Being one’s own boss can be exhilarating considering the level of independence there will be to enjoy. However, being a self-employed small business owner like a truck owner-operator does present a set of unique challenges. Doing business can be challenging for many reasons. Doing business on your own will be even more challenging. Success depends on how independent owners overcome these challenges. It’s not impossible, as you can read below:
Prioritize Managing Finances Properly
The biggest challenge many self-employed small business owners face is managing finances. Namely, it can be genuinely tough to keep business and personal finances separate. For example, say you are driving and pull over to refill the gas tank and go to the station store to get yourself chewing gum. You pay for both purchases using a single bank account. Now the personal expense, buying a stick of gum, is mixed up with the business expense, the fuel.
Small business owners must strictly keep all business finances separate from personal ones. Even a fifty-cent stick of gum adds toward expenditures of your truck operation and will be reflected in the overall profitability of the small business. You won’t be able to calculate the real profits of your operation if you keep mixing up personal and business expenses. Therefore, use separate bank accounts and manage the business budget properly.
Learn to Become More Personally Efficient
Conventional businesses put a lot of effort into ensuring that workplaces are optimally productive and efficient. Small business owners who are self-employed should focus on becoming more personally efficient. Time waste and low productivity levels are the greatest enemies of business success. The challenges you face will be too overwhelming if you don’t learn to get things done without wasting time. Bill Busbice, as a veteran entrepreneur, recommends using tech tools, an app like HWY Pro, for example, to improve individual efficiency levels.
Find Ways to Stay Inspired
If you are uninspired and unmotivated, running a small business in itself can become a chore. Get yourself in the right mindset to solve problems by staying inspired. You can read books by business leaders or watch videos of motivational speeches to find your entrepreneurial spirit. Just don’t let your drive fizzle out. When you are inspired, you will naturally be able to find suitable answers to complex problems that tend to pop-up when running an independent business.
Talk to Peers and Confidantes
No one finds business success alone. Therefore, networking and staying in touch with businesspeople you can trust is important. There’s comfort in numbers. Truck owner-operators can stay in touch with other independent drivers to stay up-to-date on what’s going on in the sector. If a problem comes up, these other drivers will be valuable sources of information for overcoming the challenge at hand.
Finally, the best way to overcome the challenges of being self-employed is to anticipate challenges in the future. You won’t be able to determine the nature of these challenges, but do keep in mind that they will be coming. Mentally prepare yourself to face tough times and increase your resilience threshold. Then you will be able to overcome just about anything.