As an entrepreneur, you have no other choice but to learn how to deal with small business uncertainty.
Because being comfortable with risk-taking is what sets the entrepreneur apart from the ordinary man in the street.
Self-employment or entrepreneurship (or whatever you may decide to call the situation where you have chosen to become the sole person in charge of your work life) is a terribly uncertain territory.
There is no knowing how your customers will patronize your product the next day so you can’t be sure about the figures.
For the majority of us small business operators, the best we end up doing most of the time is to guess, strategize and hope for the best.
No wonder, in spite of the freedom factor we are quick to sing loudly to others, self-employed persons remain one of the most stressed and anxious species in today’s world of work.
Happily, it is this cloud of uncertainty always hanging over our heads that fuels our entrepreneurial spirit.
It re-energizes every serious small business owner to do more and be more creative so as to maintain some control over the direction of the enterprise.
Are you a home business owner still struggling with some of these small business challenges?
Perhaps as a 9 to 5 employee, you have, of late, been thinking of starting a side hustle to bring some extra income into your home.
Then you need to start thinking of how to deal with small business uncertainty. Because it is more or less part of the way of life in this area.
I am recommending to you three creative killer strategies I personally have been implementing to control the uncertainties associated with running my small home business .
1. Build your future on high ground.
While you’re in the process of planning for your business, take into consideration the likelihood of things going completely wrong.
Call it your Plan B, if you may.
This does not in any way mean that you lack confidence in your own business. Instead, it means you’re wise enough to be willing to get realistic and pragmatic at the same time about your goals.
When you learn how to jump before being pushed by circumstances outside of your control, chances are that you’ll survive any mishap.
This is your best bet to continue moving forward even after an initial failure.
2. Diversify your product base.
Granted, you must not spread your resources too thin by chasing too many dreams at the same time. But you need to guard against the occasional downturn associated with every commercial product or service.
Create a system within which you are able to produce and sell a variety of goods or services to your customers.
Some call it non-competing multiple streams of income. There is more to learn about multiple streams of income here.
This way, in the event of one product suffering a setback, you can rely on the others to keep the business and your life going.
3. Avoid an extravagant lifestyle.
When business is booming, do not fall for the temptation to spend lavishly just to let others know that you too have become prosperous.
The plain truth is that in entrepreneurship no one ever arrives. Self-employment is a lifelong journey.
All we can do to enjoy the ride is to reward our efforts in reasonable ways once in a while.
So my sisterly advice to you is this: Guard against any tendency toward extravagance and always store your reserves for a rainy day.
Do you own a small business? What are some of the challenges you have been grappling with of late? Let me know in a comment below.