No business gets off the ground without a few wobbles first. Though many new small business owners struggle with similar problems, common solutions are often more elusive. And while it’s true that across industries some unique issues can arise, more often new business owners experience the same kind of problems no matter what they do. With that in mind, we’re here to look at three major quandaries facing entrepreneurs everywhere –– and how best to deal with them:
This is a problem every small business –– let alone new companies –– have to deal with. Unfortunately, plenty of small business owners will pump money into advertising or marketing campaigns that they don’t understand; or else, they’ll set too lofty goals that are unattainable. Remember that most success stories occur in increments, and assign reasonable targets for your marketing strategy. There’s no shame in picking low-hanging fruit in this situation. In fact, any traction you can find in this regard is worth holding onto with both hands!
Garnering a healthy amount of online traffic is a terrific thing for your company. However, it won’t mean much if you can’t convert those leads into sales. You’ll need to coordinate your marketing and sales efforts to alleviate this problem. Furthermore, emphasizing good people skills and public speaking can help your sales team overcome any jitters they might be feeling. There’s an art to giving presentations and turning an interested audience into paying customers. Make sure to equip your sales staff with everything they need to get the job done. Otherwise all of your hard marketing efforts will go for nothing.
Newly formed companies almost always endure lean periods during their first few months of operation. That’s somewhat to be expected. But living with constant debt and paying out-of-pocket for substantial business expenses isn’t a sustainable way to run a company. Consider applying for one of a myriad of funding options available through alternative lenders. Note that you can pursue anything from an unsecured real estate line of credit for big undertakings, to a modest cash advance in a pinch –– and just about everything else in between. Regardless of your credit history, don’t ever assume that you can’t get the capital you need from a lender just because of a bad experience at the bank.
The Bottom Line
At the end of the day, no two businesses are the same. Still, you can often find a lot more common ground that you might expect if you take the time to study how other companies operate. Alternatively, you can see what doesn’t produce results, and avoid learning a cruel business lesson the hard way. Observing how successful entrepreneurs deal with startup conundrums can provide you with just the blueprint you need to succeed.