How to Overcome 10 Common Challenges Entrepreneur face and Solutions that Help Your Small Business Grow

As an Entrepreneur Running a small business is challenging enough without adding one more thing to it. Though both novice and experienced entrepreneurs have to face challenges, the nature of such challenges is significantly different

But for new entrepreneurs, some unique and most common challenges like arranging the funding for startup, choosing the right business, maintaining cash flow, dealing with a significant number of competitors, finding customers, chalking out the right marketing strategies for making a place in the market, handling strapped budget situations.

 Capital
The challenge: You want to grow or start your new business endeavor, but you’re facing difficulties for financing for new business owners.

Whether your small business has just been born, or you’re still getting over the first few years’ hurdles, making enough money to sustain your business—let alone market it—can be a challenge. Between the endless overhead that seems to continue piling up, clients stalling and running behind on payments, and the ever pressuring need to stay relevant in your field, making consistent money as a small business isn’t easy.

The solution: Though various ways are there for arranging small business funding, starting from friends and family to conventional bank loans, many experienced entrepreneurs believe that self-fueled growth model is the best and less-risky one.

Instead of trying to establish a big business house overnight, aim at your primary customers. If you can provide value added services to them, by the virtue of word-of-mouth publicity, your business will develop automatically. However, if you need to take outside funding anyway, don’t forget to consult an attorney to avoid future complications

Reduce the amount of money you spend on marketing, Perform low-cost marketing activities

Time

The challenge: Time management is probably the biggest problem, especially for the new entrepreneurs. In your own business, you’ve to take care of everything unlike a regular job where you only have to take care of certain tasks.

The solution: You’ve to enhance your time management skills. Following are some useful tips:

Create goal lists: Make a lifetime goals list and break it down to annual, monthly, weekly and daily goals. That way, your daily goal will be in front you and you just have to be on track. Delegate the jobs that don’t require your personal involvement. Simply eliminate the unnecessary tasks. Assess yourself on a regular basis.

First, focus on your top priorities. You won’t be able to do everything at once, so you’ll need to clearly establish your priorities and focus on those first. Identify and prioritize initiatives that are aligned with your overall business goals, have a significant impact, and have good payback.

Second, build a team. Having a green team will enable you to receive input and support from employees.

Third, look for ways to integrate sustainability into what people are already doing. Sustainability shouldn’t be a standalone project that is relegated to one department or one person.

Ideally, it should be a way of thinking and doing that considers the social and environmental impact in all that you do. For example, HR is already working on on boarding new employees—how can sustainability be integrated into that? Marketing is already working on communications—how can telling your sustainability story be a part of that?.

 Finding Customers.

You may think that targeting a broad group of people would make it easier to find customers, but this is not the case. The more people you try to appeal to, the more diluted your content and your value proposition become. Customers are out there, it’s just a matter of taking the righta pproach to find them. To help overcome the challenge of finding customers.

The solution: If your product/service adds value to people’s life, you don’t need to spend a huge amount of money on advertising in the initial stages. If you’ve a great product/service, people will automatically come to you. Just remember to keep your patience and approach only those people who show interest in your product/service.

Finding Business Partners.

The challenge: Finding reliable business partners is one of the most critical jobs that a new entrepreneur has to perform. A wrong business partner will provide you with a negative reputation and as your reputation will be connected to your partner, you’ll be risking the success of your endeavor somehow.

The solution: It’s difficult to judge your partner at the first sight, but if he/she has the wrong intentions, it’s bound to be revealed gradually. The only way out is to immediately dissolve the relationship with your partner.

 Employee Engagement.

he challenge: The hiring process can become a nightmare for most of the new entrepreneurs. After completing all the steps of recruitment like reviewing resumes, taking interviews etc, at times, they end up hiring an incompetent person.

The solution: Go through the ‘wanted’ part of the job sections of newspapers. You’ll be able to shortlist some candidates according to your requirements. Next, you can organize a ‘walk-in interview’ and offer them a tour of their future working environments. Next, sit with them across the table and finalize things.

Remember to make everything clear for both sides because that’ll be extremely helpful to create a healthy work relationship and hire the ones that fit the vacancies, with respect to both their skills and attitude.

If you want employees to be engaged, you need to allow them to have some autonomy, some say in the initiatives that your business is working on, and that must contribute to their sense of purpose. This is also in line with what the experts recommend for engaging employees in sustainability. One of the best ways to do this is to form a green team.

Choosing What to Sell

The challenge: One of the biggest reasons for the failure of new entrepreneurs is selection of the wrong niche.

The solution: It’s very common that being a newcomer in the entrepreneurial world, you may not have the adequate expertise to select a profitable niche. In that case, hire a freelance market researcher who will survey the related market e.g. the field you want to do business in, and prepare a report of profitable niches. You can then analyze the report and decide on your preferred niches.

Strategies for Market

The challenge: You’re unaware about the best possible way to market the products/services. Your aim is to maximize your ROI with effective and targeted marketing.

The solution: Again, it’s a useful idea to outsource the marketing part to another third party who has adequate expertise. Prepare a marketing budget and hand it over to them and they’ll chalk out an efficient marketing plan. Remember not to take the chance of experimentation at this stage. You can perform that later when you’ve a productive baseline.

Develop your reputation to stand out to customers: How to Build a Strong Reputation. Distinguish your business from competitors: How to Distinguish Your Business from Competitors. Focus on a niche: Niche Marketing Strategy

8 Too Many Competitors

The challenge: Dealing with too many competitors in the same field.

The solution: Bring in something trendy and new in the market. Customers flock to a business that offers extensive product knowledge and a wide collection of the products they’re looking for.

9 Finding Business Partners

The challenge: Finding reliable business partners is one of the most critical jobs that a new entrepreneur has to perform. A wrong business partner will provide you with a negative reputation and as your reputation will be connected to your partner, you’ll be risking the success of your endeavor somehow.

The solution: It’s difficult to judge your partner at the first sight, but if he/she has the wrong intentions, it’s bound to be revealed gradually. The only way out is to immediately dissolve the relationship with your partner.

 Where to Start and Choosing What to Sell

The challenge: One of the biggest reasons for the failure of new entrepreneurs is selection of the wrong niche.

The solution: It’s very common that being a newcomer in the entrepreneurial world, you may not have the adequate expertise to select a profitable niche. In that case, hire a freelance market researcher who will survey the related market e.g. the field you want to do business in, and prepare a report of profitable niches. You can then analyze the report and decide on your preferred niches.

About KokoLevel Blog Staff 3713 Articles
Advertisement, Content marketing and  sponsored post: contact : Kokobest04@gmail.com