Starting your own business — it’s one of the most exciting things you can do in your career life, to make the transition from working for someone else to working for yourself. You now get to call the shots. But with that excitement comes a great deal of responsibility, and you’ve likely experienced a great deal of fears.
You’re not alone.
Many entrepreneurs face the same fears you do, and solutions are out there for every one of them.
Here are 5 common fears of small business owners and how to face them.
1. Handling Cash Flow
Most small businesses’ fears begin with not having enough cash flow or not knowing how to handle that cash flow to cover expenses and make a living at the same time. Slow periods are a part of business, but they can also feel terrifying. But there is a solution.
Face it: Plan ahead! Prepare a budget and get the proper software to help track sales, expenses, payroll, and all other monetary services. Soliciting the services of a financial professional will also be a worthwhile investment that will keep your cash flow flowing.
2. Finding the Right Clients
Every business always needs more clients, but especially a new business. However, avoid equating clients with only money. Clients mean growth. Your current number of clients may be earning you enough money to support your business’s needs, but more clients means you are now expanding.
Face it: As a small business owner, you have likely experienced the worry that more clients won’t come. First, develop a business strategy so you know what your best services are and who your best client is. Second, implement a sound marketing strategy to reach the clients who are the easiest to sell to and manage, and who make you the most money. The best thing you can do is excellent work. The better you are in your industry, the more word will get around for your services.
3. Hiring Staff
Growing and expanding is a great thing. But it can bring on the stress of hiring new employees. Many business owners don’t know where to start. How do you know you will hire the right team? How do you know you are following all of the laws surrounding hiring employees? What about paying them? Do you really have the time and manpower to expend on payroll?
Face it: You should be able to experience the joy of hiring a well-equipped employee. Prepare a list of what you need and want in employees, and ensure applicants’ goals align with the vision of your business. Then outsource your payroll. Don’t overwhelm yourself. You have a business to run and grow.
4. Following the Proper Regulations
The sheer number of rules and regulations that surround owning a business can seem astronomical. Each field is filled with its own set of regulations. And then there are overall regulations that govern environmental impact, advertising, employee care, taxes, and so many other things. This continues to be one of the biggest fears for small business owners.
Face it: Knowledge is power, so take the time to read up on federal and Oklahoma state laws and regulations surrounding owning your own business and your field or industry. The Tulsa Small Business Development Center can also be a great place to gain information and advice. Experts are waiting to help you understand regulation compliance.
5. Paying Federal Taxes
Taxes can be a scary topic for small business owners. You now have the taxes of an entire business on your hands, which results in business taxes. And the more successful your business is, the higher your tax bracket becomes, which can be a serious source of anxiety. Not to mention, business taxes are flied quarterly, not annually.
Face it: The good news is, you don’t have to worry about taxes. One of the best things you can do is hire a CPA or expert tax service. Your CPA will know the proper deductions to take and can advise you throughout the year. Invest in quality bookkeeping equipment, and keep track of all business expenses.
Business Bookkeeping Made Simple
All of your financial worries can be alleviated with a well-equipped bookkeeping service. If you are ready to hand over your bookkeeping stress, Shockley Bookkeeping and Tax Services can provide a variety of bookkeeping services, including analyzing your business financials, payroll, and taxes. Contact Shockley today for a free quote and consultation.