Obstacles to Overcome When Starting a New Business

Mompreneurs, business ladies, women with ambition, or simply those who just have an idea waiting to be realized – you know the many troubles of kick-starting your own business in this modern-day climate. It’s fast-paced, hectic, and very crowded when it comes to competition, so in addition to being original and true to your values, you need to come up with a whole slew of solutions to preempt problems in the first place. While some of them are simply common-sense, others are known only to those who’ve already dipped their toes in the entrepreneurial pond of innovation.

However, if you’re not familiar with the current business eco-system, keep reading to get up to speed and prepare yourself in order to overcome those obstacles with more resolve and knowledge!

Master the art of funding

Women-owned firms tend to have a harder time finding investors due to prejudice, but this doesn’t mean you should EVER give up. On the contrary, when you start hunting for the perfect source of funding, you should widen your net and keep it diverse. From angel investors, bank and independent loans, all the way to crowdfunding platforms, make sure to do your homework and look for various ways in which you can give your business a stable financial backbone. You can even talk to your friends and family and see if they’d be up for pitching in until you start turning a profit.

Get practical with your budget

Once you’ve found the best possible way to fund your business, you need to allocate your budget wisely in order to support optimal growth. For starters, that may mean you need an office space, and to cut costs, you can work in a shared office space instead of committing to a more costly rental contract. On the other hand, you can consider working remotely with the rest of your team.

To add to that, you may need to be on the go very frequently to conduct meetings, presentations, reach out to clients, and work with your partners such as manufacturers or web developers. In that case, finding cheap car hire options can make much more sense for your budget than purchasing a vehicle of your own. You’ll save on maintenance fees, upkeep, and various unforeseen issues that tend to pop up.

Stay healthy

One of the most common issues so many business folk face in the early years of their journey is balancing their personal and professional life. That’s a difficult task even with a steady job, let alone when you’re struggling to find clients or deal with a website crisis every week. Who has time to think about cooking or hitting the gym, right?

Still, by investing time in essential self-care, you’ll actually invest in your business, too. You’ll have much more energy every day, fewer sick days ahead, more confidence for those tough negotiations, and better focus to muscle through those difficult tasks.

Find the right teammates

A one-woman operation is an excellent choice as long as you can handle the workload without it affecting your wellbeing. As soon as you notice your life is literally turning into work, you should take a moment to see which tasks you can delegate, and which portions of your business (such as bookkeeping or SEO campaigns) you can outsource to experts.

Whether you want to expand your local team or you’re open for working with freelancers from all over the world, you need to be careful to find people that will match your values and your brand identity. They might be an excellent hire from a professional perspective, but if they don’t have the soft skills you need to keep building your company, then you need to look further.

Keep growing

On that note, much like you need your future employees and business partners to be able to keep up with the market changes and customer needs, you also need to make room for personal growth. In fact, you need to invest in yourself in every way possible as you build your business, so that you can always have an innovative edge with your brand.

No matter how busy your life may get, take some time to develop your own interests, visit conferences, take courses, learn something new, or talk to new people. You’ll transfer all of that knowledge into your business mindset and allow it to utilize your skills in all the best ways!

 

 

Claire Hastings is a wanderer and a writer. She writes as long as she can remember, and she is very passionate about fashion, running, other cultures, and her cat.

 

 

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