Being able to launch your very own business may sound like the ultimate American Dream to many. However, launching your very own startup comes with its own unique challenges and struggles. Starting a new business may seem like a fantasy come true but only a small percentage of businesses actually grow into booming businesses. Fortune states that about 9 out of 10 startup businesses fail.
With this gloomy outlook, it’s important to be more than prepared for the struggles ahead. If you want your business to reach exponential success, it’s important to keep these challenges in mind:
- Creating A Solid Structure
Companies that have been around for years that continue to capitalize on their success have a solid structure in place. Their culture is well defined, they have clear quarterly goals, and have measurable performance expectations. More times than not, a startup is still in the process of defining its culture. Without a solid culture, inner conflicts and employee turnover can be common side effects.
There is also the challenge of not having historical marketing or sales data in order to define achievable goals. If challenges continue to mount, make sure to take time and reassess your company’s culture and goals.
- Building A Strong Team
One of the most important aspects of laying out the foundation for a successful business, is hiring the right people. Skilled and inspired individuals are crucial for your business to survive and continue to grow. Being able to get these experienced individuals onboard might be the determining factor of whether or not your business is a success.
Hiring individuals with the same vision and varied skills to help your company grow can be a bit of a time-consuming process. However, taking shortcuts, such as hiring your base team quickly, could also lead to difficult challenges down the road. That’s why it’s extremely important to lay out your specific hiring strategy well before you dive into any interviews.
- Providing Employee Benefits
As is common with startups, being able to offer skilled candidates handsome salaries simply may not be a possibility in the initial stages.Yet, if candidates are in tune with your vision, they may be able to compromise for a lower salary if offered bonuses or even a solid health care plan.
According to Brex, “The two things to consider when selecting a broker are 1) convenience and 2) their ability to give advice. Price does not need to be a deciding factor since most startups classify as “small group” (under 50 employees, 100 in some states) and insurance plans are required to charge the same premiums to these groups under the Affordable Care Act.”
Being able to offer your employees a solid benefits package doesn’t need to be as pricey or tiring as you may think. In a tight labor market, as we certainly have now, can make your company much more attractive to quality candidates than a similar company which doesn’t offer this great perk.
- Competitor Research
Even if your products and services are the best of the best, it’s important to always be aware of your competitors. New companies are constantly springing up and can alter the playing field fast. Before diving into endless hours of competitive research it’s important to first assess the customer’s journey. Try putting yourself in your customer’s place and develop a new viewpoint.
Ask yourself these simple questions:
# What makes my company different?
# What makes my products special?
# Why would someone choose my product over my competitors?Although it’s important to keep your competition in mind, it’s also beneficial to have a reasonable view on your business or product and what you are offering your customers.
- Managing Your Finances
Never forget that when income increases, the expenditures also increase. One of the biggest challenges that all startups face in the initial stages is properly managing their finances. Many startups aren’t even able to move forward without backing from investors. Especially when it comes to finances, it’s important for startups to play it safe. Getting guided help from a reputed financial consultancy firm may be the deciding factor in continued success.
Growing A Successful Startup: There is no easy step-by-step guide to show you exactly how to grow your startup with minimal challenges. It is a never-ending learning process. Even though there isn’t always a straight path to success, building a solid structure, hiring an inspired team, and keeping an eye on the competition can certainly help your business grow.
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