Believe it or not but taking ‘the leap’ to start a business and receiving adequate business funding for the same is the least of the problems for an entrepreneur. Entrepreneurship is treacherous ground. But while you need to be prepared to take risks, it helps to tackle your fears proactively.
Read on as we address the 5 common fears that business owners face:
#1 Controlling cash flow Having no safety net gives a lot of business owners sleepless nights. To maintain a healthy business, it is imperative to maintain a positive cash flow that can pay salaries and buy raw materials for further production.
Some factors that can help in controlling cash flow are – selling unnecessary equipment, separating business and personal finances, focussing on profit-making, clearing debts on time, maintaining financial records, maintaining a business emergency fund, ensuring swift pay collections and working towards newer leads for increased revenue.
#2 Raising capital Capital is one of the biggest concerns most entrepreneurs have. Securing a reliable revenue stream for business funding, through banks or alternative lenders, helps business owners run their operations smoothly. While banks offer best interest rates but are strict with their procedures and take time, alternative financing options provide unquestioned, swift loans but at higher rates.
Raising capital can help SME India meet its financial needs.
#3 Hiring qualified employees A good business cannot run without a great support team. But attracting qualified employees to a relatively new set-up can be quite a task due to the career risk involved. Genuine referrals, better interview processes, identifying inactive job seekers, offering beneficial perks and training, and promoting employees internally can help your organization acquire a set of workers who understand your company’s principles and share your passion to grow.
#4 Complying with government regulations It is important for SME India to comply with applicable law and regulations.
These laws and regulations include licensing and registration of the business name, workers compensation, unemployment compensation and permission to do business in a form other than a sole proprietorship. To ensure that you have a smooth journey as a new business owner your business must follow the letter of the law.
Since so many regulations can be overwhelming, it is always advisable to share compliance-related advice with other businessmen in the industry.
#5 Preventing cyber security attacks While technology can be a blessing for the society, there is an ugly side to it as well that most business owners need to be careful about.
Despite spending hard earned money on cybersecurity, many businesses fall prey to cyber crimes and end up losing valuable data and money.
Keeping backup files, updating systems regularly, choosing a good service provider, paying for tools, preventing IT emergencies and discouraging employees to get their own under-protected systems are just some means to adopt that can help prevent cyber security attacks.
Yes, anxiety and business go hand in hand. Look for solutions to knock over your fears and take entrepreneurship in your stride!