Nearly every business that has ever existed has had to swim through treacle at some point. There is a battery of challenges to test the resolve of the founders, and inevitably some (many?) do not make it through.
Much of this has to do with money, or rather the lack of it. In recent years, getting additional funding has become far more difficult than it was a decade or so ago, and this has meant that many businesses have been unable to expand and therefore have shrivelled on the vine. How many of these could have been global multinationals? We will never know.
But beyond the economics of small business ownership, there are broader challenges that start ups face.
Perhaps the least discussed is the sheer exhaustion of building a company from the ground up. You will need to have a great deal of stamina in order to get things going. Not perhaps in the sense of being able to run a marathon in under 2 hours, but working long, unsociable hours (you will not see a weekend for a while), and the ability to keep positive in the face of adversity. This is hard work, and in all likelihood will not be personally reaping the rewards for a year or so yet. Chin up!
Then there is the issue of growth. This is a key stumbling block for small businesses. When do you try to scale up? Go too early and you could be overstretched and suffer the consequences, and leave it too late and rivals could step in. As with many things in business, it’s a difficult balancing act, but the important thing to have at your disposal in order to do it properly is the right staff in place.
This in itself can be tricky. For a young business, attracting good people to work for you can be hard. Many experienced and well-qualified candidates might be scared off by a potential lack of stability and lower pay compared to more established businesses, but there are people out there who will see the potential benefits to them. For instance the opportunity to reach a senior position more quickly, more autonomy and more control over decisions. These are big pluses, and for some people outweigh the potential negatives.
As we have touched on before, the marketing duties for a new business can become a real headache. Often they are pushed to the side in the hope that business will flood in regardless, but inevitably this tends not to happen. A new small business has a difficult task in order to get its head above the parapet and be seen, but there are a multitude of ways to make this much easier.
Companies such as Rosco Digital Media have been set up to help small businesses concentrate on running the actual business, and not spend time designing their on website, social media page, logo etc. It can often be a false economy trying to keep these tasks in-house, despite what the DIY website builders might tell you.
Rosco creates easy-to-maintain, great looking sites that ensure your small business gets noticed. Contact us today to find out more.