4 Obstacles You Might Encounter When Starting a Small Business

These are common challenges, but you can overcome them.

Starting your own business can be a very rewarding prospect. But it may take some time until you're able to truly reap those rewards.

In fact, a lot of small business owners struggle during the early stages of their ventures. Here are a few obstacles you might face -- and how to cope with them.

1. Not being able to get funding

You may need to take out a small business loan to get your business going. But what if you keep getting denied? It's not such an uncommon problem, but you may need to get creative when it comes to securing financing. That could mean applying for a personal loan or home equity loan if a small business loan doesn't seem to be in the cards for you.

2. Struggling to hire staff

"No one wants to work anymore" is a common mantra among small business owners today. But the reality is that people do want to work, and they need to work -- they just want to be paid a reasonable wage for their labor.

You may have a difficult time hiring staff if you're only willing to pay low wages. So rather than stick to that plan, research wage data in your area to land on a number that's respectable for workers and affordable for you. (It may not hurt to actually ask local business owners how much they pay their staff.)

At the same time, don't underestimate the power of flexible scheduling and benefits. You may find that workers are willing to accept a lower wage if you offer up the option to do some work remotely, or to set their own hours to better accommodate their childcare needs.

3. Not generating a profit right away

It's often the case that small businesses don't actually make money until they've been operational for months -- sometimes longer. Try not to let that lack of revenue get you down.

At the same time, though, you still need to eat, so make sure you have a means of paying your bills to account for that absent revenue. Having a fully loaded savings account is a smart thing to do when you're in the process of building your brand and acquiring a loyal customer base.

4. Finding time for your yourself

Small business owners tend to wear lots of hats. And while you might enjoy overseeing different aspects of your business, you may also find that you're perpetually pressed for time because, well, you're doing everything.

That's why it's so important to set boundaries early on. The last thing you want to do is commit to working every waking second of the day and burn out. Make a schedule and hire added staff if needed to help ensure that you're able to function -- and tear yourself away from your desk when you need to.

Starting a small business is definitely not a painless thing. And you may find that it's more difficult than you expected. But if you're aware of the challenges small business owners tend to face, you can find ways to deal with them and power through.