Challenges are present everywhere and businesses --start-ups in particular -- are no exception to these challenges we face today. Starting a business can be consuming yet wildly fulfilling. It can be quite complicated, and may challenge you in ways you had not imagined. Knowing and anticipating the roadblocks you may encounter in your start-up journey could help you prepare beforehand, and possibly avoid common pitfalls.
Raising Finance
Products roll-out, hiring key staff, fitting out new office spaces could give a tough blow to your account. Getting a bank loan is never quite easy especially since the credit crunch lingering from the financial crash of 2008. Even with the crowd funding schemes and other options floating around, funds are still not readily available to all entrepreneurs. Instead, it's lumped together to fund only the biggest and most promising businesses. It can be really discouraging to new entrepreneurs, especially as it artificially limits the pool of potential innovators who could be driving the economy forward.
While some aim at getting angel investors, trying to convince investors your business is worth their money is no walk in the park especially for your first business. To overcome this, you must develop the ability to sell your idea and vision to potential investors. You can get loans from friends and family or get a secured loan from logbook loans if you have a landed valued property, a vehicle or any inheritance of great worth. This loan is usually spread over a reasonable amount of time, and allows you the freedom to payback without grinding your business to a halt.
Marketing
Now you've got your idea, and possibly an angel investor or loan, you're faced with the challenge of visibility.
Cue marketing.
Marketing a start-up is a different ball game from marketing a traditional business or corporation. For starters, you don't have any brand recognition to get you in the door, your budget is usually limited and most times, you're dealing with your potential customers in an intensely competitive atmosphere.
It's important that sound content is put out there to sell your business in the best light to your target audience. Most start-ups don't see the need to hire creative professionals solely for quality content creation. Most times, you find yourself struggling with writing business plans, sales pitches, articles, essays for major publications all in the bid to put your business out there. Thankfully such roadblocks can be scaled with the help of advanced writers who better communicate your message to your potential clients.
Hiring people
There is a huge pool of aspiring individuals available. But notwithstanding, selecting a suitable candidate to fit a role well enough could be a daunting task as the selection of each member is vitally important to the progress of your start-up. It is one of the biggest challenges facing startups in this digital age.
Certain skills are crucial not only for your business to survive, but also to grow. Knowing the exact skills needed - and how to get those essential people - may determine how well your start-up thrives. Delays in finding the right personnel will not only eat up valuable time, but also lead to severe bottlenecks, like delayed roll-out of new products or services. Seeking the help of trusted agencies could also help solve that problem.
Customer Loyalty
I often hear, customer is king, and correctly so. Winning a customer's trust is one of the most important hurdles that businesses in general ought to overcome. With a highly satisfied and loyal customer base, start-ups can scale fast and make progress towards excellence.
To win customers' trust and loyalty, start-ups need to work aggressively to implement a customer-centric working philosophies. This would clearly enable them succeed in the pursuit of attaining sustainable growth in this fast paced world.