defeated attitude.
(5)The Headache of Staying Accountable
Because you are your own boss, you have a large amount of freedom to move your business in whichever direction you want. However, this can be an issue if your outlandish ideas are not subjected to checks and balances.
You might easily drown your business in debts and legal issues (well that’s what many “entrepreneurs” do in less than 2 years of starting out).
Solution
Have somebody cross-check some of your decisions. This can be your spouse, your best friend or an entrepreneurship coach. By adopting this approach you are committing to moving forward on areas of the business that may be outside your expertise or comfort zone.
Final Word
What types of headaches have you faced in your entrepreneurial journey? How did you deal with them? Talk to us.
