When it comes to business startups and innovations, the hardest part is getting them off the ground. It’s not an easy task to move towards your business goals with accelerating speed while maintaining stability in your operations. But here’s the good news: whether you’ve set up an eCommerce shop, or sell online services, it’s possible to prepare yourself for the challenges. With enough knowledge and sound advice, you can arm yourself with strategies and tactics that enable you to meet the issues head-on. Here’s our list of the top five business problems to look out for in 2021 to help you prepare for your entrepreneurial journey and make your startup as successful as it was with the online store. We’ve also included possible plans of action for each situation. Sounds good? Let’s dive in.
1. All Business Startups Need to Find their Clients
Let’s start at the very beginning. Every company, regardless of its size, needs to make strenuous efforts to find its clients and retain old ones by attractive proposals and email forms. However, in the case of smaller operations, your business startup budget might not be big enough to cover the acquisition costs. Plus, it’s not easy to identify the channels that get you the most leads. There are so many available options in 2021.
So to keep your business startup expenses in check, it’s a good idea to avoid marketing for everyone. Instead, try to focus your efforts on a specific person who is most likely to buy from you. This ideal customer has favorite online places, lots of different interests, an age, gender, location, nationality, etc. Going into as many details as possible when describing this person’s characteristics enables you to put out content with the highest potential of engaging your target audience.
2. Growing Your Email List
Every business startup needs to nurture their prospects before they become paying customers. It’s done by providing plenty of free value to your audience and making continuous efforts to keep them engaged. As a result, people learn to trust your brand, making it easier to sell your products to them. But what is the best way to reach the audience with your valuable content? Believe it or not, but it’s email marketing. The rising importance of social media has indeed made many advertisers consider this marketing channel outdated. But here’s a fact: with email marketing, you can expect about a $40 return for every $1 you put in. That’s an impressive ROI (return on investment) no other channel can offer.
But here’s the challenging part: for email marketing to work, you need a solid list of active addresses. How would you acquire these? One way is to pay for a list of email addresses. But we would strongly recommend you to skip that. Most people in the purchased lists have never heard of you and will consider your emails intrusive. You’ll harm your reputation and waste resources by sending them messages.
The best strategy for building an email list full of people eager to hear from you is via an email-collecting opt-in box on your website. And enticing people to voluntarily give you their address starts with creating top-notch content. Nothing makes readers want to know more from you than relevant and value-packed articles with actionable ideas that help them solve their problems.
3. Hiring Talented People
A hefty amount of business startup costs go to hiring people for various tasks. Onboarding is a lengthy process that can cost the company up to $4000 per new employee. But, unfortunately, the labor quality is often not that good and doesn’t justify these expenses. So, how would you attract top-performing candidates to your organization? Here are a few pointers:
- Take your time. Set up at least two rounds of meetings with the applicants and take an extra day or even a week to decide to hire someone.
- Create your ideal employee persona and compare its characteristics to those of your applicants. Make sure the persona embodies your company culture.
- Keep building a brand presence in your company. Top players are always excited to be part of a company that knows how to present itself via powerful branding.
4. Management Challenges
After getting the right people, you’re ready for the next difficulty in your business startup, meaning that you need to start managing the workflow. Your goal here is to ensure the team has all the necessary tools to complete their tasks. However, as the business scales, it can get increasingly challenging for company owners to keep up with the growing needs of their staff. To help you get a good overview of all the possible problems (and find areas that would need automation via software), take these steps:
- Conduct regular surveys that inquire about employee satisfaction.
- Have one-on-one meetings with your staff at least once a week.
- Ask your employees what troubles them most in their roles.
- Analyze the feedback and try to spot the common issues.
- Pay close attention to your employees’ thoughts on how productivity could get improved. Some of these proposals might lead to business startup ideas that take your company’s output to a new level.
5. Scaling – Do It Right
What is the right way to scale a business? There’s no correct answer here. Obviously, everyone would love to grow their company as quickly as possible. But most small businesses can not afford to bring enough new people aboard to keep up with rapid scaling.
Startups need to keep a close eye on all the cash coming in and going out to find a balanced way of scaling their operations. However, if you need quick cash to finance an excellent scaling opportunity, you might want to look up online games and services available specifically for startups. The best sites enable you to win extra money via fun and entertaining gameplays.
You shouldn’t let the obstacles stop you from launching your products. Whether your business startup documents state that your company orients to technology, competitors, or something else, it’s vital to get your items in the hands of customers. That’s the only way to learn if they’re working or not. So use the strategies provided in the article to navigate the problems and keep delivering to your clients. It’s your business. And it deserves to become successful.
What’s the best advice you’ve gotten from business startup experts? Share the golden nuggets in the comments section.
Jeremy is an online entrepreneur. He believes the first two years are the toughest for any business because there are many challenges fresh company owners can not foresee. Jeremy has managed to succeed thanks to great advice from others and hopes his articles help to encourage a new generation of entrepreneurs.