Small business start-up problems are unavoidable. The majority of problems can be put down to technical issues, associated with getting your business online, or a lack of experience in marketing, financing and overall management. It is a fact that the majority of new business will never see it through the first couple of years; this is in the majority down to the five problems that paralyze business start-ups...
1. Getting Online
Any business worth its salt needs to be online. The potential audience is astronomical and the ease of marketing is highly beneficial. However, many businesses struggle with the initial aspects of getting their businesses online and have difficulty with:
- Finding high quality, yet affordable hosting and domains
- Building the right business website
- Tackling SEO
- Internet Marketing
Once you become familiar with the Internet for business purposes, the avenues are endless for marketing, audience reaching and ultimately profits. You could branch into social media networking and maximum your exposure whilst not paying a penny to do so. You could also launch several email-marketing campaigns and reach hundreds at the click of a button.
It’s likely that you will face many decisions of which areas you want to finance the most. Maybe you will pour a large percentage of your budget into advertising and marketing, but then this won’t leave much for other departments. The key is to not over prioritize any area. All areas need to be to a sufficient and productive standard to allow for success.
3. Founder Dependence
If you are rendered out of action, will your business continue? A business, which cannot operate without its founder, is a business with a short lifespan. Business founders are people, and people can become ill, want vacations, become victims to accidents and so on, if this were to happen it’s important to have someone on board who can take control.
4. Lack of Experience
Starting a business for the first time is extremely daunting, and many people can fall prey to making the wrong start up choices. If something seems too good to be true, it probably is, for example if you’re offered huge discounts on website development, offline marketing paraphernalia or products, then consider why the price is low. Research every company who you require for assistance and ensure that they can meet your needs.
5. Lack of Planning
You want to be one step ahead to be successful, but before you make declarations such as beating all quotes, free next day deliveries, 10% off discounts and so on, check that you can afford to adhere to your promotions. If 100 people were to take you up on your free next day delivery promise, how much would this cost you as a business and could you afford it?
Learning about and preparing for how to get over the above 5 problems will cause you much less stress in the long run, and may be the difference between start up survival, and a failed business.