Startups Business always encounters the challenges. They need to concentrate both on Service quality as well sales in order to survive in this competitive world where every company has been over taking others to make their position and label on the market . The bigger companies always charge as per their demand since they hold the strong grip on the market and give no room to new entrants . Therefore , new companies use the tactic of selling the at cheaper prices to increase their demands . The following 5 Challenges which really challenge the nerves of the Startups are given below :
The First and foremost thing is the Business Plan since this will the master plan to run your business on the track suggested by the consultants. A good business plan always takes you to fly in very short time where as unplanned or self made business plan may lead you to complete distress . Therefore always involve a professional firm of consultants to get your Business plan drafted . You must share with them the nature of business and business idea rest will be done by them .
Secondly, when your business has been successfully built , now it comes for proper operation phase where your dream is going to be come true in real sense and you are undoubtedly going to be an entrepreneur .The Business plan is meaningless unless you put some funding resources . The financing could be self, loan or venture capital. Be sure , you have the required funds available before starting your business since lack funding may cause great challenge for your and most of the startups are closed in mid term or even earlier due to severe lack of financing. Since financing is said to be the oxygen and works like water to trees. The more financing resources you have, the stronger base of your business will be. Engage some operational Management Consultants to help you at this stage to escape any challenge you fight confront at early stage.
Thirdly the Human Resource Management is considered key for the development and growth of any startups . To avoid the challenges of Professional staff always engage a HR Consulting Firm or Outsourcing Firm to fulfill the needs of skilled and Professional trained staff to run your business in professional way . If you cannot afford permanent or full time employees in the beginning , you can go for outsourcing option since its cheaper and much convenient way to Hiring since you pay the Outsourcing Firm for the employees working in your Company . You get complete freedom from this challenge.
Fourthly, Marketing, Advertising and Sales are the biggest challenge for the startups. Since in today’s world of Globalization , you cannot sell even a needle without proper marketing and advertising . The more marketing you do , the more sales you get and you require more logistics and sales force to cope with rising demand of your goods or services you offer . As your company sales are directly proportional to marketing. The targeted and customer centered marketing may yield more sales and increase the chances of your stability . Engage a professional marketing and Sales Consultants to face this challenge easily to survive in this marketing hungry word as every person rushes to market after watching an Ad on TV or in Newspaper.
Finally, the fifth challenge is said to be the Strategy management and Technology integration which is considered the backbone in today’s age . The more sophisticated and modern technology you use , the brand life will increase at manifold .Thus , you should automate your services with computers and save huge expenditure of engaging workforce since customized Software programmes will help reduce excessive costs of additional workforce engagement when the technology can rescue you from this challenge and your chances for survival will increase at massive level .