If you’re a new entrepreneur, you might face some rough waters ahead. Here are 5 scenarios you could face with supportive insight to help you along.
The 5 Toughest Decisions You’ll Make as a Business Owner
Another day, another decision (or twenty). Such is the life of an entrepreneur. Though each decision you make is important, there are a few scenarios you’ll encounter as a business owner that can feel particularly overwhelming. Here are five you might face at some point in the life of your business.
- Choosing a Funding Option for Your Business
Unless you’re either independently wealthy or building a company with little to no overhead, at some point you’ll likely need an outside source of funding. The good news is that from friends and family to venture capitalists to crowdfunding to SBA loans, there are many choices available.
So though you’re eager to have cash in hand quickly to move forward with your business, don’t make this decision hastily. The stakes are high, and there are significant pros and cons to each option. Be sure to do your homework!
- Parting Ways With an Unprofessional Client
You’ve likely heard that “the customer is always right.” But what if they’re not? And what if they are downright unpleasant?
Unfortunately, every service oriented business eventually encounters a client who makes unrealistic demands, is impossible to please, and acts unprofessional or even abusive.
If you’ve done everything you can to please your client and nothing is changing, you might have to make the tough decision to cut ties and move on. Be honest with your client and keep it professional.
- Letting Go of a Difficult Employee
Despite any amount of due diligence in the hiring process, most business owners will at some point be forced to recognize that a certain employment relationship is just not working out.
If you’ve done all you can do and your difficult employee has to go, make sure you have a game plan for that person’s job responsibilities after they are terminated. Who will take over the role while you fill the open position? Does your soon-to-be ex-employee have any information or important files that you will need?
No matter how an employee has behaved, the decision to let someone go is never easy. But if your difficult employee’s actions have held your business back from growth, you need to cut ties before any further damage can be done.
- Navigating the Best Course When Times are Tough
When the stress of hard times hits your business, every decision you make can feel daunting.
Should you invest more in marketing? Take out a loan for more cash on hand? Do you need to lay off employees or cut overhead?
At this point, the worst choice you can make is to isolate yourself from colleagues, friends, and loved ones – reach out for help. A fellow entrepreneur can offer an outside perspective and mentor you through even the most stressful days.
- Moving On to a New Opportunity
Maybe despite your best efforts, the business has struggled to make a profit, and it’s time to dissolve and move on. Or, maybe your business is an amazing success, and you’re faced with an opportunity to sell.
Either way, the decision to let go of a business after years of passion, hard work, and sleepless nights is never easy.
As personally involved as you are in your business, it’s essential that you take a step back and view your new opportunity objectively. Once you’ve weighed the pros and cons, you just have to go with your gut, and trust yourself to weather the storm no matter what the result may be.
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