Dear Founders,

Have you just started your business and are already struggling? Don’t worry and let’s talk about it. Let’s go over common challenges that may arise (both technical and emotional), and what it means to be a business owner.

Challenges:

You will face several hurdles every day and it’s part of the process. It will be financial, emotional, and related to time management. You may have the perfect business plan, but trust me when I say that not everything will work out how you intended. But remember, that’s part of the job, and not only is it okay to go through that, but it is also normal.

Let’s break it up a bit and separate it into different parts, as there is quite a bit to talk about.

Financial Challenges:

Money. A lot of businesses start with the idea of it becoming merely a revenue stream, but it is more like a child. You have to nurture it and convert it into the best version of itself.

Think about it this way- you want to have your perfect kid. And to do so, you’ll have to put it through school and give it a strong education. In this case, the education is the foundation. It is the investment you’ll be putting into it to make it grow.

I’m not at all saying that you have to spend thousands or hundreds of thousands to make it work. It could be viable without any capital investment at all, to be honest. But money does help a lot with improving its performance and visibility.

Just remember to align your business with your budget. If you have $10,000 to invest, don’t spend $9,900 on LinkedIn Ads on the first month. Sure, people are more likely to see your product. That doesn’t mean it will help your business in the long run- quite the opposite, actually. Your already minimal chance of success will drastically diminish.?

Time Management

“I spent all week working 14 hours per day.”

That’s what I said to myself at the beginning, only to find that half of the hours spent in front of a screen were in vain. It’s not about how much time you spend, but how you spend your time. Time, just like money, is an investment. And what you can’t spend with money should be made up with time.

Here is my recommendation- TRACK YOUR TIME. Categorize the time worked so you can have an eagle’s view of how you are spending it as well. After all, why would you not follow up with your investment?

Several apps allow you to do it. I use Clockify. It may not be the best solution out there, but it worked wonders for me. Plus, the built-in Pomodoro timer works well. And if you're unfamiliar with the Pomodoro method, just google it.

Emotional Challenges

Owning your business is a daunting task, but remember- the world is not out to get you. A lot of mistakes will happen and they will affect your mood. Just remember to push through it.

It’s okay to be emotional. But think of the hurdles not as an act of god going against you. Instead, use it as an opportunity to grow and improve. After all, the best way to grow exponentially is by striving to improve by 1% per day. This idea applies to everything- your skills, your performance, or your business operations.

Setting Expectations

Be reasonable when setting up its expectations, as that will influence your perception of its success. While you may think that is irrelevant, it is not. It will affect your motivation levels and consequently your performance. I was going to talk about it as a separate topic, but duty calls. Best of luck!

Conclusion

Remember that a business is oddly similar to a baby in multiple aspects. You have to nurture and accompany it through all its stages in life. And with all the luck and dedication, you’ll be able to attend their graduation ceremony. Or in this case, their success (which is nothing more than your perception of success, but let’s not get all philosophical about it now).

Thanks for reading what I have to say, and I hope it helps you. I’ve learned everything that I’ve shared the hard way so that you don’t have to.