Launching a startup can be a stressful experience – there are lots of things you need to take into consideration. If you are thinking of taking the leap and starting your own business – we have listed some of the common challenges that you may face to make sure you are prepared.
Getting the right team behind you is crucial but can be a big challenge. How do you know you are hiring the right person? When you outsource to an executive staffing agency such as Tru Path who operate across the United States, they will speak to you to fully understand your business needs – and try and find you the best possible candidate to fill that role. As an executive search firm, this is what they do day in, day out – so it’s always a good idea to leave it to the experts.
When you first start out, let’s face it – nobody knows who you are – and it can be difficult to get your name out there. That’s why it’s essential you take full advantage of what digital marketing has to offer. Make sure you have an online presence by creating a website, social media channels, and post on them regularly. You should also get out and about when it comes to networking events to expand your contact sphere.
Getting Finances in Order
All of a sudden there is a lot of accounting that needs to be done, and despite how organised you are – this can get on top of you, so it’s important that you have the right processes in place to begin with to make life easier. The best idea is to get a reliable accountant, sign up to an accounts or invoicing system such as Xero or Quickbooks – and monitor your budgets. Ensure you leave enough cash reserves for VAT returns, corporation tax etc.
Managing your Time
There are so many things to do – it can be difficult to juggle your time. There are some great software’s out there where you can create your own work schedule, so you know what needs to be done and when. You can also add on other team members and manage everything under one place. This will also give you clear visibility of what is happening on a day to day basis, and whether or not there are any improvements that can be made on your existing processes.
Being able to Focus
With so much stuff going on – it can be difficult to focus on implementing your original strategy. It’s critical that you take care of yourself, and make sure you take time away from your business no matter how busy you are. That way, you will be much more focused and productive when you are working on it. If you are distracted or focusing on too many things at the same time – the likelihood is, you will get much less done.
If you are in the process of starting up a brand-new business be prepared for the challenges ahead and embrace them.