Small business owners face many challenges. In the face of those challenges, the worst thing to do is inaction. Here are actions to take when you don't know what to do.
1) Target Market is Unclear
If you are launching a new product or just starting out your business, you probably don't exactly know your target market or the exact size of the market. You don't want to waste resources marketing to teenagers when really your target audience is people in their mid to late 20s. Sure, maybe one or two teens would like that product, but the majority would not.
Action: Do market research. There are a lot of sources to find more information on your target market. Use the U.S. Census Bureau website to find out how many people in your target market live in your area. Go to trade shows and expositions with your product and get feedback from other vendors and attendees about who would benefit the most from your product and how you could tweak your marketing to resonate with your target market more.
2) Spending Too Little Time With Family
It is very easy to get caught up in the business and spend all your time working on it and not enough time with your family. Even when you are with them you might still be thinking about your business. You must have a balanced life to keep your sanity. It is not fair to either you or your family if you're always working.
Action: Set aside time every week where short of a natural disaster or bankruptcy, you spend time with your family. Go to the park, or go hiking. Make the time count. During this time, focus on your family and keep your mind off work. It will let you spend time with your family and let you look at your business with fresh eyes when you go back to it.
3) Trying to Do Everything Yourself
This is a very common problem for many small business owners. They try to do every task of their business by themselves and end up having a very inefficient business or a business that can't grow anymore.
Action: Look at what tasks you have to do during your day to day operations and see what you could delegate elsewhere. You might not need to hire someone full time, but you could find some things to outsource to freelancers or you could hire someone to do your bookkeeping or taxes. It might seem like too much of a luxury at first, but it'll save you a lot of time to grow and expand the more profitable parts of your business. As your business grows, it'll save you both time and money later on.
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