Running a small business comes with a great many rewards, but in order to receive them, one must defeat the stress that comes with small business ownership. Stress is an unavoidable part of beginning a small business because of the weight of the expectations that fall on the owner’s shoulders. It has been said that no one knows hard work like a thriving small business owner because of the number of responsibilities they juggle. Among the most common stress factors that small business owners unanimously face are:
- Time management issues. Those starting a new business are often very short handed when it comes to staff. Hiring often cannot begin until revenue is made, which means all the operational and managerial responsibilities usually fall on the owner when the business first opens. This can create next to impossible time management situations, when the jobs of at least three people fall onto one person. This is why small business owners tend to learn how to move very quickly.
- Finances. Overcoming the financial hump of starting a new business is its biggest challenge. After all, money has the first and last say in business success. The amount your business is bringing in determines whether or not you can stay open. One does not need to be a small business owner to understand financial stress, but when mortgages and personal property are tied up in a small business, it is possible that no one understands financial stress as well as a small business owner.
- Business generation and customer satisfaction. Small business owners know that the ultimate success of their small business hinges on whether or not their customer base is satisfied with their product. Business cannot be generated if customers are not convinced of the product’s value. The most important and crucial investment a business owner can make is into the satisfaction of its customers, and when this element is missing, it can cause a great deal of stress.
- Legalities. All of a small business’s operations must meet the legislation of the jurisdiction it resides within. This may not seem difficult, but when inspectors expect detail perfection and meticulous management, and a small business owner is already critically pressed for time, this can be a huge cause of stress.