If you are a small business owner, then you know how difficult it can be to successfully run and manage a business. When you own a small business, you have to be able to wear several hats at the same time. Not only do you have to be able to create and maintain a great product or service, but you have to also be able to get that product or service out to the masses. You have to be able to find and hire or contract with reliable individuals, and you have to be able to do all of this on a shoestring budget.
Added to that, now, we are seeing that things are even more difficult for small businesses because of COVID19. More than ever, small businesses are being forced to find innovative ways to sell their services or products. The following are seven challenges that small businesses are facing because of COVID19.
#1 Getting Believers
People have to believe in your product or service or they will not spend their money. It can be difficult to get people to believe in your business, but if you truly have a great product or service, you have to get it out there. This may mean that you have to give out free samples or even have a free webinar to help people to see why they need your business.
#2 NO Funding For Marketing
For small businesses, marketing is key. Unfortunately, most small businesses do not have the money to pay the high price of marketing. Since that is the case, small businesses commonly look into small business lending options as a means to afford marketing, fulfill product orders, get the business up and running, or get through tougher times, like what many are experiencing now with COVID-19 complications.
Apart from that, small businesses can find other ways of getting loans such as asking family members or they may have to acquire a business credit card if they find no other options. Small businesses can also look into free resources when it comes to advertising. Social media is a great place to market for free, but you must have an expert or you are going to have to learn about internet marketing.
#3 Complying With Regulations
When it comes to regulations, they can vary from state to state. Since that is the case, you do well to find out all that you can about the regulations and laws that govern your business’s practises. When you are well informed, you avoid costly mistakes.
#4 Increasing Sales On A Budget
You have to start selling your product or service or you will have no business. It can be challenging to get that first sale, but by being generous with your product or service in the beginning, you can get some initial customers. Once you have a few customers, ask them to spread the news about your business to friends and also on social media. Word of mouth is powerful when it comes to any business.
#5 Keeping Stamina
When you are a small business owner, you have to stay on top of things. It can be tiring and time consuming. You may feel like you want to give up when you do not see things going in the direction that you desire. Fortunately, there are thousands of people who have successfully run businesses, and several of them have written about it. You do well to read books about successful entrepreneurs on a regular basis in order to keep stamina.
#6 Keeping A Schedule
When you first start out as a small business owner, you may feel like you have endless time, but that is not the case. You have to set priorities, and you have to have a set schedule that you follow in order to run an organized business. To start, wake up at the same time each day. Start working at the same time, and stop at the same time. Do not vary from your schedule unless you absolutely must. By doing this, you will create a habit of organization.
#7 Keeping Existing Clients
During the pandemic, a large amount of families have lost a significant part of their income. Since that is the case, they may not be as willing to buy certain products or services. Do not lose heart. Send out regular emails to your clients letting them know how important they are to you. Apart from that, if your business can afford it, offer discounts to them for their loyalty.
Your Small Business Can Thrive
No matter what, don’t stop working on your business. Your business is your baby, and babies are difficult to raise. Even during a global pandemic, do all that you can do when it comes to learning, growing, and helping your business to thrive.