Challenges of starting a business…

Every business faces challenges, regardless of it’s size, it’s how you get through them that defines you as a leader, and determines the strength of your business. Here is a collection of challenges, to give you a heads up on what to watch…

Financing

Cash flow is essential for start-ups/small businesses, that doesn’t necessarily mean lots of money coming in and out, it just means that you control and money and pay on time. Paying bills and issuing them on time will help you to start off on the right foot. The solution is to budget and plan.

Click here for how to write a business plan.

The Adult Bible

Hiring employees

You’re going to need help at some point. As a start-up, the most terrifying hurdle to overcome is your first hire. It’s difficult to let go, but its also better to get it right first time, so sit through as many interviews as you need to because it’s a lot more difficult to get rid of someone that isn’t a right fit for your company than it is to spend the time to hire someone right.

For a guide on what to ask in an interview click here.

When hiring, have definitive specifications, and don’t panic hire. Always seek the references, ask questions and be sure they can verify worth ethic and potential.

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Time management

Time is money, and starting a business means you’re normally strapped for both. Create lists, goals and a solid plan, and follow it. Sometimes this means saying no to social arrangements that you really want to go to, just remember your end goal and have that at the forefront of your mind.

Click here for a guide on sticking to your goals.

Delegation

Outsource tasks, but be specific as to what you want done and how you want it done. Bear in mind when drafting in help that they won’t be able to read your mind and so it may take a little time at first for someone else to get to know how you work.

Self-doubt

It’s easy to get distracted and be discouraged so make sure you have a good support system around you, as well as other like-minded people who run their own businesses. In your career there will be a ton of people telling you this that and the other, and questioning what you’re doing but you just have to keep going, and work through your goals.

Dedication

Knowing when the right time is to pack in your previous job, and work full time on your new venture. This is a pretty big deal, you’ll be walking away from job security so don’t take the decision lightly, but also don’t ignore your instincts

Being the boss

You’ll be expected to know what’s going on and make on-the-spot decisions. The less experience you have, the more pressure you’ll feel but as the founder of a start-up you’ll be the one people turn to.

From VAT to tax returns, we’ve got guides to help you start a business and run one, click here.

GO GET ‘EM