Anyone who gets into business knows they’re taking a risk. As you start on your entrepreneurial journey there will be a lot of large and small challenges that try to get in the way of your success. What separates the great from the rest is that they’re aware of these obstacles and have a sound strategy to ensure those obstacles don’t knock them off balance.
Are you starting a business and nervous about some of the risks that could be ahead? If so, get ahead of the game and learn how to overcome some of the most common challenges.
At the top of the list of obstacles is cash. Entrepreneurs need money to run their businesses (and earn a living). Unfortunately, when most people start a business, they’re starting with very little funding. It can become a struggle to pay the bills, let alone pay themselves for their efforts. Some do so bad financially, they’re unable to continue.
Solution: There are lots of ways to improve cash flow within your business. You can raise funds by bootstrapping, crowdfunding, or applying for a small business loan. You can also implement more efficient invoicing guidelines to ensure that delayed customer payments don’t hold up your cash flow. Lastly, look for free ways to run your business that can save you money. Free software, free marketing applications, and other affordable avenues can help reduce the overhead costs of running a business to free up some cash.
You can have the greatest products or services to offer the world, but if you haven’t proven yourself to be credible or legit, you could have a hard time making sales. Customers are very much into doing research prior to making a purchase decision. They are going to evaluate the validity of your business and the authenticity of your brand. This includes seeking out relevant contact information, consumer reviews, and looking for a strong online presence. When you’re new to business, however, some of these things may be hard to obtain.
Solution: Gaining the trust of your target audience is important from the very beginning. A company with a professional phone number and mailing address is a start. You can invest in affordable internet phone solutions and purchase an ipostal1 online PO box service so you don’t have to provide your personal address. As for a strong online presence, you’ll need to invest in a hosted website and social media accounts. Designing interactive and engaging pages complete with compelling content can increase your visibility online and build credibility for your brand.
Entrepreneurs are inundated with a lot of responsibilities very early on. Until they’re able to hire people, they essentially take on the entire business themselves. This usually means working long hours, and many times on areas that they don’t fully comprehend. When they’re stretched too thin, it reduces the quality of their work. Some even become so consumed with their businesses that their personal relationships, physical, and emotional well-being take hits.
Solution: Getting help is a must as an entrepreneur. If you’re not yet ready to afford full-time staff, there are affordable ways to get assistance running your company. You can outsource, hire independent contractors, or work with college interns or temps. This way, your quality of work doesn’t decline and you can get help in specialized areas like marketing, accounting, and IT.
If you believe you have a winning business idea that supplies a real need to your target audience, then you should go for it. Yes, it does mean putting it all on the line and hoping for the best, but with careful thought, research, goal setting, and action, you can overcome each obstacle that dares to stand in your way.
Photo is pixabay creative commons
Contributing Author Bio
Ashley Andrews is an entrepreneur and blogger. She now lives in San Diego, CA and is happily self employed. She enjoys writing about anything that catches her interest, especially tech and entrepreneurship.