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Starting a small business is the new trend of today. But is it for everyone? As Shakespeare wrote, “Everything that glitters is not Gold.” Everything that meets the eye might not be as flawless as we think. The same goes for small businesses in India. While small business owners seem to be making good money and gaining popularity, they have their fair share of hardships. Starting any new business is a challenging task, as it involves a lot of hard work, dedication, and perseverance. There are many challenges that small business owners and entrepreneurs face when starting something new.
Some of the many challenges go unnoticed by the public and customers, while owners must go through them. The underrated struggles of small business owners often go unseen. And it’s time to recognize and appreciate the efforts put in by the owners to overcome those hurdles. Especially in a highly-populated country like India, it is tough to make your work stand out.
As we already mentioned how owning a small business is becoming a trend. We can determine the increase in the number of people wanting to establish their businesses. Other small businesses, established companies, and giant corporations are also a part of the competition. This competition can be challenging for small business owners, who need more resources to compete with prominent players. Nonetheless, the owners go through a rough period to make their businesses recognizable.
Access to capital is a significant struggle for small business owners in India. Small business owners are generally young kids or teenagers who need more funds for their ideas. They often face difficulty securing loans from banks due to strict eligibility criteria and documentation required. And registering the company can be lengthy, tiring, and costly. The lack of funding can affect various business procedures and ultimately limit the growth of the business.
We have already mentioned how banks make life difficult for small business owners in India. They also have no support from the Indian Government. Government policies and regulations can be complicated and often do not support small business owners. Moreover, they have to deal with bureaucratic red tape, which can make it unpleasant to start and grow a business. GST rules and procedures are another headaches for small business owners. Limited financial access, high taxes, regulatory burden, and limited infrastructure can trouble a small business owner in India.
Small business owners in India also need help finding skilled workers. Many people do not want to work for a small business as it isn’t a secure government job with guaranteed merits. Another problem is that the Indian education system does not provide the necessary skills that small business owners need. Ultimately, they are burdened with the workload or must spend time and money training their employees. It results in lower productivity, which can bring the business to a loss.
Small businesses must market and promote their products and services to attract customers. But it is more challenging than it sounds. It requires developing a marketing plan, creating a brand image, and using various marketing channels such as social media, email marketing, and advertising. All of these needs advanced technology and small business owners are unlikely to have their hands on it. Nonetheless, third-party marketing, advertising, and promotion is a costly ask for small business owners.
Technology affects small businesses’ marketing and promotion, and keeping up with the trends is an essential ask today. Technology changes rapidly, and small business owners need help to keep up with the latest technology. It can put them at a disadvantage when competing with larger companies. Technology helps increase efficiency, communication, and flexibility within a business – everything a small business needs.
Many other factors contribute to the struggles of small business owners, such as finding a suitable office location, raw materials, project planning, etc. A little hand of help in difficult times can mean a lot. Therefore, Jaldee Business developed multiple services and solutions, such as lending CRM and branded apps, to help small business owners.