Have you recently launched your very own start-up business in the London area? Do you feel like you’ve done your due diligence and you’re ready to embrace business ownership? While it’s great to have a positive go-getter attitude when you open the doors to your venture, it’s also important you stay realistic and understand there will be bumps and challenges on the road. In fact, for many start-up businesses, the first couple of years will end up being some of the toughest, if not the absolute hardest the business will ever face.
With that said, we’ve gone ahead and put together a list of the most common hurdles your start-up could face, and some practical ways you can deal with these issues. Preparation is key and being prepared for the obstacles will help you to overcome them in a positive way.
Building Your Brand Image Isn’t Exactly Quick And Easy
The very first thing that becomes clear for entrepreneurs is just how difficult it is to make a name for the business and build that loyal following. Sure, you believe in your product or service, but creating buzz and interest in your company is a whole other beast.
The good news is that there are a number of marketing techniques you can use that will help to get your business the exposure it needs. These include:
- Setting up social media accounts and posting on a regular basis
- Creating a professional and bug-free website
- Starting a blog to position yourself as an expert
- Forming an email list that you can then use to send out information
- Traditional techniques such as advertising in the local paper or on radio stations
It Issues That Can Impede The Entire Business
Here’s an issue that isn’t exclusive to start-ups and that should be taken seriously by all businesses. When a company is suffering from IT issues on a regular basis, this can negatively affect the customer service experience, the production process, the flow of information, data analysis, and so forth. And of course, the longer and more extensive these issues are, the more it can actually impede the business from moving forward.
So, what’s the solution? For many people, the solution is professional IT support in London. Hiring on an IT support company in London means you aren’t the one trying to work through these issues, and it also means less downtime for the business since these companies know what is necessary to fix the problem(s).
Take for example Totality Services, IT experts in London, which work with a variety of sectors to ensure they don’t suffer from IT issues. This London IT support company offers services around the clock, as your issues don’t necessarily happen during typical business hours. Some of the services offered include IT training, procurement services, consultancy, cyber security consultancy, cloud computing services, and more.
IT companies in London understand the specific issues facing businesses in this area, and how to provide results and solutions.
Cash Flow Problems – One Of The Most Common Hurdles
Cash flow issues are typically one of the most common problems that start-ups face. Perhaps you didn’t secure enough funds to begin with. Maybe you over-spend on the start-up costs, your budget wasn’t fully thought out, or you’ve perhaps encountered unexpected expenses. There are all kinds of issues that can contribute to the lack of cash flow, and the reality is that a business cannot hope to survive in the long term without cash.
The solution to this issue is really multi-pronged. It can include cutting expenses, streamlining processes to save money, focusing on growing sales, negotiating with suppliers, making sure your accounts receivable is up-to-date, and even looking for ways to cut overheads.
Standing Out From The Competition
Then there is the issue of standing out from the competition. Again, this is a problem that isn’t exclusive to start-ups and is a very real problem. Even if you aren’t in a crowded marketplace with a lot of competition, if you’re going up against established businesses that have built a loyal following, then it’s going to be difficult, there’s just no other way to put it.
Typically, the best solution is to find your hook. What are the unique aspects, products, services that your company offers? By taking this approach, you don’t have to convince people you are better, rather you are different and unique and you’ve got something no-one else can offer.
Have A Plan For Challenges
At the end of the day, it’s short-sighted and foolish to believe that your new start-up will just glide along with no issues. Instead, it’s key to accept there will be challenges, and have effective plans in place that will act as a blueprint for when those issues arise.