So you have an idea for a product or service that can fix a problem or do things for the better. While many have great ideas, it can be challenging transforming your ideas into successful businesses. These seven startup strategies are common concerns and problems that many beginner entrepreneurs face.
You will never have enough money during the beginning phases of your business. Startups are business, and business functions cost money. You’ll need to pay suppliers, staff, bills, and also yourself. Unfortunately, your paycheck comes last, and it may be a tough road at the beginning.
Speaking of paying staff, you need to build a team. As a beginner entrepreneur, you won’t be able to afford to pay many employees so you will be handling multiple aspects of the business. Here’s a helpful hint, freelancers, and temporary staff cost a lot of money, so it’s a better tactic to hire full-time staff initially.
Learn everything you can, and as quickly as you can. The more you know, the better your business will become. However, you won’t be able to handle everything so be on the look for employees who can also help within multiple aspects of the company.
Just like money, you’ll never have enough time. There will always be more to do to get your business running. Remember that just because you have a great idea, does not mean you’re the only one with the idea. Many other entrepreneurs are developing a product or service exactly like yours. Don’t waste time. While this may mean putting in extra hours, it will be worth it in the long run.
While you can sell products easily online, your physical location still matters. Location plays a huge role because your location determines your team, resources, advice, talent, and capital.
It may be hard to gain customers depending on what type of business you’re starting. However, advertising, networking, teaming up, and building strategic alliances are vital for acquiring customers. Gaining referrals from networking or past business associations isn’t just a cheap way to pick up new business, but also provides customers with higher retention rates.
It’s easy to become frazzled and forget why you started a business. Pressure and stress to succeed can become too much but taking breaks is ok. While it is essential to hit the ground running, it’s even more important to stay calm, calm, collected.
As an entrepreneur, I’ve faced these seven startup struggles. Things will become difficult, but never forget why you were motivated initially. Starting a successful company is well worth the hardships that you will face in the beginning.
Nick Zamucen is the founder of Bio-One Inc., the first successful franchised crime scene and hoarding clean-up company and the founder of B.O.R. Restoration, the first restoration company that will collect insurance invoices for franchises. He’s also a published author, business strategist, and award-winning serial entrepreneur. Read more on his entrepreneurship advice or check out his Twitter!