Small business face many problems within their starting years. There are six specific problems and solutions that are covered. The first challenge illustrated is that of locating your consumer; the solution, to create profiles of perspective consumers. Another issue many small businesses face is that of finding well-suited and efficacious employees. The solution provided is to hire with specific candidate personalities in mind and to spend time making sure the right employees are hired. For more challenges and solutions commonly faced by small businesses, please visit the full article.
Key Takeaways:
- In the first few years of business, small companies come up against a lot of different challenges. Some are harder than others to overcome — and according to the U.S. Bureau of Labor Statistics, about 20% of small businesses fail by the end of their first year.
- With survival rates like that, it’s easy to understand why folks face the first few years of business with trepidation.
- Many times, you’ll find you need to take a step back, take the time to understand the pain points you’re feeling, and re-think your strategy.
“According to the U.S. Bureau of Labor Statistics, about 20% of small businesses fail by the end of their first year.”
https://blog.hubspot.com/marketing/small-business-challenges
