Top 3 Challenges for Small Business Owners | Business Tips

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Running a business is tough! If it was easy, everyone would probably be doing it. There are several challenges involved in being an entrepreneur, but today we cover the 3 top challenges for every small business owner and provide you with business tips to improve your marketing.

00:00 We hear from small business owners every day and they always have problems. What do you identify as kind of the main problems people have in marketing?

00:17 Doesn't matter where you live, doesn't matter if you're in the northeast or southeast, wherever you are in the country, and really in the world as small business owners, it comes down to us being human beings and sharing some of the same pain points. Number one is that we only have 24 hours in a day. No one has 25 or more, so that limited time really does play into running your business, but also marketing your business. Hey, I've got to do bill collecting. I have to do my bookkeeping. I have to manage my accounts. I have to manage my clients. I have to manage my staff. I have to make sure everything's paid up and you have a family. Don't even forget the family. You can't forget the family, right? You're right. You got to because you have to. Either you have a family or you have a lifestyle that you want to maintain.

01:03 Those are big things that that's why you're doing all this work. That's why you're working so hard, so how do you maintain a quality of life on top of that? Oh, within 24 hours plus you're supposed to be getting anywhere from six to nine hours of sleep. Most people are getting four or five. It's very difficult. So number one is time. That's a huge pain point for a lot of small business owners. Number two, how do I get my business out there? So right now I'm working with a client that has a med spa and at the med spa she's doing botox injections and Dermafill and all those types of things. That's a very niche market, right? You're not going to have everybody coming in and saying, "Oh yeah, shoot me up, I want botox!" But what she's seeing is, listen, my goal is to get 20 clients a month.

01:45 Right now she's at five. How does she get the word out there and how does she reach those people that want to work with her? It's all about, again, I harp on this knowing your audience, knowing where to find them, where to, how to connect with them and ultimately how to get them through your threshold or on your site to make an appointment, and so part of marketing is creating that experience, that seamless user experience so that some of that needs botox, someone that needs microdermabrasion, someone that needs the Dermafill, they can find that that client or that business owner and they can come in and use their services. Needless to say, number two is knowing your audience. People don't know their audience and if they don't know their audience, they don't know how to connect with them and where to communicate. Number three is knowing your budget, so if you don't know your budget and you go in blindly to.

02:37 Let's say you talk to a marketing person, right? A consultant, an agency, and you're saying, I want these, this many clients. I want to have 200 clients this month and I want to grow by 50 percent month over month. That's really nice, but how much money do you have to put into that marketing budget? And are those realistic goals? So you want to think about smart goals, are they specific, measurable, they attainable, are they relevant to your business? And are they time sensitive? So number three is knowing your budget and making sure that your goals and your objectives for your business and your marketing are in line with your budget.

What's the most important tactic of marketing? Watch this video to see: https://www.youtube.com/watch?v=LLvdEB4eX2A

Learn more about Bryan Caplan Marketing at https://www.bryancaplan.com.

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