Starting a business can be one of the most rewarding experiences, but it’s also filled with struggles and learning opportunities. During the recent Business Forum hosted by the North Orange County Chamber of Commerce, a small business panel featuring Allison Ritto (Allison Goods), Hemani Bhardwaj (Speedy Digital Print), Jasmine Hernandez (Chicana Vegana), and Michael Williams (Williams Insurance) shared their journeys—the highs and the lows—of entrepreneurship. They highlighted the difficulties of both starting and maintaining a business, as well as some valuable lessons they learned along the way.
If you’re a small business owner, you’ll find these insights helpful as you navigate the challenges and opportunities of entrepreneurship.
The Struggles of Starting a Business
Financial Challenges
Getting a business off the ground often comes with one of the biggest hurdles—access to financing. Whether it’s securing loans, managing cash flow, or keeping enough runway to sustain operations, financial preparedness can make or break a new venture. Without a solid plan, many entrepreneurs find themselves in what’s called a JOB—”Just Over Broke.”
Finding the Right Space
Choosing the right space for your business involves more than just finding a convenient location. Affordability, lease agreements, and zoning regulations can all become potential obstacles. Space also needs to be scalable as your business grows.
Facing Fear
Stepping into the unknown takes a lot of belief and, as Michael Williams put it, “guts.” Fear of failure, fear of the unknown, and even fear of success can all paralyze us from taking action. Having a solid plan in place and seeking mentorship can help counteract these fears.
Consumer Changes and Adaptability
When promoting your offerings, remember to sell the results, not The ability to pivot and adjust to changes in consumer behavior is vital. With trends shifting more quickly than ever, being flexible and staying informed about what your customers need is key. Entrepreneurs who can adapt to changes without hesitation have a far better chance of long-term success.
Tax Education
Understanding the tax responsibilities that come with running a business is crucial. Without proper tax education, many small businesses find themselves blindsided by what they owe, potentially causing financial strain and setbacks.
The Setbacks of Maintaining a Business
Once a business is running, maintaining it presents a new set of obstacles.
Staffing Struggles
Attracting and keeping quality employees can be challenging, especially when competing with companies that can offer higher wages. Jasmine Hernandez highlighted the importance of using your small business to create a “family culture” to keep employees longer. Leveraging the flexibility that comes with being a small business owner—such as offering non-traditional benefits—can also help retain loyal team members.
Industry Knowledge and Market Changes
Business owners need to continuously learn about their industry and stay updated on market changes to remain competitive. Failure to adapt can lead to missed opportunities or even becoming obsolete.
Payroll and Steady Sales
Making payroll is a constant pressure for many business owners, particularly during months with fluctuating sales. Ensuring steady sales and consistent cash flow is essential for growth, but it requires a proactive approach to marketing and customer relationship management.
Delegation and Relinquishing Control
Delegation is often a struggle for entrepreneurs who are used to wearing all the hats. False economies arise when an owner tries to do everything themselves—using valuable time for tasks they’d eventually have to pay someone else for. Learning to trust and delegate can not only free up time but also allow for focusing on the bigger picture and growth.
Managing Increased Costs
Rising costs—whether it’s materials, rent, or employee benefits—affect every business. Preparing for these increases by budgeting and planning for the future can keep a business on solid ground, even when external costs rise.
Financing Tips: Get Ready for Growth
Access to financing is a recurring theme in the life of an entrepreneur. It’s crucial to ensure your business is ready when the opportunity for a loan or line of credit arises.
- Prepare Your Business Financially: Make sure your financial documents are in order and that you understand what banks are looking for when lending money.
- Organize Your Budget: Properly organizing your budget helps make the most out of your income. Allocate money for growth, taxes, and emergencies to keep your business sustainable.
- Make Your Money Work for You: Look into ways to make your money work more efficiently—whether that’s through investing, saving on expenses, or creating passive income streams.
Guts, Culture, and Planning for the Future
Michael Williams summed it up perfectly: “It takes a lot of belief and guts” to get a business off the ground. And once you’re past the starting phase, it takes even more guts to keep going, to face challenges, and to make difficult decisions. Creating a strong culture, budgeting wisely, and being adaptable are keys to staying afloat and thriving.
Jasmine Hernandez added the importance of culture—using the small, family-like atmosphere of a small business to foster loyalty among employees. This can help businesses retain talent, despite limitations in what they can offer compared to larger companies.
One crucial point the panel emphasized was planning for future growth. A business without a plan is like a boat without a rudder. Having a clear business plan helps you budget effectively, secure financing, and scale sustainably. If you’re ready to take the next step in planning for 2025, consider attending my upcoming strategic planning workshop for small business owners. We’ll explore creating actionable strategies to ensure your business thrives in the coming year and beyond.
In the end, it all comes back to taking care of yourself. Your business shouldn’t be just another job. It should be a vehicle for financial freedom, personal fulfillment, and long-term sustainability. Let’s make sure you’re ready for what comes next—both the challenges and the wins.
Get in touch if you’re ready to take your business to the next level!
– Maria Medina
