Starting a business is a risky and challenging endeavour, and running a startup without the proper support can be even more difficult.
Despite the rewards that come with entrepreneurship, there are many challenges that pop up along the way – knowing how to prepare is key to setting your business up for success! Our blog breaks down some of these struggles and ways to fix them.
Securing funds
Many startups struggle to find investors who believe in their vision and are willing to provide the necessary capital. This can be a time-consuming and frustrating process, and it can be difficult to achieve the foundations for success without a helping hand. Refining your LinkedIn connections and attending conferences or events are fantastic ways to network your way to solid funding for your startup.
Navigating Uncertainty
Startups are inherently uncertain, and entrepreneurs often have to make important decisions with little information. This can lead to anxiety and stress, and it can be difficult to know what the repercussions of a decision may be.
The industry is hurting right now, and we need to acknowledge that – so be easy on yourself, lean on your industry network and try to document how you make decisions so that you’re able to embrace the unexpected.
Building a Team
It can be difficult to find the right people to work with, especially in the early stages of a business. It’s important to find individuals who are passionate about your vision and who are willing to work hard to help you achieve it. But it’s difficult to find the right talent and also to maintain the culture and motivation within the team. Represent your values with pride! Prospective employees are looking to work in startups which will motivate and take care of them.
Managing Motivation
Starting a business can be a long and difficult journey, and it’s easy to lose sight of your goals. It’s essential to stay motivated and to remember why you started your business in the first place – making a difference to your customers and their world.
Practice mindfulness and keep communication open with your team; remember, a problem shared is a problem halved!
Rising to the Competition
Startups are often competing against well-established companies, and it can be difficult to stand out in a crowded market. It’s important to find a unique value proposition and to stay ahead of the competition – LinkedIn is your friend, use it to check out what other people are doing (and what they aren’t) and see where you can align with the current movements in your industry.
Time Management
Running a startup can be very time-consuming, and entrepreneurs often have to juggle multiple tasks and responsibilities at once.
Work out what you can delegate, and if you have the resources, encourage your team to build on their skill-sets.
There are brilliant tools to track your teams time in the workplace to improve efficiency and productivity. Asana has a time tracking feature that can assist with the amount of time spent on tasks within your team projects.
Legal and Regulatory Compliance
Startups must navigate a complex legal and regulatory environment, which can be costly and time-consuming to disentangle. Speak to well-established companies in your industry and ask for some advice regarding how you can ensure all checkpoints are met accurately – and efficiently!
Cash Flow Management
Startups often have to manage their cash flow carefully in order to stay afloat. A smaller budget means every dollar counts and more so during a recession. Audit your tech and list what is actually benefiting your income and your customer’s experience, and then scrap what doesn’t cut it.
Managing Stress and Burnout
It’s no secret that you’re definitely going to be stressed, and hey – you’re in this game because you love it, but that doesn’t mean working until you’re about to wither away is the answer to success. Break up your day, try to balance working with physical movement and keep connected with friends, colleagues and family.
Scaling the Business
As the business grows, entrepreneurs must find ways to adapt to larger volumes of staff, more clients and an increased workload. Now might be the perfect time to seek out some support with your marketing or sales outreach, so look for external expertise to ease the burden.
Running a startup isn’t easy, but it’s a journey you’ve embarked on because you’re dedicated to making a difference in the lives of other business owners – all of whom will probably relate to the above. We’re all in this adventure together and if you’re searching for a startup that is here to support startups, we’re your kind of team. Rovert Digital provides sales and marketing support to help you boost your ROI and qualified lead generation, as well as differentiate you from your competitors. Book a chat with our team to get started. It’s all in a day’s work!