Being a small business owner isn’t always fun. Even though social media likes to focus on all the positives, there are many things that can make entrepreneurship difficult. Here are 3 things that we’re not discussing, but most business owners experience.
We often glamorize entrepreneurship. But being a business owner isn’t all fun and money. It’s work, and it can be overwhelming. If you find that you’re suffering from feelings of overwhelm, it’s time to incorporate a self-care regimen.
Start by scheduling time each week to yourself, to not think about your business.
- Consider joining an adult league sports team.
- Spend a few minutes each day journaling or in quiet reflection.
- Schedule lunch or coffee with friends or loved ones.
- Start painting.
- Take a yoga or salsa class.
One issue that often isn’t talked about is high employee turnover in small businesses. To proactively combat this early on, you’ll want to put policies and processes in place that support a healthy work environment.
Keep in mind that when you’re first starting out, you may not be able to pay high wages.
Therefore, it’s important that you compensate your employees in other ways.
- Create a solid training program to ensure that your team feels confident in the work they do.
- Reward your employees regularly for a job well done.
- Promote from within.
- Give raises more often than annually, no matter how small the amount.
- Get to know your team and what motivates them.
- Learn the most effective way to coach/correct your team.
If your products are resold by retailers or other business owners, there are a few things to keep in mind.
- First, you’ll want to consider the best wholesale pricing model that allows you to still make a profit; but also leaves room for the reseller to profit as well.
- Second, know what minimum quantity order makes selling wholesale a good business move for you. Selling small quantities at a lower price point, will not yield you a good profit margin.
- Third, if you sell packaged items wholesale be sure to add a disclaimer that each item can’t be sold separately. This will help ensure that resellers don’t attempt to sell each item separately when you gave them discounted pricing for packaged goods. Know as much about MAP policies, by using this website.