Patrick Osinski : startups advisor, all about Social Media, Marketing, Business Dev, SEO, Design, Digital content, Innovation, Apps.
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"You know you're on the right track when you become uninterested in looking back."
Wednesday, December 2, 2015
5 of the Biggest Obstacles Facing Entrepreneurs
When you first decide to make the big leap and become an entrepreneur, you will face many hurdles along the way. However, if you know what these hurdles will be, then you can begin to take steps to overcome them. Here are five major issues that you will face once you have decided to become an entrepreneur and start your own business.
Financing Your Business
This is probably the greatest hurdle you will face. The great thing about this is that once you overcome this problem, everything else will be much easier. Some of the obvious solutions for this problem would be small business loans and crowdfunding campaigns; however, you can also get funds from friends and family. It is also important to realize that there are many other ways to get funding, including various business competitions and government grants.
Building a Customer Base
Once your business is up and running, you will need to attract customers. Social media is the first solution that you should start using right away because it is free. This tool also allows you to perform valuable research about individuals who need your products and services. In addition, you can promote your business with various marketing campaigns, such as topbargains.com.au offering online coupon codes and deals once you have a strong enough web presence. However, if your business is a local brick and mortar organization, then you also have other options, including flyers, word of mouth, phone calls, and door to door solicitation.
Quitting Your Day Job
This is a major factor to consider when you are thinking about becoming an entrepreneur. You need to make sure that you can pay your bills while you are starting your journey. The best solution is to have a nest egg tucked away that will give you the freedom to pursue your dream. However, if you can get financing rather quickly, then you might be able to deal with this problem a little more easily.
Building Your Team
This is one the most important issues you will face when starting your own business. You need to locate and hire quality employees that will be highly dependable and able to quickly adapt to any situation rather quickly. It is also important that your very first employees remain loyal to you because in the beginning stages of your operations, replacing them will be extremely difficult.
Creating Your Network
You need to begin building relationships with suppliers, sellers, and all of the other various entities that you will need to associate with in order for your business to function properly. You will probably have many choices, so you need to be well informed about the prices and the quality of the goods and services that they offer.
When dealing with many of the troublesome situations that you may encounter, one of the best things you can do is examine your competitors and see how they overcame these problems. You can also look to other similar businesses and find out what they did or didn’t do in order to deal with any of the obstacles you might be facing in the near future.