The first few years of business can be extremely challenging. Unfortunately the statistics aren’t on new business owner’s side either, with about 20% of businesses failing in their first year. By ten years that number is up to 80%. But many of the common struggles that new business owners face are fixable, it’s all a matter of having the right strategy to get ahead.
4 Struggles New Business Owners Face – and How to Solve Them
1. Finding Customers
Finding customers is a struggle for every business owner. Even the biggest companies in the world don’t just sit around waiting for customers to come to them, they all have a team of people working hard to find new customers or successfully communicate to the ones they already have.
The solution? Finding customers starts with you knowing who your ideal customer actually is. It’s all about communicating with the RIGHT people. Figure out what your ideal customer looks like, figure out what they do, and where they spend their time (both online and off) and from there you’ll know how best to communicate with them. When you are ready to ‘talk’ to your target market through brochures, direct mail or digital advertising campaigns, Kwik Kopy has you covered.
2. Hiring Great Talent
It’s true what they say: that you’re only as good as your team. As small businesses may have limited resources and need to hire fewer employees, business owners have to make sure that every head counts.
The solution? Look for passionate individuals who believe in your business – your team might be small, but with the right people it can be mighty. Make sure you have a clear sense of the job requirements and your expectations and be prepared to communicate them effectively to any prospective hires. And, most importantly, take your time, it’s always better to fill any vacancy with the right person, even if it takes a little longer.
3. Building Your Brand Identity
When it comes to business, your brand is everything. How you position your brand in the market affects so many aspects of your business down the line, so it’s important to get it right. Of course it can be daunting, especially if you don’t come from a marketing services background.
The solution? First things first, you need to identify your niche. Finding your niche market is like striking gold and will help you position yourself more clearly in your market. The next step is to get some real feedback about your offering from your target demographic. It’s easy to make assumptions about your customers, but you’ll learn the most from direct feedback. Branding is a Kwik Kopy speciality, so if design and marketing isn’t your strength, talk to our team today.
4. Managing Cash Flow
Managing cash flow is perhaps the most lethal of problems for small businesses. In addition to running day-to-day operations, you need to track revenues and expenses, allocate funds for company resources and salaries as well as create budgets that reflect your overhead costs and your expected growth. Not to mention paying business loans and credit cards. It’s a lot.
The Solution? Thankfully, there are some great tools out there to help you stay on track of your finances. Online accounting software like QuickBooks and Xero are user friendly and can handle a whole range of financial tasks to help keep you on track.
Good luck in your new business venture!
