The Scariest Things for Small Business Owners

In the spirit of the season, we’re exploring the scariest things small business owners may experience.  As of being a small business owner isn’t hard enough, it’s likely that you’ll encounter one or more of the below items we list that may be a recurring nightmare for anyone trying to run a small business successfully. Check over our list and see if you agree!

 

1. Taxes, whether increased or found to be incorrect.

Potential Solution: Hire a CPA to manage your records and complete your taxes on a regular basis.

 

2. Losing your business address or having to relocate.

Potential Solution: Utilize a third party, such as Denver Virtual Offices, to keep your business address and your home address separate.

 

3. Having a trusted employee leave the business.

 

Potential Solution: There’s often no way to prevent this other than maintaining the best relationship you can with coworkers/employees. But even when it happens to the best of us, have a strategy plan in place for how to hire and with what method that best works for you (in-person, through a service, etc.).

 

4. New or existing competitors.

 

Potential Solution: Again, this can happen to the best of us and is beyond our control, but doing your homework ahead of time to scope out the climate for your field, as well as providing the best service you can offer and listening to clients and customers to fulfill their needs can help you stake a name for yourself as the best in the business to keep your company staying strong in the toughest of times.

 

5. What happens to your business when you retire.

Potential Solution: Plan ahead as best as possible.  Map out exactly when you want to retire, and hire quality staff and management along the way as you get closer. This way, by the time you’re ready, you’re surrounded with trustworthy people you know will know how to go a good job and keep your business afloat.

What’s scary to you as a small business owner? Let us know if we missed anything that keeps you up at night.

Also, check out the following infographic from SurePayroll below for statistics on the scariest things small business owners may need to face in their time.

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