For any inexperienced entrepreneur, building a business from scratch comes with its fair share of challenges which can totally discourage one from beginning in the first place. While it is true that starting from the ground up is a time- and resource-consuming process, any such challenges can be met with solutions, and in the end, having a means of potentially passive income will grow one’s wealth with less effort down the line.
As such, listed below are common problems one might encounter in starting a start-up but with practical solutions.
No Money
As the saying goes, “it takes money to make money”. Given the way the world works today, one might realize that though they might not have much in their pocket, the world is rich with opportunities. Take advantage of them! Here are some options to consider if you need to build some funding for your business.
Negotiate.
What most people don’t realize is negotiating can make a huge difference in whatever costs you and your business may incur. In reality, you might want to buy something just as much as someone else would want to sell it. There’s always room for bargaining which can easily draw the line between you spending hundreds on your business or some thousands.
Work on existing platforms.
Thanks to the invention of the internet, we now possess what can simply be called the “Gig Economy”. What makes it so simply beautiful is that so long as you pass a couple of identity verification tests, you can get to work in a snap. Examples of such include Grab, Foodpanda, MyKuya, and GoodWork for more manual service-type jobs, or even others like Fiverr for creatives, UpWork for more technical jobs, and and even Craigslist. Taking on such gigs, and perhaps using these to promote your own business, can (even temporarily) bring in some much needed funds to really get things going.
Crowdfund.
Have a revolutionary product or service you need backing on? Get other people not only interested, but invested. List your offerings on popular campaign sites like Kickstarter, GoFundMe, Indiegogo, and Patreon. Just remember that when you crowdfund, you can only rake in the cash when you have a great marketing strategy — of course, you should only consider crowdfunding if you are confident you can fulfill whatever promises you make to your investors. Otherwise, your business’ reputation may be ruined before you could even get the ball rolling...
Pay with your services.
Without a pre-existing clientele, it might be difficult to establish a brand that can passively gain you more clients. Try to offer products/services of your business in exchange for things you need from others. Structuring partnerships with business owners themselves who trust in you and your product can also be a win-win for you both!
Pay with equity.
Instead of hiring someone with certain expertise, the perfect pitch could possibly bring them on board your team instead. Besides, it’s more exciting to work as a group than to go at it alone.
Competition.
Any small business would rightfully fear failure especially in oversaturated markets. The best way to position yourself in any industry is to conduct a thorough project study which will help you identify your target markets as well as effective marketing strategies. Outsourcing a market research professional will help you gain as accurate and precise an understanding of your business’ positioning as possible.
Time commitments.
Sacrifices are necessary when making a big move such as starting a business. Your time spent watching your favorite show or playing your games will need to be reduced if you ever want to seriously launch your business. You might say that you don’t have enough time when in reality, you’re sleeping in until the late afternoon and have lost valuable day time to get stuff done. Once you’ve learned to prioritize, manage your time wisely and budget it just as you should with cash, you’d realize you do have enough hours in a day to pursue your entrepreneurial endeavors.
Lack of experience & courage.
One could easily feel discouraged knowing that there are a million other people with more know-how doing the exact same thing. You shouldn’t just give up because in this day and age, you can learn anything and everything from the comfort of your own bed. Consider signing up for online courses on MOOC platforms like Coursera, Udemy, Khan Academy, Alison, LinkedIn Learning, Masterclass or even just watch whatever you can find on YouTube. The online world has everything you need!
If something you need may be a little too out of your world of understanding, consulting Greenpoint analysts could not only give you a more concrete flow of your business process, but also the much needed confidence to get started. Author H.P. Lovecraft once said “the oldest and strongest kind of fear is fear of the unknown”, so why not eliminate that fear entirely by hiring professionals to tell you where and how to start? Sounds like witchcraft, but through a complete and thorough analysis of your needs, consultants can procure exactly what you’re looking for to solidify your position as an entrepreneur.
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