Business startups face many challenges in today’s markets, not the least of which is holding true to an original vision under enormous pressure from both customers and the industry in which they’re operating. If you’re thinking of launching a startup, or are already deep in the startup process, you’ve likely come across one or more of these common startup problems. These seven issues are common but fixable. Here, we’ll discuss the problems and what you can do to navigate them successfully.
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1. Qualified Candidates
With so many people in the world and the endless connection possibilities of the internet, you’d think there would be qualified candidates lined up to work at new startup. Unfortunately, however, that’s not the case. Qualified candidates can be incredibly challenging to find, and even when you find someone with the right qualifications, you still might not like their work history, values, or other attributes.
Using sites like Indeed that have a good track record for pairing qualified candidates with new startups and established businesses can ensure you’re only interviewing those that possess the qualifications you need. Don’t waste time sifting through endless applications when the internet offers so many great tools to narrow down your choices.
2. HR and Payroll
Handling the HR department and all of its facets during your startup’s beginning steps can add extra stress and anxiety to the entire startup process. You’ve got enough on your plate; ironing out your brand’s image and values, hiring candidates, setting up shop, and figuring out who your customers are. The last thing you want to do is have to set up an HR department.
To avoid this extra stress, some businesses choose PEO services to handle the HR department. When you choose one of the best PEO companies for your business, all of your HR needs are taken care of, so you can focus on growing your business. Reducing the number of tasks you need to attend to at the beginning can help you get established quicker and make the entire process more streamlined.
3. Increasing Competition
Competition has only increased as the web connects people on a greater scale than ever before. New businesses face many challenges in their industries, with well-established counterparts already commanding a large number of customers and sporting a reputation for excellence. Some business owners get overwhelmed by this challenge, but instead of viewing it as a bad thing, see it as an opportunity for growth. Studying the competition can offer incredible insight into the market and your future customers.
4. Poor Marketing Efforts
Marketing is the heartbeat of your business; it drives new customers to your store or website, increases the visibility of your brand, and helps establish your business as a reputable part of the industry you’re operating in. Many startups struggle with marketing simply because they don’t have anyone on the payroll who knows what they’re doing. A marketing or SEO expert is practically an essential component of a new business because without good marketing, no one will know about your great products or services.
If you’re struggling with marketing, hiring a third-party firm or SEO expert can give your new business the boost it needs to reach your audience and keep them coming back for more.
5. Funding
There never seems to be enough funding for our ideas, does there? Idea after idea come to us on a daily or weekly basis; some of which we act on, and still others we put on the back burner of the mind for a time when we have more money, more time, or a clearer vision. Many startups face the problem of lacking funding, and some even settle with sub-par products or services due to restrictive budgets.
Funding is never in ample supply, but there are options for startups and established businesses alike. Angel investors, bank loans, and the ever-popular crowd-funding option are just a few options for new startups. Just be sure you’re well aware of the terms of your funding before you borrow or accept investment money.
6. Poor Management
A common mistake among new business owners is thinking they can manage the entire business themselves. Trusting someone else with your personal vision is, of course, difficult to say the least. Your vision is dear to you, your business’s success is directly linked to your personal success. The fact is, not everyone is a good manager. Some people simply can’t manage a business, even if they’re great at ideas or finances or marketing. If you’re struggling with the management of your business, there’s no shame in hiring someone to help you run it, or partnering with someone you know well that can offer the right skills to the management process.
7. Communication
A new startup can mean an entirely new team operating under one corporate roof; making communication a challenge in even the best of circumstances. Acclimating to new people isn’t easy for everyone, but establishing solid lines of communication among your team members is vital to the continued success of the business. Set up a team management platform with an online chat room so that everyone in the business can easily contact each other, share files, and assign tasks from the same interface.
Startup Marketing Services from Modern Marketing Partners
Great marketing helps you grow, reinforces your business model, and positions you for the next step. Ineffective marketing is the most common cause of startup failure. It’s your choice—be a success or be a statistic? Guarantee success with our startup marketing services or contact us today!
