Whether you are a small business with limited employees or a Fortune 500 company with unlimited resources at your disposal, you are going to encounter hurdles, problems, and obstacles.
Especially in today’s time. There is just simply no getting around the fact that business is tough and competitive. With SEO and other online marketing techniques so readily available, marketing in any niche could be more competitive than it has ever been before. It goes without saying that newer companies are going to have a harder time.
Even when selling and marketing established products a new company will have a harder time. This is because they are new. No one knows who they are and whether or not they can be trusted. This is just one of the many reasons that startups don’t make it far today. Want to know some more and how they could potentially be avoided?
A Product With No Need
With the above in mind, most startups today try to hit the ground running with something new. Something that consumers have never seen the likes of. And, this really is the way to go. The only problem is that it can be incredibly hard to create something like that that is relevant and will sell. Most of today’s startups know that they need to create something different. The only problem is they just have a hard time making that different pertinent. There are several viable reasons as to why your products and designs aren’t marketing.
Maybe you’ve figured out a solution to a specific problem and didn’t take into account that other people didn’t have the problem, too. Maybe there are already better products out there. Or maybe the market just wasn’t ready for what you are offering. You’ve heard that phrase of being ahead of your time. Unfortunately, this is something that happens all the time. Or, maybe, the world just didn’t need what you were putting out there. The only way to avoid this is by really considering your product before you go as far as opening a store for it.
Where’s The Cash?
This one is probably obvious, but it is still one of the highest reasons that startup companies fail today. That being said, it really isn’t one of the fastest, depending on the amount of cash that you start with. It’ll usually take anywhere from 6 months to a year or more before a business can run out of cash. Plus, there are other ways to afloat while your cash dwindles. However, you do have to know when you are just going around in circles because you’ll only further destroy your finances. Startups are always going to be low on cash at first. This is just the way they operate.
Your best option to get cash for your business will be a licensed moneylender in Singapore. These financial institutions make borrowing money simple and quick. As compared to banks which have a lot of red tapes, business loans from licensed moneylenders can be approved within minutes.
The best thing that you can do to avoid having it lead to your ultimate doom is by finding unique and creative ways to stay afloat. Investors and loans are two of the most common solutions, but you could also consider trying to supplement your income. Simply put your project on hold and take on a side project that you can make money at. Got a skill that can fulfill a gap for someone? Use it to fund your startup.
I Thought I Knew You
If you are going into business with someone they are going to become your new family. You’ll spend countless, waking hours, weeks, and months with this individual. That isn’t necessarily a bad thing unless you’ve chosen the wrong individual. It goes without saying that you want someone with the same end goals in mind as well as a general likeness of how to achieve those goals.
You’ll certainly want to know what your- co-founder is all about before undertaking such a major venture. Are they in it for the long haul? Do they just want to get the business up, running, profitable, and flip it for a profit? These are things that you’ll need to know. If your end goals are different, it is likely that you’ll have differing opinions about how to reach them as well.
And, just because you go into business with family or a close friend, it doesn’t necessarily mean that it’ll work out. In fact, these types of relationships probably fail more often and faster.