by Rebecca Darling
The Top 5 Challenges Business Owners Face When Starting a Business
There are a number of challenges business owners face during the early stages of their business development. At KEDCO’s Small Business Development Centre, we offer free and confidential guidance to business owners who are at any stage in their business. Here are some of the main challenges that new business owners have encountered.
Developing a structure for your business
Small business owners tend to have a lot of great ideas floating around. However, the key to being successful is maintaining a focus. When you take the time to develop a concrete business plan, you can gain a lot of insight on your present and long-term goals. A business plan is your roadmap that will guide along the way. Futurepreneur’s Business Plan Writer and the Business Model Canvas are great places to start when thinking about the over structure of your business.
Determining the feasibility and viability of your business
You’ll never be completely sure if your business idea is feasible or viable. That’s why it’s important to do your market research and market analysis. In doing so, you’ll gain an understanding of who your customer would be or if your ideal customer would even exist.
Building your network
It may seem intimidating to put yourself out there when you’re starting out. You may even feel reluctant to do so from having a fear of rejection. But the phrase “build it and they will come” does not apply here. When it comes to growing your business, people won’t know you’ve built it unless you tell them. It’s a good idea to start getting out of your comfort zone and build a solid network of leads and like minded professionals who can offer referrals or moral support and maybe even invest in your products and services one day. If you need some pointers on networking, feel free to read this article.
Building a team
If you’re the sole proprietor of a business, it can be easy to rely on yourself to get everything done. However, you may find yourself wearing many hats at once only to find that some of those hats don’t suit you. Once you’ve built your network, you will start to gather a better understanding of how to delegate your time and your tasks. Having a team is essential for ensuring that you can focus on doing what you do best.
Financing and profitability
Many business owners struggle with striking a balance between financing their business and making a substantial profit. Sometimes it takes time to even strike this balance. However, having the right knowledge and advice from the right people will help you to get there.
Starting a business is not something to take lightly. There are many challenges along the way. With the right tools and support, you can overcome them with ease and eventually create your business of your dreams. If you’d like some help along the way, feel free to book a consultation with a KEDCO Small Business Consultant. We’ll help to steer you in the right direction.