How to Best Handle the Challenging Aspects of Starting a Business
Photo by Corinne Kutz on Unsplash
Launching a startup is a significant achievement for many entrepreneurs, but maintaining one is the bigger challenge. There are numerous concerns every business has, whether large or small. These include hiring the right people, establishing solid accounting habits, handling payroll, promoting the business, and so on. Read on for ways to tackle these details about starting and running a business.
Develop the Vision
Having and developing a business idea is typically the first challenge every entrepreneur faces when starting an enterprise from scratch. Finding the right opportunity or developing an idea is not an easy task. However, as an entrepreneur, you need to be able to see what others cannot — where others see issues, you must see opportunities. Developing a vision is a business challenge because an entrepreneur needs to not only foresee and forecast the future, but also bring solutions, products or services, to the table that will fill people’s needs.
Looking for ways to raise capital is perhaps one of the most challenging aspects of starting a business. Unless you have the cash, you need to explore multiple avenues like bootstrapping, bank loans, angel investors, a second mortgage, crowdfunding, microfinancing, and even a business partner. With so many options available, one or more should be able to help you raise the necessary funds to start your new business.
Establish a Business Structure
When starting a venture, it’s necessary to choose your business structure from the get-go. A suitable business model can help you avoid paying too much in taxes or worse, losing personal assets in case something goes wrong. An LLC structure provides business owners with all of these benefits.
Choose the Right People
As a newly-established business, you will need people to run the show with you. But the cost of employees can be challenging to maintain. You need to find team members who can wear multiple hats and are able to work independently. Tap into your family or network to identify talent and find out who is open to working with you. Give ownership of the business through Employee Stock Options is a good way to attract dedicated people.
Implement an Accounting System
Although you probably won’t be able to estimate your business’s regular profit and loss statement early on, keep up to date with all of the financial and tax changes to help you tackle this. You must implement a solid accounting system to help you manage your expenses and keep the business on track.
Promote Your Business
Your startup is new, so besides friends and family, people may not know about it. The solution to this initial obscurity is to market your business, hard. One of the most critical aspects of marketing is to create an appealing website that attracts more clients or customers every day.
You will also need quality content not just on your site but also on social media, and in print and online advertisements. This is crucial, time-consuming work, so if you are not a skilled writer or graphic designer, look to freelance designers and content writers for help. Use a trusted job-for-hire network to help you easily vet candidates; take the time to explore client reviews, sample work, rates (usually upwards of $15 per hour), project experience, and anything you can find out about them.
You can never be too ready for what’s ahead when starting a business. However, she who is prepared has won half the battle. Finally, recognize the value that can be gained by networking with other entrepreneurs, and using their experience to guide you in decision making. Consider joining Girls Nite Live, a network of women entrepreneurs who support women.