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It is natural to feel overwhelmed in the startup world, especially as you take the first steps. After all, it’s not like this is something you do every day. Take a deep breath, step back to commend yourself for what you are doing, and then settle in to find solutions to issues surrounding you. Below are common challenges for new business owners and strategies to resolve them.
1. Lack of Direction (Solution: Create a Business Plan)
Being unfocused can cost your business money and other resources. It can also result in missed opportunities and, ultimately, financial ruin. Instead, create a business plan to help you stay focused on the path to success, from the mission to the cash flow and marketing strategies.
2. No Online Visibility (Solution: SEO)
As a new business, a significant problem is a weak online presence. As your company site is so new, it likely does not appear as one of the top search results your target audience sees when they search for products or services like yours. To get more visible online involves learning and using SEO on your website, from the pages to the articles. For example, include relevant keywords in your URLs and meta descriptions, as well as publish content about how you help a particular customer type.
3. Not Enough Time in a Day (Solution: Better Time Management)
You’re going so fast through the day that you can barely think straight as the owner, yet you feel you barely keep on top of everything. The key is to become better at managing time. For example, do the most important tasks first in your day, so they always get done. Also, consider adding employees so you do not have to do all the work yourself.
4. Credit Card Payments Carry Risks (Solution: Use Hosted Payments)
Having several payment options available to customers on your business website is a good idea as it allows more of your target audience to make purchases. But, you might worry about the risks of online credit card processing as a business owner. To take that off your plate, consider using a hosted payment page. Hosted payments enable you to redirect customers to a secure payment page so you do not bear the burden of storing card data on your site.
5. A New Strategy Doesn’t Work (Solution: Let It Go)
As this venture is new, you’re discovering new things about it (and yourself) every day. Realistically, some processes will work, and others will need tweaking to be as efficient as possible. Other strategies won’t be a good fit, as you’ll only start to see after they’re in place. In the latter case, recognize it’s not working and let go of that way of doing things. This release can be difficult for a business owner but it’s the best way to open up opportunities for novel ways of doing business that fit your startup better.
Conclusion
Overcoming challenges is easier when you know possible ways to do so. The next time you feel the weight on your shoulders as a business owner, consider these solutions.