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Overcoming Microbusiness Challenges



overcoming microbusiness challenges

According to the latest research from the GoDaddy Venture Forward initiative, these are the biggest microbusiness challenges:


  • 39% struggle with marketing their business online (social media, ads, promotions, etc.).

  • 22% face difficulty accessing financial capital.

  • 21% report challenges with traditional media marketing (print, radio, TV, etc.).

  • 18% have trouble getting their business website online effectively.

  • 15% cite taxes as a significant burden.

  • 14% experience difficulty finding employees, independent contractors, or consultants with necessary skills.

  • 12% need support with networking with other business owners.

  • 12% face issues related to licensing and permits.

  • 11% struggle to find affordable space.

  • 10% are concerned about rising costs of wages and materials.


When you look at the variety of challenges microbusiness owners face, it is quite apparent how difficult it is to navigate all these challenges alone. The inability to overcome any of these challenges could cause a business to fail or never start at all.

 

We can help microbusiness owners launch and grow successfully by pointing them toward resources to help them overcome these challenges. These resources exist within your local microbusiness ecosystem.

 

Identifying Your Microbusiness Ecosystem Assets

In the last SmartStart Micro-Catalyst newsletter, we explored how to identify the microbusiness ecosystem assets in your community. (If you didn’t get the SmartStart Microbusiness Ecosystem Map, download it for free HERE.)

 

But once you’ve identified your ecosystem assets, what comes next and how can you activate them to fill the needs of microbusinesses?


Start With The Data


This research from GoDaddy is an excellent guide for determining the first steps of serving your microbusiness owners. It highlights the most pressing challenges, giving you a roadmap for action. Your next steps are to identify resource providers in your ecosystem who can help address these challenges and make it easy for microbusiness owners to find and access these providers.

 

Action Plan to Activate Your Ecosystem Resource Providers


1. Create a List of Resource Providers

  • Group the challenges microbusinesses face into the categories identified in the research:

    • Marketing

    • Access to capital

    • Taxes and accounting

    • Finding resource providers, contractors, and employees

    • Regulatory assistance

  • Identify resource providers in your ecosystem who can help with these areas, such as accountants, attorneys, insurance agents, marketing professionals, lenders, and others.

  • Vetting is key: Not all resource providers serve microbusinesses. Ensure they have experience working with small, budget-conscious businesses before adding them to your list.

  • Compile a vetted list of providers and make it easily accessible to business owners when they need help.


2. Organize Workshops

  • While vetting resource providers, ask if they’d be willing to lead a workshop or webinar for microbusiness owners. Workshops are a low-cost way to provide valuable knowledge to microbusiness owners while connecting them to local experts.

  • These sessions can educate entrepreneurs on critical topics like:

    • How to create a digital marketing plan.

    • Navigating business taxes.

    • Hiring and managing contractors.

    • Licensing and regulatory compliance.


3. Host Networking Events

  • Organize regular networking events where microbusiness owners can meet and interact with resource providers and fellow entrepreneurs.

  • Networking builds relationships, fosters collaboration, and creates a supportive community that microbusinesses can lean on as they grow.


Making an Impact


These can be your first steps in creating a stronger support system for microbusinesses in your community. Helping microbusiness owners overcome these challenges will not only set them up for success but also contribute to the vitality and growth of your local economy.

 

Remember, the ecosystem is already there. Your role is to activate it, connect the dots, and make resources accessible. Start with small steps—a single workshop or networking event can make a big difference. Over time, these efforts will help microbusinesses thrive and solidify your community as a hub for entrepreneurial success.


 

✨Get more microbusiness development and support info in your inbox each Thursday by subscribing to the SmartStart Micro-Catalyst newsletter!

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