Stumbling blocks for new businesses

Stumbling blocks for new businesses

Successful businesses take time and don’t happen overnight and along the way you will come across some stumbling blocks that you will need to overcome.

  1. Limited or not enough funds

The biggest stumbling block of all is simply the lack of funds to keep going. Don’t be desperate and overlook assessing risks that can be involved.  Create a budget and justify every expense because if you don’t then you will be out of business before you know it.

Decrease the odds against you by keeping your job as long as you can until you have built up an emergency fund.

  1. Bad Relationship

Juggling demands and responsibility when owing your own business is tiring and relationships suffer due to lack of time – but it is important for our well-being to help maintain a balanced and productive life.

  1. Planning

Jumping in and executing is not always the solution.  However a lackluster or no plan at all is not going to guide you through tough times.  A solid plan is a good foundation.  Proper  planning and execution based on growth framework will carry your business ahead.

  1. Idealism

Being overly ambitious or having an idealist vision can cause a problem.

Get into markets you know. Do market research and gain some traction. If you fail its not the end of the world at least you have learnt a new skill and gained some experience.

  1. Poor product/service quality

Even more important for a start up business is that you offer a good produce or service delivery.

  1. Unnecessary investment

Key to developing your company and delivering your  products firs.  Stick to your growth investment plan.

  1. Trying to do too much

If you try to handle everything you will get exhausted of the business process an be too involved in running to company and forgetting to grow it.  A business owner needs to act like an entrepreneur and not get too involved in the day–to–day admin.  Put systems in place and/or delegate to a VA or staff member.

No-one every said life was easy, but owning our own business can be incredibly rewarding.  Problems are common, but your attitude is what will ultimately make the difference!!!

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