Top 5 Challenges for Startup Business
In this article we will cover the Top 5 challenges for a startup business in 2017. Welcome to our new website and we look forward to hearing your personal challenges in the comment box below. I believe we are experiencing the greatest rise of people opting for self-employment then ever before on Earth. People see the HUGE benefits of working for themselves over making a corporation richer! People have had enough of working 9-5 and they are taking their freedom & future back into their own hands!
As this plays out over the coming months, years and decades we will see challenges arise for people who are just starting out in business for themselves, Whether they start a new business (startup) or buy and existing business for the first time, for either scenario we have new people coming into the world of business.
“As an entrepreneur, you have to be OK with failure. If you’re not failing, you’re likely not pushing yourself hard enough.”
–Alexa von Tobel, founder of LearnVest
My partner Crystal and I have been in business for over 5 years now and we have seen and experienced a lot when it comes to running an existing business or starting a new business (startup). I am sure Crystal would agree with me that the below 5 challenges relate to her as well. There are many factors involved with running a successful business, either from home or from a premises, the top 5 challenges below are from our personal experience in business.
Please read below the Top 5 Challenges for a Startup Business:
1. CASHFLOW IS RANDOM
Dealing with this topic is nearly enough to drive anyone back to EMPLOYMENT! This is probably the biggest challenge most new business’s face. We believe its very important to have an active income that supports you while you start out in business. This can help remove the huge stress caused by decreased cashflow.
2. Time & Focus
Time is precious and where we focus our energy is extremely important, as a business owner their are many roles to play, from accounting, finance, marketing, websites, emails, blogs, & videos and the list goes on…. We believe having a detailed business plan helps with this challenge as you keep focused on what is required NOW not in 1month or a year etc. the plan helps you focus.
“Except in a small number of cases, business planning appeared to be positively correlated with business success as measured by our variables. While our analysis cannot say that completing a business plan will lead to success, it does indicate that the type of entrepreneur who completed a business plan is also more likely to run a successful business.”
~ Small Business Trends Website
All good things take time, patience is definitely a challenge for a new business owner, some businesses grow faster then others, some take much longer. It all depends on what problem you are solving for people and where the market is at with your business/idea. Sometimes you may have to wait 5-10 years before a business really takes off.
4. Do you love it?
Loving what you do is so very important, I personally had to go through major change over the last 2 years as my first business in the mines which was very successful – FAILED! I had to rediscover what I love. I really love writing and educating people so I am choosing to build up Strategic Business for the next while and see what happens. I have great experience in building business so this business suits my personality and lifestyle very well. If people don’t love what business they are building it wont last long as their heart isn’t in the business.
5. Working from Home
Working from home brings many challenges, in todays world with technology advancing faster then ever before, people have the opportunity to work from the comfort of their own home. Video chat companies such as ZOOM have changed the way we interact. There are many challenges working from home such as pets, partners, home chores, food, children and technology. It takes a lot of self-discipline to work from home and build a business but its not impossible at all. There are also many benefits of working from home such as no traffic, no working with people who irritate you etc etc.
“A clear vision, backed by definite plans, gives you a tremendous feeling of confidence and personal power”
~ Brain Tracy
To wrap it up I believe having a plan will help eliminate some of these issues, as the quote mentions above, a business plan increases your chances of success. Unfortunately their is no easy ride in life and no quick fixes to building a sustainable business for the future.
Please share and like this article if you liked it, we really appreciate the love. If you are thinking of joining the small business revolution or the startup revolution let us know and we are happy to have a free 30 minute talk with you to see if we can help clarify things for you.
Love, Peace, Freedom and unity to ALL