Estimated reading time: 3 mins
Starting your own business is in some cases easier than ever. You can start-up online, without the need for massive amounts of money or investors and you can grow your business yourself without having to employ the services of expensive marketing teams. In other ways, it’s harder. If you do need to borrow money, banks are much more reluctant to lend since the financial crisis, and more new startups mean more competition.
All of this means that the problems facing new start-ups in 2017 aren’t necessarily the same as those ten years ago. Here are some of the most common issues and the best ways to avoid or overcome them.
Not Getting Taken Seriously
A huge problem for new start-ups is not being taken seriously. Running your own business is tough, and until you’ve built up a reputation, it can be hard to instill trust. With so many people having a go at running their own company, customers, suppliers, banks and competitors have all experienced people, that put simply, don’t know what they are doing. Having been burnt in the past, many start to assume all new starts are the same. Especially those who are young and inexperienced.
To avoid this, you need to make sure you present a professional front in all aspects. Your website should be well managed, your branding clear and you should make sure you always present yourself confidently and professionally.
Cash Flow Holdups
Another common problem is cash flow. While most clients will pay, when you are starting out you can’t afford any delays. You need that money as soon as possible so you can continue to work. Using a cash flow finance facility can help to ensure you’ve got the money you need without any hold ups.
Not Standing Out
Huge competition makes it harder than ever to get noticed. How can you make yourself stand out in such a competitive market? Well, you need to either do something different or do it better and cheaper. So, look at your product or service and find ways to either make it better than others, fill a gap in the market or cut down production costs so you can offer a fantastic price. Don’t lower the quality though; customers aren’t stupid.
Cyber security is a huge issue in 2017 and one which looks set to grow in the future. This issue isn’t just affecting small business; it’s also hit governments and public services in the last year. It is incredibly important that you spend some time and money protecting your company online.
Yes, starting a business is easier than ever. No, that doesn’t mean it’s easy. Many new business owners take this for granted. They think they can do everything themselves and that their business will quickly be making them a fortune. This can lead to a huge crash. To avoid this, set realistic goals, speak to others in the business for advice and get all of the help you can. Always keep learning, and never assume you can do it all alone.
Remember to take your time and do your research in all areas of your business. This way you should avoid issues and create a successful and profitable business.