4 Unexpected Challenges of Running a Business

Starting a business automatically brings with it the biggest risk/reward ratio you’ll likely ever face in your lifetime. While there are many benefits of owning your own business, such as the freedom and autonomy to complete tasks as you see fit, there are also many unexpected challenges entrepreneurs face, such as lack of motivation and adapting to sudden shifts in the market. Business lawyers in Melbourne not only help business owners navigate complex legal issues, but also often guide entrepreneurs on how to avoid burnout as well as point them to resources that can help them grow their enterprise sustainably. This article will go over these as well as other unexpected challenges of running a business and how a business lawyer can help business owners to overcome these obstacles.

Sudden Changes in the Economy

Even if you have the best business plan and the most accurate cash flow forecasting, there’s very little you can do to prepare yourself and your business for the sudden and abrupt shifts that happen in the economy in response to world events. Business owners are often blindsided by turbulent periods in the economy, and unfortunately, failing to prepare for and quickly adapt to these times usually results in the demise of the business. Whether you’re already successfully trading under your business or you’re thinking of starting a business, you should be wary of the effect a sudden change in the economy could have on your business and plan for what you could do to mitigate these effects.

Lack of Motivation

While business owners can hire employees to delegate tasks to, a substantial amount of work and responsibility will rest solely on the shoulders of the business owner themselves. Another unexpected problem many entrepreneurs run into is the lack of motivation that arises from feelings of isolation as well as the lack of recreational time due to the demands of the business. Often business owners who are in a rut will turn to business lawyers in Melbourne for advice as well as coaching and resources that can help them overcome periods where they feel unmotivated or disinterested in their business.

Departure of Key Team Members

Sometimes a business owner doesn’t realise just how critical some team members are to the success of their business until they exit the business. This can be especially problematic for business owners when the team member who leaves is one of the very few in their industry who can perform their job to the standard necessary for the business’s product to remain viable. When starting a business, business owners often overlook or fail to plan for the consequences of a key team member departing the business. The simplest solution is for the business owner to learn the skills needed themselves before the key team member departs, ensuring they can perform the tasks themselves until another suitable team member is hired.

Stolen Intellectual Property

A business owner’s assets aren’t only made up of tangible objects. Assets such as a company logo, name and proprietary software are all categorised as intellectual property. While the issue of intellectual property can cross over into the area of property law, business lawyers in Melbourne can also assist business owners in navigating this complex area of business.

Understanding and protecting intellectual property should be taken as seriously as ensuring the security of physical goods and spaces that belong to a business. Failure to do so can result in your intellectual property and original ideas being stolen and used by another entity to generate profit for a competing business.