Overcoming Obstacles: Top 5 Challenges the Small Business Owners Are Facing Today
by 
It’s not always easy to be an entrepreneur in today’s world. Sure, the possibilities are limitless with communication available globally for the first time in history, but with those incredible potentials for success come significant challenges, too.
Here are the top 5 challenges that small business owners are facing today and how they can overcome these obstacles.
5 Hurdles Small Business Owners Need to Overcome
- The government’s ever-changing regulations. For small business owners, it often seems like they no sooner get a handle on all of the current regulations, and then the government adds something new.
Between the regulations on health care for the owners themselves and their employees, regulations put in place by the Federal Trade Commission on advertising and marketing, and all of the other rules that come down the pipeline, it’s almost impossible to stay legally compliant. But, alas, ignorance is not bliss for the small business owner when it comes to getting caught not keeping up with every regulation.
The best way to stay on top of these changing regulations is to find a reliable source that knows them inside and out.
- Taxes, taxes, and more taxes. Speaking of the federal government, small business owners have to face a hike almost annually in their federal income taxes. Each state has its tax requirements, plus their employee payroll taxes, personal taxes, and taxes slapped on just about every type of income the business makes, and this becomes a significant challenge.
By working with a knowledgeable accountant and planning ahead for every tax season, small business owners can avoid a snowball of annual, biannual, or semiannual tax hits.
- Overhead costs. Most entrepreneurs start their business knowing they are going to have basic overhead expenses. Rent or mortgages, employee payroll, utilities, and supplies are factored into monthly and annual budgets. But what happens when those expensive pieces of equipment break down and need to be replaced or repaired?
For a lot of these small businesses, their budgets are determined to the closest penny. When an unexpected expense occurs, such as an integral piece of equipment failing, that extra cost can cause serious consequences.
Instead of closing their doors, many business owners turn to alternative lending options, such as equipment financing, today. For more information on the possible avenues available to you, visit Equify for more info.
- The ebb and flow of the economy. A small business relies on consumer spending to be successful. When the economy is tight, consumers spend less on surplus and extras, so if your small business product is considered disposable, your customer base may ebb with the slow economy.
Small business loans may be the solution for entrepreneurs who are having a slow period and need cash to fill a gap.
- Getting their own paychecks. Cash flow is a big deal in a small business. If the bills are due and the money is not there, employees still expect their paychecks and the debts still need to be paid. When this happens, the first thing to go is usually the small business owner’s paycheck, making their business stresses enter their personal lives.
It can be tempting to let yourself go last, but writing your paycheck, even a small one, is important to your mental health and wellbeing.
Overcome the Obstacles – The Solutions are There!
There are many perks to owning your own business, but there are also many drawbacks. Luckily, all of these drawbacks have solutions if you know where to look for them.
You’re not alone. These challenges are faced by many small business owners today. You can overcome the obstacles and make your business a success!
by