Starting and managing a new business is said to be one of the hardest things you can do—what with the tons of financial, managerial, technological, and marketing challenges that arise every day. But true-blooded entrepreneurs do not cringe in the face of these challenges for one important reason: They know they are not alone and their problems have plagued others before them.
Overwhelmed by the volley of issues in your start-up business? Here are three consolations to make you realise that you have ridden the same boat successful ones had:
It is not enough to have starting capital for business; the more essential thing is to know how to grow this capital into a stable source of income and constant cash flow. According to many business people, sourcing capital to innovate in terms of processes, technologies, and marketing is a very tough road at the moment. Capital is the ultimate tool to stimulate business growth, so without it, restrictions in many business aspects can lead to a quick downfall.
Closely related to capital is the issue of marketing. Obviously, you need to inform your customers that you exist, that you offer a better product than competitors. However, without funds to catch eyeballs, there is no chance you can cover your operational costs. Marketing is a strategy that pays off in time—but it all starts with the capital to hire great minds to plan effective marketing strategies.
People are necessary in a start-up business, and the great challenge is finding the skilled ones. Finding and hiring the right people is always a challenge. Then, there comes the induction period (if you have one) for assessment of the new people.
Managing employees is another difficult part of running a business. As the leader, you need to walk the talk. Live you core values, provide an environment that people enjoy coming to each day, and offer avenues for improvement or promotion in order to keep their loyalty. Experts add that you must find supportive and positive people in your team, those who can help you get up once you stumble upon a great obstacle.
The ever changing landscape of technology
Without efficient technology in the business, you will remain behind the competition. Once you have a stable customer base and consistent demand, for example, it is time to adopt a faster back office software. Such software can help you process payrolls, quotes, sales, invoices, and project costs faster, not to mention the ease in generating management reports. This is only one scenario of how appropriate technology can result in efficiency.
So, how do you cope with the many challenges that come with handling a new business? Experts say that you need to surround yourself with like-minded people in various fields. According to Christian Renaud, principal of business incubator StartupCity Des Moines, meeting and networking with experienced people is as beneficial as finishing a formal curriculum in school. “You end up learning from each other's successes and failures,” a great way to boost each other's morale without keeping yourself blind of the possible areas to improve in your business.