Common Challenges to Starting a New Business
You have a great idea and you know it will sell well. But where do you start? Every great business, from Apple to Google to WordPress, had to start from somewhere. While a lot of tech companies started in the garages of the owners, there’s plenty of businesses that began over a cup of coffee or while studying in school. If you have a great idea and you’re ready to dive into business ownership, here are a few challenges you can avoid.
You Have to Be Unique
With anything and everything you do, be prepared to be unique. No matter the type of business or the industry you want to be in, come ready to have a unique message, unique products or unique services for your customers. There are so many businesses in every industry these days that it’s important to stand out as much as you can. This could be as simple as a tagline or as complex as a fully customized website. However you approach starting your business, don’t accept the status quo of what every other business is doing.
Consider Legal Information
Every business in the United States has to be registered with a local government. Whether you’re starting a self-employed business or plan to become a corporation at some point, you’ll need to decide on the proper entity, register with your county’s tax division and establish a doing-business-as (DBA) name. There’s a lot of documentation and legal fluff required to start a business and it’s why several entrepreneurs turn to a business law firm for help.
Determine How You Will Staff Projects
Selling clothes, running an automotive shop or working online all require the assistance of others. You’ll outgrow your current capacities at some point with your new venture and you’ll need a plan to hire help in your business. You can consider online support from freelancing sites like Fiverr and Upwork, or turn to your local colleges to hire some interns. Try to keep costs as low as possible as you are in a growth phase. But above all, find the right people to work on the right projects. As soon as you find great support, consider bringing them on full-time.
Have a Marketing Strategy
We’ve blogged about the importance of marketing and the same rings true for a new business. Consider how you will announce your business to the world, how your local audience can find you online and decide on the best channels to advertise in. You’ll have options like Google, Facebook, Yelp and LinkedIn if your customers are other business owners. You may even want to start a blog if you think it will help your customers. Crafting a marketing strategy should be part of your business plan and needs to also be part of your growth projections.
Every Day Is Different
If you ever have days where you feel discouraged, just remember every day is new. You’ll have successful days and you’ll have days where running a business doesn’t feel right. Just remember why you started your business and it will outweigh any negative days. Stick with it and you’ll be a successful business owner in no time.
As you can see, there are a lot of roadblocks to starting a business. However, if you can establish your business’s goals with a proper plan, you should find success. Make your offering as unique as possible, partner with an attorney to help with any legal questions, figure out how you will plan to staff your company, have a marketing plan in place and most importantly, don’t get discouraged!