Business

BARRIERS FOR BUSINESS Small business owners share the most difficult problems they face in the initial year of operation.

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Small-scale business owners have shared their biggest issues in the initial year of operation with no time off, no social interaction, long working hours, and a lack of sleep.

Researchers who surveyed 1,000 entrepreneurs discovered that it is nearly impossible in the first twelve months, as per 64% of respondents – and so is the ability to turn off (29 percent).

Over a quarter of workers employed more than 12 hours daily in the first year. The majority of people get six hours or less of sleep per night.

Other issues include keeping up with paperwork (23 percent) and having extremely little cash (30 percent) and boosting their profile to gain new customers and clients (28 percent).

But, the study conducted by Osome, which offers small-sized businesses tools for managing finances and accountants, revealed that 91 percent of respondents are happy they launched their own business.

Six out of 10 people admit that there are things they’d like to change in the present.

Helena Flores, VP of accounting and tax at Osome, said: “Running your own business is extremely rewarding, but it’s not without its difficulties – and perhaps it’s the ability to overcome these obstacles that makes it so rewarding.

“Getting financial affairs in place is one of the foundations for a profitable business in one year.

“Managing the money that comes in and out, analyzing invoices, and knowing what’s being sold are three golden rules for success.

“So If you can get through the first year of running your business, it will generally become easier in the following years.

“However, there are ways to make the first year easier – such as getting support from qualified experts like accountants.”

The study also showed that 29% of people found the process of starting a business higher priced than they expected that it could be.

Eight in 10 of them funded most of their venture by utilizing their savings. On average, 76 percent of the capital required to operate their business came from their pockets.

Another revealed that they had a hard time launching their venture. much more difficult than they expected it to be in the beginning

For 28% of them, the first twelve months are likely to have been particularly difficult as they all but held down an additional job during the time.

It’s perhaps understandable that two-thirds of those polled admitted that they had moments in the initial year when they believed their business was doomed to be a failure.

A fifth affected by this thought said that these thoughts ran through their minds every day.

Small-scale business owners also discussed what they’d have changed in hindsight and made their social presence an important factor (39 percent) an average reflection.

Finding more support for their marketing (27%)) as well as finding a more effective method of chasing payments (27 percent) and making an efforts to spend time with their family (26 percent) are among the things that owners could change.

A majority (53 percent) have also said that they would prefer they’d sought the advice of a third party to help succeed in their business.

Additionally, 44% of respondents believe they should have utilized a third party’s help to manage their administration and keep their finances in order.

However, despite all the obstacles and challenges, the study conducted by OnePoll found that 77% of people would recommend starting a business with other people.

Being the boss (70 percent) and having happy customers (55 percent), and earning a profit (48 percent) are the top three advantages of working for yourself.

Helena Flores added:“As the study demonstrates, running a business isn’t always simple, especially in the first twelve months.

“But interestingly, the overwhelming majority are glad they made that step which says a lot about how rewarding owning a company is.”

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