5 Things Most New Business Owners Aren’t Prepared For

5Things

And How to Overcome It

 

Ask any business owner about their journey of entrepreneurship and they will list the countless challenges they faced trying to get their new business off the ground. Although starting a business gives you the type of freedom employment otherwise wouldn’t, new entrepreneurs often don’t realise that they will have to wear many different hats as the owner of a small business. Many soon discover that they are kept busy with a whole lot of activities that has no direct bearing on the product they are selling or the service they are delivering. They get frustrated being bogged down with tasks that they are not skilled for and have no experience with. Lack of focus soon becomes evident and shows in the bottom line.

Below is a list of things most business owners aren’t prepared for, and some tips on how to overcome them.

  1. Staff and HR Issues

New business owners don’t realise that HR is more than just hiring and firing. They often make the mistakes of providing poor job descriptions, holding inadequate job interviews, lack of staff training  and poor organisational culture. And then there are all the labour law provisions that need to be adhered to. If things go really wrong, you may even end up at the CCMA.

A good set of employee policies are essential for any business. This can be challenging for new business owners who have no experience in writing employee policies.

If however, you join a franchise group such as the Soapbox Franchise group, you have the back-up of an established business with the policies and procedures already in place. You also have access to knowledgeable people at your franchise head office, should issues arise.

  1. Financial Management

You should be able to present evidence of all your business’ financial transactions and decisions, from inception to present. Small business owners make the mistake of not drawing up a budget let alone sticking to it; not separating their business and personal finances, and not having a competent system for tracking income and expenditure.

For many the best solution would be to hire a professional to deal with your business finances or to simply outsource their accounting activities altogether. This gives them more time to work on the business’ core activities, but leaves the business owner out of the loop. Often the business owner only realises that the business is in trouble when he/she runs into cash flow problems.

If you rather become a franchisee, the Soapbox Group will provide you with training on the basics of accounting and financial management.  They will go even further as to provide you with a customised accounting system with built-in early warning indicators that will let you know that your business is not doing as well as it should be. The franchisor also has a vested interest in your business doing well and will therefore assist you in any way possible to keep your business financially healthy.

  1. Marketing

Entrepreneurs either over-sell their brand, or don’t market it sufficiently. Most aren’t prepared for the amount of effort and time that goes into a good marketing strategy. The same amount of effort you would put into finances or production, needs to be put into your marketing. Compiling a marketing plan cannot be a hasty job. A lot of research and time needs to go into what your product is, what it can do for people, what makes it stand out, and which people would most benefit from it.

At the Soapbox Group we have spent a great deal of time and resources on developing a marketing strategy that produces quality leads and profitable business. The pooled marketing fund paid by all the franchisees also means that the franchisee gets much more for his/her marketing buck. The Soapbox Franchise package includes promotional stock and marketing material.

Furthermore, you will be incorporated into our national marketing strategy through our tried and tested methods and platforms, giving your franchise business maximum exposure!

  1. Sales

Many business owners believe that just because they have the entrepreneurial bug, then they are automatically good sales people. This isn’t always the case. There is more to sales than just making a sale. One must consider where it is their leads are coming from, how to gain new customers, ROI, or having a sales process in place. Many business owners can overcome their sales challenges by not trying to do it all by themselves. Calling in a bit of help on the sales side of things will save you a lot of money, confusion and disappointment.

As a Soapbox franchisee, you and your sales staff get trained in the best sales strategies and techniques, putting you on the path to success.

  1. Admin

Bet you were never prepared for the amount of admin that comes with running a business! When you are caught up in the bigger scheme of things, it is easy to forget the small details and the nitty-gritty behind the scenes. If neglected, admin tasks can cost you your business. Something as fundamental as filling in and presenting the necessary legal paperwork; tax admin; data management; returning phone calls can, if left undone, prove to be a major blow to your business. Organising and prioritizing the tasks ahead of you each day can stop you from falling behind on the admin work. If admin isn’t your thing, then calling in an extra pair of hands is the best solution.

As a franchisee, you will enjoy the benefit of your franchisor’s administration experience and systems, so you can hit the ground running!

So why not get yourself an up and running, safe and secure franchise business, today!

Click here if you are interested in receiving more information about becoming a Soapbox Group Franchisee.

You can also contact Mias at mias@soapboxpromo.co.za for more information about becoming a Soapbox Group Franchisee.

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