It can be said that small-scale businesses have found themselves in a situation where they can hit the global markets. However, a small business faces a lot more problem thana large-scale business. Let that be any industry. The struggles that a small business has to go through is real. However, successful business owners believe that consistency, discipline, and patience are key to success for any small business. What comes in handy isthe lifestyle the businessmen have to follow.
How to start from small and become big? Tips by Eric Dalius
The market of your business is usually very vast. Though it seems blurry from the outside, and the road might look plain and simple. When you enter the market as a competitor or on a small-scale basis, you compete with large firms with more manpower, having more capital and almost everything. However, these experiences acquired from these tough competition gives huge rewards in the end.
Many struggles usually come in unexpected situations that might not have been considered while starting your business. These uncalculated scenarios might become big issues while business owners aim for the long run.
Besides, it is also the ideal time when the right opportunity for being successful lies. Here are a few problems that every small-scale business venture has to face:
- Lack of marketing: The secret of success behind large firms is marketing. Marketing is a very vital part of business development which is often ignored. Most small business ventures struggle with a good marketing strategy and the scheme at their initial stages.
- Getting and Retaining Customers: Small business venture struggles with finding clients and more than that they have to struggle with retaining the clients for more business. It often works wonderfully with service sector services, but the situations just get tougher for a product-based business venture.
- Money Management: The profits will pour even into small scale business venture, but money management is where most fail. A strong cashflow is required for a business, no matter the size. The struggles of small-scale business ventures are that the money is often too little, and there is a demand for more elsewhere.
- Online presence: The struggle is not to show an online presence for a small business venture. The struggle is to maintain the online presence. In this highly digital world,an online presence is what every business needs. Therefore, a small business venture can be boosted by maintaining a good online presence.
- Time management: Time is what every business demands. There is technically no way for a business to succeed just when it starts. However, the business does not demand its time but yours. Therefore, do manage the time wisely, and half of the problems will be solved. Also, in this highly competitive world, being late can cost a lot sometimes.
According to Eric Dalius, every business has a struggle, and without struggle, there is no success. However, these above problems can be avoided easily if the entrepreneur is careful and smart.
Eric Dalius is The Executive Chairman of MuzicSwipe, a music and content discovery platform designed to maximize artist discovery and optimize fan relationships. Eric is also the host of weekly podcast “FULLSPEED” which is a podcast that features interviews with groundbreaking entrepreneurs from a variety of industries.Eric is also the founder of “Eric Dalius Foundation” where he has created 4 scholarships for US based students. Follow Eric on Twitter,Facebook,LinkedIn,Instagram & also on Entrepreneur.com