Toughest challenges for new businesses
Starting a new business can be both exciting and scary; it’s a huge achievement to get a business off the ground but can be difficult to maintain. Every business will face hardships and struggles no matter the size of the organisation, and here we look at some of the toughest challenges for new businesses to […]
Starting a new business can be both exciting and scary; it’s a huge achievement to get a business off the ground but can be difficult to maintain. Every business will face hardships and struggles no matter the size of the organisation, and here we look at some of the toughest challenges for new businesses to face in the first few years of trading:
Finding a place for your product or service.
The main reason for new businesses not surviving their first 5 years is that they failed to find the right market for their product; coming up with an idea for a product or service you think is great is amazing, but whilst you may be in love with your idea, you must ensure that there is an actual need for it on the market – ask yourself does it solve a problem or create a better solution – will it sell?
This is one of the main reasons businesses fail in their first few years, a lot of people fail to budget for unexpected costs that could cripple their financial situation. Having enough cash to cover the bills is a must for any business, and it is also a must for every individual. Whether it is your business or your personal life, one will likely emerge as a capital drain that puts pressure on the other. To avoid this problem, small business owners must either be heavily capitalised or be able to pick up extra income to shore up cash reserves when needed.
Ensuring that you budget for both your product development and marketing is essential; having an amazing product won’t sell if no one knows about it. Acquiring customers, getting known and creating a brand can be very hard, and as a result, get ignored. If marketing is not something you are confident in, consider hiring a reputable firm to do this for you. If you are confident, figuring out the right marketing channels is key for businesses to be successful in the future. Identifying what your customers want and doing a better job of giving it to them will make all the difference in your company’s future.
Social media has proven to be a powerful tool in helping to maximise brand exposure; brand awareness should be a priority for all businesses and the best way to achieve this is by being present, informative and consistent.
The hours, the work, and the constant pressure to perform wears on even the most passionate individuals. Many business owners get stuck working much longer hours than their employees and fear that any time away from the business will affect performance, and therefore don’t take the time away needed to recharge. Fatigue can also lead to rash decisions about the business, including the feeling of everything becoming too much to handle resulting in abandoning it completely. Finding the right staff and delegating work is essential for all jobs to run smoothly.
Here at Daniels Silverman we are aware of the struggles new businesses face daily to keep their dream and business alive. On top of these issues, company owners shouldn’t have to worry about being paid for their services on time or at all – that is where we can offer our help. Entrusting your company with us can give you piece of mind that any outstanding debts are being handled in a secure, honest and integral way, giving you time to focus on growing and managing your company.
You can get in touch via the website https://www.danielssilverman.co.uk/contact or call the office directly to speak to one of our friendly team 01517076061, we’d be happy to answer any questions you may have about how we can help you.