Business plans are like road maps: it’s possible to travel without one, but that will only increase the odds of getting lost along the way. Owners with a Business Plan see growth 30% faster than those without one, and 71% of the fast-growing companies have Business Plans. A well-constructed Plan helps Owners see the bigger picture, make important decisions, and improve the overall likelihood of success.‍

Starting a small business and turning a passion or an idea into something bigger is a dream for many. Being your own boss and building something from the ground up can be incredibly rewarding – but it’s not always smooth sailing. Being a small business owner can also be incredibly challenging, requiring a lot of hard work and sacrifice, not to mention funding, planning and luck.

The best way to ensure success for your business – and avoid being one of the estimated 60% of businesses that shut up shop in their first three years – is to be prepared. To help you with this, we’ve put together this snapshot of 10 common challenges faced by business owners that you need to know about.