Seven Challenges of a Start-Up

160
Boca-Newspaper-Start-Up

By Allison Turner 
Business, Marketing & Sales Consultant

My company is working with more and more start-ups. Our world is changing. People are no longer satisfied with working a 9-5 job for another business. Many want to build a company they are passionate about that incorporates what they love. Starting a company is exciting and comes with new opportunities! But before opening your doors, consider the challenges and be prepared!

1) Competition:
Do your market research. Know your competition. What price will the market bear for your product or service? Is there competition in your area? How are those companies doing?

2) Know your industry:
Is the new business trendy or something with long-term possibilities? If it’s trendy, are you at the forefront of the craze or at the tail end. Look at Vape stores now? They are trendy. Are they a long-term investment for a new owner given how many stores already exist? Will they eventually go out of style? Do your research and know your industry. 

3) Economy:
Many have been forced into a new career or new business because of the economy. Corporations cut employees due to the recession or the outsourcing of jobs; people then start a new company. Know the economy and determine whether your good or service is valuable to your ideal client or is it something that requires discretionary income. When the economy is booming, discretionary income purchases are not a problem but when there is a recession, companies and people have to make hard choices. If you need discretionary income, know whether there is a real need and how to market that need to your clients.

4) Develop a roadmap:
Many companies start with no roadmap! A strategic business and marketing plan will provide you a guide to take your company from point A to Z through a step-by-step process. You can write it yourself or hire a company to write one for you.

5) Confidence:
To start a company, you need to know what you are doing, and you must have confidence in your ability to succeed. Mindset is essential when you own a business.

6) Capital:
While you can start certain types of businesses on a shoestring budget, capital still needs to be set aside for branding including a website, business card, marketing pieces etc.; marketing and advertising; and other incidentals. Research the start up expenses for your industry and know exactly what money you need to set aside. Don’t forget, as your company gets started, that you need living expenses for you and your family. Have savings to give yourself time to build he company without the pressure of money.

7) Hire the right people:
Sometimes you start a business on your own and sometimes you need to hire people to work with you. Your business and marketing plan gives you a roadmap for this. You first need to know when the right time is to make your hire(s) but before getting started, know the difference between an independent contractor and an employee so you are educated on the type of hire you need. Starting a business is an exciting time but before you open your doors, do your research and be aware of the challenges. Have a roadmap to follow so you know the next steps in each quarter of the year. Set aside some capital for start-up expenses as well as initial money to live on in the first few months of launching your company. Most of all have fun because this is your baby!

Allison Turner is CEO and cofounder of Business Consultants of South Florida,(BCoSF, Inc.) located at 301 W Atlantic Avenue, Suite 05. She is a resident of Delray Beach as well as active member of the Greater Delray Beach Chamber of Commerce. BCoSF is passionate about helping their clients either start or grow a sustainable and profitable business. For more information visit www.BCoSF.com or call 561-276-4422.