There are many challenging, time-consuming, and downright awful aspects of beginning a business, but if you had to pick one, what would you say is the worst component or parts of establishing a small business?
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Making is the simple part. It involves maintaining it, turning a profit, and trying not to kill yourself by taking on all of this on top of any regular daily obligations you may have as an individual.
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Everything you mentioned plus the ongoing fear that, because you work sixteen hours a day on other, more pressing tasks, you ignored your social media marketing.
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I’m working forty hours a week, but it’s only Tuesday at midday.
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Recruiting and retaining employees is the worst aspect. It is considerably easier now that we only have three employees instead of the eight that we had before.
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I’m ready to close my business because of my employees.
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I consult with many small businesses, and one of the biggest challenges is managing employees as they grow. Hiring 1-3 employees is manageable, even though it involves handling admin, accounting, and other tasks. However, once you reach around 10 employees, it gets difficult. You need to introduce management layers, or you’ll spend too much time on things like payroll. At this point, you may need to hire full-time staff for accounting or payroll. Finding good entry-level employees becomes tough, leading to turnover. Often, I suggest businesses raise their prices instead of adding more employees to avoid the extra burden.