The beauty of running your own business is that you get to make many of the choices, from the company name to the color scheme in your office. Unfortunately, not all the decisions you’ll have to make are going to be pleasant or easy. In fact, some have the potential to leave you tossing and turning in the middle of the night.
Here is a look at the four major and potentially most troublesome decisions that every entrepreneur must confront at some point during his or her career. It’s good to be aware of them now so you can understand what your options are later down the line. This way, you’ll be able to make the right choices and steer your ship in the best possible direction.
1. Balancing personal and business finances
Starting up your own business means using some of your very own hard-earned cash for starter capital, but you also need to keep your personal life in mind before you risk it all on a business venture. Your business might be your baby, but as much as you love it, you cannot afford to leave everything else behind. Before you raid your personal savings account and stuff it all into your new company, make sure there will be enough money to cover the momentous occasions in your life.
Buying a home, for example, is one of the more common dilemmas for entrepreneurs, with many seeing it as an either/or choice. With a sensible financial management plan that encompasses both your personal and business finances, however, pursuing both becomes a credible option. The range of home loans available nowadays also means it won’t be too difficult to find a mortgage deal that suits your budget.
2. Knowing whether to stick or twist when it comes to growth
This is a particularly tricky one as there is often no right or wrong answer. When it comes to expanding your company, all you can do to hedge your bets is to put some serious work into your market research and ensure there is enough money on the backburner as a safety net if things go wrong.
Use what you’ve learned so far on the job, and combine this with meticulous research of your surroundings to decide whether to stick or twist. There are always risks involved in business, but by laying solid groundwork, you’ll be able to survive a bad move and come back stronger next time.
3. Recruiting help and assistance
Successful entrepreneurs are not ashamed to ask for help when they need it. If your business is ready to grow but you don’t have the resources in house to expand, why not consider outsourcing overseas? This will often cost you a fraction of the local price and give you a bit of freedom to concentrate on other important business matters.
Relinquishing complete control of a company can unsettle some entrepreneurs, but sometimes it is necessary to recruit the help of other businesses in order to take that next important step forward.
4. Understanding the real causes of problems and resolving them
It is easy to blame someone else when things aren’t going your way, especially in business. However, being a successful entrepreneur is about recognizing the real root causes of issues instead of pinning them on easy targets.
In reality, it could be one of your favorite employees, a trusted client, or your oh-so-dependable software provider that is creating problems. Sometimes, it may even be you.
It’s difficult to be objective when you’ve built your own business with your bare hands, but you need to learn to take a step back whenever there is an issue and ask yourself what the true cause of the problem is. Do you need to think about your staff, clients and technology, or do you need to buck up your own ideas and adopt a new approach that can benefit the business?
You’ll be left with some extremely difficult decisions to make while running a business. The good news is that for every correct call you make, there is often a huge reward!