If you run a business, be it on a small scale, or a multinational scope, you know that you had to face some really tough issues before you could hit the ground running. Starting a new business may sound very appealing because let’s face it, it is pretty productive, but it does come with its fair share of problems.
Every business owner who ever started a business goes through this phase of identifying, solving problems to get up and running, and in this post, we are going to discuss the most common hard nuts that you have to crack to kickstart your venture.
#1. Money Matters
No matter how much you believe yourself that your business is going to boom exponentially in virtually no time at all, you have to face the fact of life, you have to spend money on it to get it moving. But not all of us have money lying around so that we spend it on an idea. Doubt starts to creep in, what if it is not a success? What if I actually lose my money on this? In such circumstances, it is really difficult to move on.
BUT, we are living in the age of accessibility, thankfully. In the bygone era, people found it difficult to get money for their ventures, but now, our life is laden with opportunities. If you need to invest money on your project, you can take out a loan from a bank or a friend. And if that is not an option for you, a fundraiser or a Kickstarter campaign can always be started to make you reach your goal.
#2. Registering your business
Registering your company and be officially recognized can be tough, but in the present day and age, it is far easier to do it than previously. Even in 2017 alone, more than 10,000 company formations have already been registered, and this trend is set to continue. The first step in registering your business is to identify a location that works as your hub, then determine the structure of your business (legally speaking), and finally obtain your tax identification number from IRS.
#3. Negligible Experience
Sometimes in life, we worry about things a little too much, and this is one of those factors. Before diving into your business headfirst, you always ask yourself this question, “will this be a success?”, and when you analyze this question in detail, you weigh it against known quantities. Like the money you can spend on it, how much you know about it, or how experienced you are in the field.
Most of the time, people back out of fully committing to starting their own business, because they don’t think they have enough experience to pursue this dream. Well, that shouldn’t be a problem these days, because now you have so many resources at your disposal to gain that valuable experience and knowledge. Websites like Khan Academy, Udemy, Coursera, Lynda, even YouTube
#4. Is it even worth it?
Almost all the people who are about to start a path towards their dream of successfully running a business, ask this question at one point or the other. “Is my idea good enough?” Ideas are like own precious little items, and no matter how bad they are, it is next to impossible for us to consider them as such because they are OUR ideas.
In such situations, you can always take help in deciding if what you are doing is worth doing. How do you do that? There are a few ways you can gauge if your idea is good enough. Firstly, you can talk about your idea with a friend of acquaintance who is familiar with the field. Secondly, if it is a software, you can test it using tools such as Beta Easy. And lastly, you can always offer your service for free as a start to see if the people like it.
#5. The power of connections
Whenever you think about starting a new business venture, you face certain problems that cannot be tackled by financial donations or your business plan. But in these situations, what does come in handy, is your network of relationships. What does that mean? It means, the bigger your circle is, the more you can count on people for favors, for doing things for your business that they are better at than you, for doing things for your business as a courtesy, and other stuff.
In today’s era, we are particularly lucky to have quality tools like social media websites, such as Facebook, Twitter, or Pinterest, and even though some of these websites help your business more than the others, they all play a substantial role. For instance, LinkedIn and Glassdoor help you stay connected with the people that help you run the company in a professional capacity, whereas Facebook helps you stay connected to them while adding a little personal touch to the happenings.
It is always a good idea every once in a while to shoot an email and staying in touch with your connections so that when you actually do need them, it doesn’t seem like you are only contacting them for work.
Establishing a business can take its toll on your mind and your body alike, and while a good night’s sleep or a visit to the spa can reduce the stress on your body, the matters of the heart and mind are a bit more complicated.
During the course of your journey in starting a new business, you are bound to be bogged down and lose motivation. In such circumstances, it is imperative to have someone alongside you that keeps you up to the task and on your game. But in case you don’t have anyone to keep you motivated, you can always take a breather, like a digital detox from work, unplug from all digital sources, and just reassess and re-evaluate your strategy and success. That ought to bring the motivation back.