03/29/18

3 Battles Mom and Pop Businesses Can Win

Mom and pop business owners are some of the toughest around. They are a crucial part of the American economy and create about 57 percent of our GDP. If you’re a mom and pop business owner, you know all too well the obstacles you face that are less challenging for bigger businesses with more resources; yet you find ways to leverage your strengths every day to continue making big contributions.

In honor of National Mom and Pop Business Owners Day today, we’re celebrating the mom and pop operations across the country and the creative ways you tackle the challenges of operating small enterprises.

Winning the Traffic Battle

dad arm wrestling his son

Owning a business can feel like going to battle at times. Against your own misgivings and against the naysayers. But also against competitors and the conglomerates. Small business owners grapple every day to attract traffic. Companies like Amazon, Costco, and Walmart seem to carry every product imaginable at the lowest prices possible. In order to succeed, you have to clear the hurdle of step one: putting your name out there and getting people through the door.

Mom and pop business owners know more than ever that if people can’t find you, they won’t buy from you or use your services. You also know that it’s easier than ever to make your “door” accessible online. Your business, no matter how small, should have a blog, an ever-expanding social media presence, and the ability to maximize marketing efforts on a shoestring budget. In the digital age, finding creative ways to attract customers online is the key to making business dreams into business realities.

Revolutionizing the Cash Flow Battle

Small business owners are big-picture thinkers. You are eager to grow profits, share your ideas, and build something that is going to last. The problem is that life happens: sales slow down, equipment breaks, or customers don’t pay on time. Sometimes positive, yet unexpected things happen such as huge orders coming in or growth demands such as needing to add more staff or more space right away. Unfortunately, it has become incredibly difficult in recent years for business owners to get the cash they need from traditional lenders. SBA and traditional bank loans require a long, arduous application process.

teens lighting a flare in the desert

You may spend months waiting for loan approvals, only to find out that you didn’t qualify. Angered by the broken American financing system and impassioned to be part of a positive change, revolutionary small business owners have turned to online lenders and platforms to find quality loan products fast.

As a mom and pop business owner looking to make the most of the resources you have, you should be focused on improving invoicing processes and incentivizing clients to pay early in order to help curb common cash flow woes. But the ability to get the funding you need in less than a week is a big win when it comes to heading off a cash flow crisis before it becomes too much for your business to bear.

Enduring the Burnout Battle

No one succeeds as a business owner overnight. The winners aren’t made with lucky breaks and easy gains. They’re molded by late nights that bleed into the next workday, missed family outings, vacations that are never taken, closed doors, and unanswered phones. You grind away at an idea—a dream—that you’re determined to bring to life; and sometimes you simply burn out.

As the owner of a small business, it’s vital to take time to rest and rejuvenate, make a serious evaluation of your work-life balance, and recognize that the most successful mom and pop business owners have made balance a key ingredient in overcoming the daily grind and staying passionate.

Show Some Support

Whether it’s National Mom and Pop Business Owners Day, Small Business Saturday, or any day of the year, we can all be part of the success of small businesses in our communities and nationwide. Get out there and support a privately-owned business in your area or a favorite small online retailer, and you’ll be aiding some of the hardest working people on the planet.

It takes a little cash to change the world.

So what are you waiting for?

About the author

Chris Glenn
Chris Glenn
Chris is part of Lendio's PR team and a student at Brigham Young University. As a former small business owner, he understands how tough the entrepreneurial life can be. Chris researches how tech can help entrepreneurs succeed with everything from bookkeeping to financing. When he's not in class or at the office, Chris can be found breaking ankles on the basketball court or shredding The Greatest Snow on Earth.

Comments

  1. Such a great blog post Chris! I love when you reminded small business owners their need for, “…improving invoicing processes and incentivizing clients to pay early…” Low cash-flows limit growth, and as you mentioned, these hard-working individuals can burn out if they don’t find the necessary funding quickly enough. Looking forward to your next post, thanks!

  2. The city is not now informing owners and tenant of buildings that MAY be at risk. That is likely why so few people show up to discuss the options for paying for earthquake fixes. The city”s argument: It doesn”t want to alarm owners and tenants whose buildings ultimately might be found to not be at risk. Very logical, except: Once the city decides who pays and how, it actually WILL notify the owners of all those buildings. Should they be “alarmed now while the process for deciding who pays and how is being debated? Or should they be “alarmed later, after the payment plan has been set and they won”t have a say in it?

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