Many startups fail in this stage because when it comes to the marketing of their brand/product they have to adopt best strategies within the limited budget.
Try to implement SWOT and other marketing analysis on your startup to know which is the potential market and how you can utilize your best resources effectively and efficiently.
I would certainly say financing their enterprises is a big challenge for women. Many self-fund their business ventures in the early days from income from another job or use personal credit cards and overdrafts. There appears to be a reluctance to source business financing from lenders, for a number of different reasons - fear of failure, lack of belief, fear of being rejected, not understanding the requirements of business loans etc.
I have also some thoughts about the difficulties concerning the choice of partners, developers etc. Being flexible in the contemporary fast-changing market is the major requirement, and the case of the best software development company is not an exception
Hey Ryan in hot, humid Michigan! (Don't ask me how I know, but suffice it to say, I'm blessed to have AC!)
You've posted a great question and I think visibility is a huge challenge! Back in the day when the Yellow Pages were king, advertising was automatic, even if a business didn't place an ad, because the business name was automatically published, along with phone number and address. Now, perhaps the only ways to find a business is through word-of-mouth, minimal advertising opportunities, Google or other specialized search engines, and new ones pop up every day. That may be why billboards are starting to make a comeback, did you know? That's apparently because if someone's driving, but stopped in traffic, they're pretty much guaranteed to see that big honkin' ad. 🙂 (Otherwise, I'm partial to community-supporting businesses being featured in memorable "good news" stories.)
in my opinion as always - this is competition
The challenge: Cash flow is essential to small business survival, yet many entrepreneurs struggle to pay the bills (let alone themselves) while they’re waiting for checks to arrive. Part of the problem stems from delayed invoicing, which is common in the entrepreneurial world.
The solution: Proper budgeting and planning are critical to maintaining cash flow, but even these won’t always save you from stressing over bills. One way to improve cash flow is to require a down payment for your products and services.
The challenge: The hiring process can take several days of your time: reviewing resumes, sitting through interviews, sifting through so many unqualified candidates to find the diamonds in the rough.
The solution: You can save yourself a ton of time by pre-qualifying candidates through exclusive help wanted ads that are ultra-specific in what it takes to be hired at your firm, as well as what the day-to-day work entails.
The challenge: Time management might be the biggest problem faced by entrepreneurs.
The challenge: You need to delegate or outsource tasks, but it seems every time you do something gets messed up and you have to redo it anyway.
The solution: Find good employees and good outsourced contract help, for starters. You might have to pay a little more for it, but the savings in time and the resulting earning potential more than make up for it.
The challenge: You could make a mint if you just knew what products and services to sell. You’re just unsure how to pick a niche.
The solution: Admit that you’re weak in identifying prosperous niches, and delegate the task to someone who is strong in this area. You don’t have to hire a huge, expensive marketing firm; rather, recruit a freelance researcher who has experience in whatever type of field you’re considering entering (retail e-commerce, service industry, publishing, etc.). Have them conduct market research and create a report with suggested niches, backed by potential profit margins and a complete SWOT analysis: Strengths, Weaknesses, Opportunities and Threats.
The challenge: You don’t know the best way to market your products and services: print, online, mobile, advertising, etc. You want to maximize your return on investment with efficient, targeted marketing that gets results.
The solution: Again, if you’re not adept at creating marketing plans and placing ads, it’s a good idea to outsource your marketing strategy to someone who is. At this point, all you need is a core marketing plan
The challenge: You want to start or grow your business, but you have little capital to do it with.
The solution: There are many ways to earn funding, from traditional bank loans to family and friends.
The challenge: Even though cash flow is fine, it seems you never have enough in your budget to market your company to its full potential.
The solution: Every entrepreneur struggles with their budget. The key is to prioritize your marketing efforts with efficiency in mind — spend your money where it works — and reserve the rest for operating expenses and experimenting with other marketing methods.
The challenge: We’re assuming you are growing, not that you can’t grow, and you’ve come to the point at which you can’t take on any more work in your current structure.
The solution: Create new processes that focus on task delegation. The only way to break through is to delegate tasks to others to take yourself out of the production end, and segue into management and, finally, pure ownership.
The challenge: An entrepreneur’s life is not enviable, at least in the beginning. It’s extremely easy to get discouraged when something goes wrong or when you’re not growing as fast as you’d like. Self-doubt creeps in, and you feel like giving up.
The solution: Being able to overcome self-doubt is a necessary trait for entrepreneurs. Having a good support system will help: family and friends who know your goals and support your plight, as well as an advisory board of other entrepreneurs who can objectively opine as to the direction of your business.