Small businesses have an uphill battle, especially if they’re in a saturated field. Investopedia mentions that only a quarter of all companies make it beyond 15 years. However, if a business is built on solid principles, it can stand the test of time and come out stronger than it initially began. The only way a company gets to that point is by climbing over the hurdles that life throws in the owner’s way. Solo brands—brands run by a single person—tend to have the most challenging battles but the sweetest rewards. Anil Dobani (@anilthejeweler) is one such entrepreneur who seems to have it all figured out. Here, he discusses what he considers the most significant challenges to running a business as a solo entrepreneur.
Choosing a Platform to Market On
Anil’s chosen marketing platform is Instagram, where he’s found roaring success. Thanks to his efforts, he’s managed to amass 28,000 followers, including a few celebrities from the NFL and NBA. Instagram has been good to Anil the Jeweler because he took the time to research his core demographic and connect with them on a personal level. As Zoho notes, personalized social media marketing content is far more relevant to the demographic it’s aimed at. Through his customized marketing approach, he developed long-standing relationships with his customers, which translated to more business traffic from the platform. Knowing his audience and their likes helped Anil turn his brand into a well-known social media store for jewelry.
One of the biggest hurdles businesses have to face is dealing with logistics. Anything from shipping to manufacturing depends on a proper supply chain. Anil has developed a series of suppliers that he can rely on to offer high-quality products done to specifications. Since he puts customer satisfaction above all else, he ensures that the products his consumers get are exactly what they ordered from him. However, locating both dependable and affordable manufacturers can be difficult, especially in the jewelry business. Between raw material suppliers and manufacturers for bespoke pieces, he had a real struggle securing professionals to work with.
Knowing Who to Trust
The downside of owning a business is that one’s close friends and relatives immediately believe that they have a lot of money. Anil faced severe trust issues at the start of his business, and those forced him to rethink how he sees both business partners and those close to him. Larger businesses have a similar problem, but sole owners face the most challenging task of separating their personal lives from the company. Finding that balance remains a struggle, but it’s one that a skilled entrepreneur learns how to handle early on. Without that balance, they could be risking their health for the business’s success.
The Light At The End of the Tunnel
Small businesses are on the rise. With the significant impact of the pandemic, more and more individuals realize how easy it is to become their own bosses. Instagram and other social media sites are seeing a renaissance as users flock there to establish their own brands. Starting a business doesn’t guarantee success, and there will be many challenges ahead, especially for the sole owner. Knowing the challenges before you have to face them gives you an advantage for dealing with them. It’s better to be forewarned than have these issues sneak up on you.