How local entrepreneurs are overcoming common challenges
Starting and growing a small business is a journey full of challenges and triumphs. Three experienced local business owners and advisors shared their experiences as well as encouragement for other entrepreneurs who need it along the way. Special thanks to: Matthew Sinosky of Innovative Extracts LLC, Mona Shaw of The Union Hotel, and Jeff Boldizar of Saint Francis University Small Business Development Center (SBDC). Here are the top struggles and words of wisdom they shared.
1. Funds and finances
It’s important to be financially prepared and have a plan for managing your cash flow.. “I think most entrepreneurs underestimate the capital necessary to launch a business,” Sinosky said. “Undercapitalization will kill a startup quickly! There are so many costs associated with running a business that almost no one considers them all. It is so important to have your head wrapped around your costs and be a master at managing cash flow.”
“Focusing on money remains a priority. No matter how we plan, it often feels like we need more than we earn,” Shaw added.
Startup Alleghenies coaches help to provide financial planning and connect startups with resources to make securing funding more manageable.
Matthew Sinosky of Innovative Extracts LLC
2. Administrative overload
Entrepreneurs often find themselves overwhelmed with day-to-day administrative tasks. “Running a business becomes less about doing what you’re passionate about and more about managing various aspects, from HR to finances,” Sinosky shared. “This holds true for every business.”
“You have a mix of both skills as a successful small business owner—working in the business and on the business,” Boldizar said. “You have to make it a priority and a commitment.”
Startup Alleghenies offers support and webinars for learning additional skillsets necessary to run your business.
3. Marketing needs
Marketing is key to attracting customers, and it’s a never-ending job that often pays off over time. . “Even with a significant marketing push, the return on investment may not be substantial,” Shaw said. “Staying current with social media platforms can be time-consuming.”
“You have to try different things and see what works,” she continued. “Word of mouth remains our best method of advertising.”
“Small business owners should consistently post on social media,” Boldizar said. “You must stay current in your industry and market. Talk with other business owners, seek support from business networks like the chamber of commerce to share strategies and insights.”
In addition to marketing recommendations from a coach, Startup Alleghenies offers bootcamps for entrepreneurs and even posts them online for future use.
4. Staffing struggles
Hiring the right team is crucial and it’s important to invest time in hiring and retaining talent.. “Staffing and keeping employees motivated can be a constant challenge,” Shaw noted. “Discovering the ‘thing’ to keep each personality motivated and loyal changes constantly and with each individual.”
Outsourcing may be a great option to supplement staffing needs in some situations. According to Forbes, freelancers, contractors or specialized agencies bring knowledge without the expense of hiring employees.
Mona Shaw of The Union Hotel
5. Work-life balance
Business demands can leave little time for work-life balance, leading to stress and burnout. “The to-do list is never-ending, and if you can’t figure out how to turn it off, you will crash and burn,” Shaw shared.
“Schedule time for exercise or even a massage. I am a spiritual person and practice meditation and a lot of positive self-talk and gratitude,” she encouraged.
This article offers more tips.
The entrepreneurship journey is filled with challenges, but with the right mindset and strategies, small business owners can achieve the success and unique fulfillment this path offers.. These insights from experienced entrepreneurs and advisors offer valuable lessons for aspiring and established business owners.
Startup Alleghenies is here to help entrepreneurs succeed. Contact us today to meet your coach.
Startup Alleghenies helps startup and emerging small businesses succeed by providing free coaching to entrepreneurs in Bedford, Blair, Cambria, Fulton, Huntingdon and Somerset counties. To access personal, one-on-one support from a coach in your county, including guidance, resources, tools and networking opportunities, sign up at startupalleghenies.com.
