This is your time to live your business dream because it is never too late for anything. All you need is to dwell a little more on the above points, get your mojo back and stick to your business during its ups and downs and power through it.
Did you have this great idea at the back of your mind that would add value to society or would help customers seamlessly?
And did you pull out the 9 to 5 plug and decided to set sail on uncharted shores of starting your own business?
But now, do you find yourself in the limbo of ‘What every start-up goes through’?
Did you give a big nod to all the above three questions?
It is more common than you think for start-up owners to face a plethora of problems and think that the poem “The Road Not Taken” is easier said than done. With more and more start-ups emerging out of the blue and solving problems that we didn’t know needed to be solved, facing a creative block, financial loss, reaching plan z but still not finding a solution, difficulty in networking and more are all a part of the journey.
So if you find yourself going more and more towards the room of “being worried and on the verge of giving up”, fret not because pmrepublic.com has got you covered. In this article, we’ve penned down 8 challenges faced by every start-up and top-notch solutions.
So without any further ado, let’s get started
1. Finding and Developing “The Right” business Idea
Everyone can have a business idea but not all of them can churn out the right business idea. Our best bet is in finding a business idea in the domain in which you already have knowledge and skills. By leveraging your experience, the probability factor of success increases.
If you are finding yourself walking frequently on the route of a creative block then it is best to brainstorm a couple of ideas which is compatible with your abilities.
Next is to research your idea and find out its favourability in the market so that you can determine its profitability or loss. Also, it is important to step up your thought process out of the box and chisel it according to the trends and demands of the customers. In addition to this, don’t miss out on business-life balance. If there is all work and no play then a major burnout can be right around the corner. Hence, always ensure to give yourself a break so that you can analyse your business idea from a new perspective.
The article Finding Right Business Idea detailed about various steps that you can explore
2. A Detailed Plan
You’ve found the greatest business idea ever.
Now the next step is to not jump the guns but to test out your idea by writing down a detailed business plan. Nitty-gritty like writing an executive summary, describing the company, and describing the products and services should be taken into consideration.
The entire picture will be in front of you, you will know your goals, how to achieve them and in what duration. You will also have a clear image of what you want to sell, how you want to sell and why you want to sell.
The business plan will also help you know the time and resources needed to get your business started. You will also know the pros and cons of the business idea and you will be able to assess accordingly and be prepared for risks and various uncertainties.
Planning can catapult your businesses 6 months ahead. It is very important to craft a detailed business plan that is inclusive of finance, sales, marketing and staffing. Also, as and when your business develops, ensure to update the plan accordingly.
3. Securing Funding and Financial management
One of the first and foremost reasons why a start-up hangs ‘closed for business’ on its doors is because of failure to manage the funds appropriately.
When it comes to securing funds, in the age of the internet, the world is your oyster. You can not only seek funds through offline means but also through online means. A lot of entrepreneurs and young businessmen are also opting for Crowdfunding platforms where you can seek and collect funds from more than 1 investor. Peer-to-peer lending is also money borrowing online platform which is void of intermediaries. If you want to go the old school way, you can always avail loans from public and private sector banks or find an angel investor.
Hence, it is always essential to know how to balance profit and expenses. A major tip is to chart out a cash flow forecast so that funds can be managed appropriately.
4. Hiring the right people
As the old saying goes, ‘employees are the pillars of business’. It’s all about harnessing the right talent that mirrors their passion for your business.
We believe it is a smart move to hire from the top and then slowly expand your team. It is essential to strengthening the internal and external relationships of the business. At this point, though you are making some money, it will be typically tight. Hence, it is important to hire slowly and not rush into it.
Some of the important people to hire includes Product Manager, Chief Marketing Officer, Sales Manager, Chief Financial Officer, Business Development Manager, and Customer Sevice Representative, to name a few. Since this is the initial stage of your business, a new employee will add magnanimous value. Hence, ensure to hire talent that can upscale your business.
Read more on hiring challenges here.
5. Effective plan to deal with competition
Competition is in every field but the best way to tackle is to change the perspective on how you see your competition. Our best bet is in visualizing them to be your fuel of inspiration. But also make sure to keep a tab on them.
One major aspect to note is that a business solely exists for its customers. Hence, it is important to value your customers, solve their problems and make their life easier. It is also important to listen to your customers and take their suggestions and ideas into account. These simple yet powerful aspects can spearhead your business and can also help you tackle the competition. Be it in online or offline mode, always timely respond to your customers. At PM Republic, you can find how your competitors are performing and how they made a change in their area of expertise.
6. Developing a marketing strategy
With each and every business thriving through an effective online marketing strategy, it only serves right that you should be in the game through moment marketing, keeping it original and relevant.
Don’t just market yourself on popular online social media platforms like Instagram, Facebook or Twitter but try to analyse where your target audience lies mostly and market your business there. Other outlets to market yourself and make your business heard among customers include sending emailers, starting a blog, using paid advertising, or sponsoring an event. Being inclusive towards content marketing strategy, building a referral engine, cultivating reputation, crafting a clear yet compelling message, distributing the content appropriately, implementing a PR strategy, and increasing the customer lifetime value can also do the trick.
Showcase your business to potential customers is the key. Portals like PM Republic provides a platform where you can create free profile for your business. Those who are looking f or project partners can compare and assess service providers base on their review rating and ranking.
7. Dealing with leadership challenges
It can be overwhelming to wear several hats in one go. The best way to beat the bush is to be crystal clear about your vision and mission, delegate tasks accordingly and be the source of motivation for your employees.
It is also important to have an open system of communication and ensure that your team leaders are content in their present roles. With more and more work-from-home or hybrid modes of work being implemented, you can get disconnected from your employees, hence, it is always encouraging to have face-to-face communication either through online or offline means rather than text messages or emails. In addition to this, always know the difference between leading and managing, the former is all about inspiring your employees and the latter is about managing aspects like budget or time. It is important to master both of them.
8. Time Management
When your business is in a battle against the clock, your strong weapon is to wield (Cue Captain America wielding Thor’s Hammer) effective planning measures so that your days are on track and in no time, you will find working in business, rather than working on the business.
Some of the other major tips include having a morning routine and waking up early, completing the important task first, being productive by chunking your week, focusing on what you are passionate about doing, building new strategies and habits, leveraging through just-in-time-learning, cutting down distractions, not multitasking, walking to make your mind clear, taking advantage of social time and last but not the least it is all about keeping it simple.
Struggling to complete one task on your to-do list or completing one week’s worth of tasks in one day, choose your pill. No entrepreneur has a time management super power but they just know how to manage time effectively.
This is your time to live your business dream because it is never too late for anything. All you need is to dwell a little more on the above points, get your mojo back and stick to your business during its ups and downs and power through it.
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