There’s an entrepreneur somewhere in all of us. We all have the occasional spark of an idea. It may be unrealistic or slightly far-fetched, but we’ve all had that moment where we’ve dreamed up an incredible idea for a business. Most of us tuck these plans away in a corner of our mind, only for them to emerge again later in our careers. Many of the most successful startups are born this way, with an experienced individual at their core. This is particularly common in the marketing sector. After five or ten years building their skills in a marketing agency, many marketing professionals feel confident that they’d be better off if they struck out on their own. However, starting a business is a difficult process for even the most prepared individual. New business owners face many stumbling blocks. Here are three of the trickiest obstacles new businesses will face, and how you can overcome them.
Obtaining funding is tricky enough for a new business, but with numerous government support schemes and funds available, this obstacle is ultimately surmountable. However, it is cashflow problems that are just as likely to a cripple a burgeoning business. New businesses may set introductory prices lower than they might want in order to catch the attention of potential clients, but this means profits will be slim and may prevent rent, bills and other debts being paid on time. Cashflow problems point to a poor business plan.
Burnout and fatigue
Starting and running a business requires a lot of hard work. That’s obvious to all of us. However, many entrepreneurs underestimate the stress and fatigue associated with starting their first business. In many cases, they’ll remain the sole employee for the first few months. Every single aspect of the business must be managed and operated by them. New business owners have to be switched on at all times. Eventually, this fatigue can take its toll. While it’s important for business owners to keep track of every aspect of their young business, it’s equally vital to take a break every once in a while – and that includes staying away from your smartphone.
Creating and following a sustainable business plan
An idea can’t form a successful business alone. You need to create a business plan that’s sustainable. The plan needs to include your goals and objectives, detail any start-up funding that you have available, and how you plan to make money across several fiscal years. While this part of the process is hardly enjoyable, the document is useful to present to potential investors and provides you with clear goals and direction. It is at this hurdle where entrepreneurs must seriously consider whether they’ll be able to generate profit and make the business work on their own.
For marketing professionals who want to break away from their current company, starting your own business isn’t the only option. By joining the Opportunity Marketing Franchise you’ll have all the freedom of a business owner, but the luxury of a solid business model already in place. To find out more, read our FAQ.