Running a business is anything but easy and every business has to experience some teething problems before it can start sailing smoothly. Some of these roadblocks are harder than others and reports show that almost 20% of startups tend to shut down operations within the first year itself. However, these statistics should not deter you from taking the plunge because most of these common problems can actually be fixed.
Top 6 struggles every entrepreneur must face:
- Getting customers: This is perhaps the biggest struggle initially and you cannot wait around for people to come to you. Even retail giants like Toyota or Apple have dedicated teams of employees working exclusively on finding them new customers. For smaller businesses, the challenges can be tougher as they must work with a limited budget. In such a situation, you have to identify your target audience first and then make sure you spread the word to these people. You can also check for the best etf brokers reviewed and find out profitable businesses to invest through them.
- Recruiting talent: Hiring turns out to be one of the common challenges for all businesses, particularly small ones, as they feel they lack enough manpower to get the job done. But recruitment is complex and expensive, and if your choices are incorrect, you can face big losses. So, how can you solve this issue? It is best to recruit people by sending out job descriptions and then screening applicants. You should never settle for mediocrity simply because there is not enough time. You need great employees to help your company grow.
- Brand promotion: Brands like Amazon or Walmart did not become household names overnight. Every successful business has gone through a period of rejections, setbacks, and failures that we do not know anything about. But, at the same time, there are effective strategies for promoting brand awareness like blogging, PR, and co-marketing. PR focuses on finding a place for your business in the market. Co-marketing lets you partner with other reputed brands to get some of their good reputation to rub off on you, while running a successful blog will make sure your brand gets noticed. Blogs drive traffic to the site and even convert these into leads.
- Email marketing: You need to keep upgrading your email listings since email marketing databases degrade by almost 22.5% annually. Your marketing team must identify new ways to add fresh relevant content and email contacts. It is best to build opt-in lists which comprises of subscribers that have voluntarily provided you with their email IDs in order for you to send email communications to them.
- Generating leads: Small businesses typically face this problem because the lead generation campaigns are lacking and not as effective. It is your marketing team’s primary duty to generate leads to make sure that your site visitors become your prospective buyers and boost your revenues in the process. This can be achieved by optimizing your website, including call-to-action on blog posts, creating custom landing pages dedicated to each new campaign, and prioritizing key pages. Using free lead management apps or software, free marketing tools, etc can be especially beneficial for new businesses who cannot afford to spend a big budget on marketing.
- Balancing growth and quality: This is a common problem in marketing, content creation, and marketing. The focus on growing the business too quickly can lead you to hire equally fast. This may be counterproductive as it takes time to train employees; untrained employees are liabilities. It is however hard to fix this issue because it depends on the stage of growth at which your business is. The trick is to focus on the right details and not every detail. If you obsess over perfecting your products too much, you will end up ignoring customer service.