A guide to face common problems for entrepreneurs

by | May 12, 2021

We share 5 tips to help you solve the most common problems you may face when becoming an entrepreneur.

All of us who want to start our own business know that we will face several problems, such as paying bills, legal issues, low production or low sales. Many of these problems you can solve quickly, many will require more work and many others do not even depend on you, but as you know the success of your business will depend on your resilience. So today we present a guide to deal with common problems.

In an effort to help you as much as possible, this guide does not focus on the resolution of external problems such as the payment of taxes or bureaucratic procedures, because we consider that these problems have a more or less simple solution, you can hire a professional accountant and a commercial lawyer to guide you in the process or do the paperwork for you.

On the contrary, the guide wants to guide you in problems that in the long run are more complex and can lead you to give up your business.

1. I am not selling as much as I would like

Not having the sales you expect or, at least, the sales you need to pay the bills for the month, is usually the main problem of those who start a business. The truth is that this will lead you to review your entire business strategy to find the problem or problems that lead you to this situation. Here are some tips on what aspects of your business to evaluate that may be the cause of low sales.

  • Check the competitiveness of your product. It may be that the main cause of low sales is that you are not offering a competitive product or service, i.e. it may be that your competitors are offering something cheaper or of higher quality. Therefore, you have to review the prices and products of your competitors and make the necessary modifications to lower the price or to give some added value, which will increase the competitiveness of your business.
  • Check that you are reaching potential customers. We will not dwell too much on this because there will be a tip dedicated to the subject, but many times low sales are due to a bad advertising strategy or that you are not presenting your service or product to the ideal customer.
  • Customer loyalty. It’s a very important part to generate secure sales, for this it is important that you have an excellent after sales strategy that offers benefits for those who have bought from you once. This will give you a solid base of loyal customers, to whom we send new information, offers and others. Having the information of these customers can be transformed into secure sales.
  • Evaluating the purchasing process. One of the main causes of low sales is that the purchasing process is not the best or the most comfortable for your customers, if you have a physical business check that the store is pleasant as well as the customer treatment. Currently more and more people buy online, so if you still do not sell through this medium it is best to start doing it, if you already do and anyway your sales do not go up check that the process is simple and safe, also in the blog you will find tips to achieve this.

2. I have problems creating a brand image and making myself known to a wider audience

Getting people to know you is one of the most important tasks for any company and business. If you have been investing in marketing and advertising for some time and you are not getting the results you may feel a little frustrated and the truth is that this is one of the problems that you should solve as soon as possible.

The best thing to do is to determine if the channels you are using are the right ones and if you are reaching the right people. Designing a strategy that is focused on an audience that is really willing to consume you is more important than having a presence in all media, the latter will only lead you to spend large amounts of money for massive advertising. So, the first step is to understand your audience in order to reach them directly.

For this is very important your presence on the Internet, because you know that it can give you segmented advertising and statistics so that you can measure in more detail the effectiveness of your campaigns. However, being such a competitive medium do not settle for just one platform, we have already talked about the importance of social networks to position your brand so get very active in them, also participate in forums related to your niche market.

If you already have a website, transform it into a specialized portal in your niche market, creating a blog with innovative and quality content for the sector and above all, motivate your customers and visitors to leave their email, remember that you can do emailing campaigns.

Implementing these strategies can take a lot of time, especially if you do not have the necessary knowledge to do it on your own, so consider hiring an expert in marketing and advertising, which can be a freelancer.

3. I have problems with my team

Your workers and collaborators are a very important part of your business. It sounds simple but choosing the right people to work in your business is usually very complicated, because there are emotional factors involved that make you choose one candidate over another just by a subjective assessment. The best thing is to hire a human resources professional, but if you can’t do it, list the attitudes and knowledge you need in each position and make a decision as objectively as you can.

If your problem is that good employees quit easily, then what you have to do is to motivate them to stay, check what is it that doesn’t allow them to stay, sometimes it is not only the salary, sometimes a hostile work environment is the problem, so do what you can to improve it. Try to offer better working conditions than companies similar to yours.

4. Change the business strategy once I have started?

When we design a business strategy we do it with the firm intention of following it, but the truth is that in reality it will be much more difficult to put it into practice than you plan. Refusing to change anything in the plan can lead to big losses or missed opportunities. Ideally, you should create strategies for possible catastrophic situations, so that if you have a problem you will already have an outline of what you can do.

Changing your business strategy is a complicated and often costly process, but if you have identified the necessary changes it is best to make them to avoid further losses.

5. If there is no solution, there is no problem

This advice goes beyond the business world, in fact it is excellent advice for all aspects of life. Carlos Nava Condarco in his book How to Face and Solve Problems in Entrepreneurship has as its central axis to convince you that if there is no solution, then there is no problem.

Although it seems impractical advice, which is more in the plane of self-improvement, the truth is that it is full of much wisdom. In particular it is about having patience to find solutions and then carry them out, if you cannot do this is because things do not depend on you, then you should not worry.

In his book he also advises you to rest and be physically well to be able to think clearly about possible solutions to the problems you face. Also, he suggests you learn from them. This is great advice that will save you hours of anxiety when faced with issues that you cannot solve.

As we mentioned from the beginning, the most serious problems for an entrepreneur are problems that come from within the business, problems that compromise its operation from the inside; the best thing about this is that the solutions depend on you and you can control them. The important thing is that you are constantly evaluating the operation and you decide to act before they become a snowball that you cannot stop.

Tell us, what problems have you faced as an entrepreneur?

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