4 challenges every entrepreneur will face: How to overcome them
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Being an entrepreneur is not easy. It’s a challenging journey that comes with many ups and downs. There will be times when you feel like giving up, but it’s important to remember why you started your business in the first place. In this blog post, we will discuss four common challenges that entrepreneurs face and how to overcome them!
Hiring People
Hiring people is not as easy as it seems.
For one, you need to make sure that the person you are hiring is qualified for the position.
But even if they are qualified, that doesn’t mean they will be a good fit for your company. You also need to make sure that they are a good culture fit and that they will mesh well with your existing team.
And of course, you need to be able to pay them what they’re worth. You can choose to go above the market rate to attract talent. But that might potentially eat into your profits.
Don’t forget that you are also responsible for their individual growth too. When people have outgrown what the company could offer, they leave.
All these factors make hiring a challenge, but it’s one that’s essential for any business owner who wants to build a successful company.
If you have a limited budget, here are a few inexpensive options to get help:
- Hire an intern
- Make good use of companies like fiverr.com
- Barter with other companies
- Reach out to students who might be looking for a part-time job
- Automate things to get the manual labour out of the way
Money
You can never escape the money problems – funding, cashflow and bookkeeping.
There are various stages to getting a business off the ground, and each one comes with its own unique set of financial challenges. From coming up with the initial start-up capital to ensuring there is enough cashflow to cover operational costs, every step of the way requires careful financial planning.
If you are lucky enough, certain governments have a financing support scheme that will help pay consultancy fees, purchase of software and equipment and internal labour costs.
Don’t forget to have a cash flow management strategy – it is a must for every business. Understanding the cycle can help keep your company afloat during tough times.
This means knowing how many days it takes for you to produce your product or service, sell it, collect and receive payments from customers versus the period within which you need to clear payments with suppliers and vendors.
On the other hand, bookkeeping provides accurate information regarding your business, which allows you to make decisions for growth.
Get software or hire an external agency to help support you with bookkeeping.
As you can see, it’s a juggling act to keep everything going. You need to be on top of your game when it comes to financial management, or else things can quickly spiral out of control.
You might be interested in: 12 tips to improve your cash flow
Getting customers
The hardest part of starting any business is always acquiring that first customer. You need someone to take a chance on you, to give you their business and help get your name out there.
But how do you go about getting that very first customer? There are a few strategies you can try.
- Offer a discount or a freebie. If you’re selling a product, this could be a percentage off their purchase, or if you’re offering a service, it could be a free consultation.
- Tap into your network of friends, family, and acquaintances. Let them know what you’re up to and see if they need your product or service.
Don’t be afraid to get creative. There are all sorts of ways to advertise without spending big bucks. If you don’t have the money to put up ads, you might want to consider the following options:
- Use existing networks to spread the word
- Barter with partners or media
- Attend seminars or industry events
- Cold call or email or message via LinkedIn
- Leverage on startup and online communities
Motivation
As an entrepreneur, it’s important to stay motivated. After all, if you’re not motivated, it’s tough to get anything done.
But how do you stay motivated when you’re constantly facing new challenges and obstacles? Here are a few tips:
- Set personal and professional goals for yourself. Having something to strive for will help keep you focused and motivated.
- Find a role model or mentor who can inspire and guide you. Having someone to look up to can be a great source of motivation.
- Surround yourself with positive people who will support your endeavors. Surrounding yourself with people who believe in you will help you stay positive and motivated even when things get tough.
- Finally, don’t be afraid to take some time for yourself. Burnouts are extremely common.
Let Instarem for Business simplify your business payments
For startups and young businesses, every step is filled with many uncertainties. But one key thing that does not change is the belief and motivation to survive and the constant need to balance cost and reinvest the profits.
Instarem for Business can help support your finances by providing a simple and efficient way to pay and get paid as well as receive payments in multiple currencies.
If you want to know more about how you can get better rates, faster transfers and more efficient money management, sign up for your free Instarem account today.
