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How to Recognize and Clear Barriers to Small Business Success
  • 22 May 2017
  • Eric Michaels

How to Recognize and Clear Barriers to Small Business Success

Every entrepreneur encounters obstacles when starting a business. Whether you tangle with forces outside of your control or become your own worst enemy, it is normal to experience a few bumps along the road to a company launch. Oftentimes, the key to success is to prepare yourself for the inevitable issues by determining the best ways you can respond to these challenges. Here are some tips on how to recognize and clear barriers to small business success.

1. Do your homework

If you are not familiar with failed businesses in your industry, you are probably not ready to open your doors. As an entrepreneur, you should be aware of the wins and losses others in your industry have experienced before you. Take notes as you read books or blog posts by other business owners so that you can really soak in these cautionary tales. And do not listen to people who tell you to "stop focusing on the negative" while you prepare for setbacks. After all, successful entrepreneurs anticipate problems and come up with an action plan.

2. Have a strong business plan

A well-crafted business plan serves as the blueprint for a company. In fact, you are not fully ready to run your own business until you know the potential pitfalls, have a budget in place, recognize the need for legal services, and choose a worksite. If you have trouble putting your ideas into words, you can enlist the help of a professional business plan writing organization.

3. Speak with a mentor

A mentor can bring valuable insights and experience to the table. When you sit down with a mentor and explain your approach, he or she can suggest ways to make the process go smoother. Oftentimes, these experienced professionals can use their past mistakes to help you determine the best path to success. If you need help connecting with the perfect mentor, you may want to look into the SCORE program, which offers free small business mentoring and workshops.

4. Network

Networking involves more than just finding partners for new sources of revenue. A strong business network helps you blow off steam and get advice from others operating in similar industries. By grabbing lunch or coffee with your peers, you can learn about the struggles others have faced and understand how it affected their progress. These experiences will serve as cautionary tales if you encounter the same situations down the road. The more people you know in your industry, the better chance you can have of understanding challenges and preparing to overcome them.

5. Hire to address your weaknesses

You do not have to be an expert in online marketing or accounting practices in order to start a business. Everyone has strengths and weaknesses, so stick to your strong points and plan on leaving the rest to others. If you feel that your current team lacks expertise in a crucial area, you should look for this skill set as you interview new job candidates.

6. Outsource the hard stuff

If you are a solopreneur and do not plan on having a staff larger than one, you cannot hire to fill in gaps in expertise. Instead, you should plan on outsourcing various tasks. In order to focus on perfecting your products and serving your customers, you may want to leverage third-parties to handle your accounting, marketing, and human resources responsibilities. Entrepreneurs who try to manage these tasks on their own often take themselves away from their strong suits. Do not let yourself fall into this trap.

In order for your company to flourish, you must learn how to recognize and clear barriers to small business success. Are you ready to overcome the challenges that may lie ahead?

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