Starting a business is always exciting. But it can also be very stressful. What are some of the biggest challenges you’ve faced? How did you overcome them? Share your story with us.
Starting a business is never easy. There are many things to consider before you even begin. From choosing a niche to finding investors, there are plenty of hurdles to jump over.
Here are some of the biggest obstacles entrepreneurs face
1) Building a strong brand – This starts from day one when you choose a name for your company. It’s important to find something that says who you are and what you do. A good domain name is worth its weight in gold. And don’t forget about social media accounts! You need to have an active presence on Facebook, Instagram, Twitter, LinkedIn, YouTube, etc. If people see you around they will start to associate your business with you.
2) Choosing a niche – Once you know what type of product or service you want to sell, you need to decide which market you want to target. Do you want to go after everyone, or just a specific group? For example, if you wanted to open up a restaurant, you might focus on serving healthy food or organic food. Or maybe you want to cater only to women. There are so many different niches out there, but you need to narrow down on at least one.
3) Finding the right location – This may seem like a no-brainer, but not all locations are created equal. The rent needs to be low enough to justify the investment, yet high enough to make customers feel welcome. Think about how much foot traffic you would get each day. Would you prefer more or less? Also think about parking, access to utilities, and whether or not you can scale easily.
4) Hiring employees – When you first start out, you won’t have any money to pay anyone. So where will you find the funds? Crowdfunding sites such as Kickstarter and Indiegogo are great options. Another option is to ask family members and friends for help. Donating stock instead of cash will allow you to keep control of your company.
5) Raising capital – Nowadays, most startups use crowdfunding websites to raise capital. These platforms let you create a project and then offer others the chance to invest in your idea. You typically give potential investors exclusive information about your business, including financial projections and plans. Some companies take this approach by offering equity investments while others provide loans. Either way, these investors are betting on your success and hope to profit off their initial investment.
6) Marketing – After you launch, you’ll probably spend the next few months trying to build awareness. Start small by posting flyers on campus and handing them out to students. Then move onto bigger events like job fairs. Eventually, you’ll reach a point where word gets out through social media and online reviews.
7) Managing growth – As your business grows, it’s important to stay organized. Make sure every employee has a defined role. Create systems that work well so that you’re not spending time dealing with problems.
