Challenges faced when launching a startup
Slowly but surely, start-ups have become the lifeblood of many economies, especially during times of economic downturn as many are finding it difficult to find regular jobs and make it in the corporate world. People are looking to entrepreneurship in order to survive and although once they become successful in this venture, they are able to survive and thrive, having a start-up, let alone launching one does come with its challenges.
Having you own business sounds like an amazing idea but launching it can be a harrowing task. Here are a few challenges that people face when starting a business which include:
1. Having the right business idea – it is easy to come up with a business idea, but it is difficult to come up with one that is good enough to stand the test of time. It is of extreme importance to do research into what the market has and what the market lacks or needs. You need to be able to come up with an idea that perhaps tackles a certain niche so as to exploit and satisfy a certain part of the market in order to gain ultimate success. Once you have identified a gap that you feel would be perfect for your service or product, it is important to then be committed and stick to an idea that is realistic and can be managed. It is easy to become overwhelmed by having a big idea, so perhaps it is best to start with something small so that you do not end up dealing with something that you cannot handle
2. Money – most, if not all business ideas require money or start-up capital in order for them to be launched. You need to be able to attract investors or initially have enough money to launch and be able to do things like hiring staff, getting appropriate resources such as office premises or providing funds or materials for your staff if they are to work remotely. You can also bootstrap where you fund your own start-up launch or approach relevant partners e.g. investors or perhaps even banks for a loan
3. Marketing and/or advertising – in order for people to support your business, they need to know about it. Luckily, it is now becoming easier to get the word out through platforms such as word of mouth and social media which is getting easier for people to access. Unfortunately, entrepreneurs can become a bit complacent about this part of launching a business so they may need to allocate funds or resources towards getting their marketing just right. Investing in a solid team will help in the long run and having a team will also help to have a plan that you can commit to as everyone will be focused on making the start-up launch a success.
4. Getting the right team – this is vital when launching a start-up because you will possibly be doing many things at once. It would be advisable to get a team who will work with you so that you do not get overwhelmed and frustrated because the more help you get, the easier things can be. Make sure you pick people that will be as committed to your business idea as you are and will help you to hone in on the most pressing issues that you will need to take care of. Having the right team of people will also help you to gain more and possibly bigger ideas and will help you to network with other industry players that will guarantee that you start-up is a great success.
5. Time management – Set appropriate and attainable goals which can be both short-term and long-term so that you do get side-tracked and so that you can achieve a favourable result. You may find yourself drowning in too much work or having committed to projects that you may find difficult to complete so you need to manage your time wisely. Do not be afraid to ask for help if you feel like you need to because no man is an island and we all need help sometimes.
Starting a business is a very exciting venture and as an entrepreneur, you will need all the help and resources you can get. It is definitely survival of the fittest so take your time to make sure that whatever start-up you decide to go for, you do it right.