A start-up always comes with its fair share of trouble so you need to be prepared when setting up your own company. Learn how to weather the storms here.
If you’ve just set on the epic journey that is to set up and run a startup you probably think that the worst bit is behind you and that only high times are awaiting. But, as much as we’d hate to rain on your parade, the reality is that running a startup is an eternal struggle of staying afloat. There are a lot of unexpected issues that tend to come up when you least expect them to and there’s always a major crisis that needs to be dealt with ASAP. That’s not to say, of course, that running a startup is all bad; there are some major positive aspects to running a startup like, for example, the fact that you get to do something you love and something you are passionate about.
The key to being able to weather the storms of a startup is to be prepared. Knowing what’s going to rain down on you can boost your chances of successfully handling situations so, in order to help you do just that we’ve put together a list of the most common troubles a startup can face. Go through the list and let us know if your startup has had to tackle with any of these issues.
1. You’ve Hired the Wrong Team
The secret to any successful startup is the team that’s behind it. Teams who are motivated and share the founder’s vision for the startup generally do better than startups where employees are either unmotivated or uninterested in the startup’s success.
If you think that your team is unsupportive of your dream then beware because this may cost you your dream. Before resorting to extreme measures and firing your team make sure that the fault does not lie with you. Gather your team and try to share your vision with them, create a workplace culture that anyone would feel lucky to be in and make sure that your employees feel motivated to push forward.
2. The Market Is Not as Responsive as You Expected
We always say that before launching a startup it’s important to do some research in the market in order to find out how responsive it will be to your product. The problem with this strategy, however, is that this is just an experiment and it can in no way guarantee results and it’s for this reason that many startups see their products failing to create the hype they were supposed to create in the market after they’re launched.
To make sure that this is not the end of you do some further market research and try to understand the reasons why customers are not responding to your product. Once you’ve gathered all the reasons go back to the creative stage with your team and find ways to address these issues. Also, make sure that you mix up your marketing campaign so that it can attract more people or refocus your target group. Whatever you choose to do remember that the solution lies with identifying why your product can’t satisfy your customers’ needs.
3. You Are Scaling Prematurely
For any business endeavour, scaling is a happy moment of growth for the company. It usually entails hiring more employees, spending more on your marketing strategies and/or acquiring more capital. Now the problem most startups face is that they scale prematurely and to put it simply this means that they do too much too soon. This move is usually the result of false predictions and it’s the most common reason why startups fail.
To avoid this startup trap make sure that you focus on acquiring customers before you do anything else. Focus your energy on attracting more customers and on growing your following and this will help you hold back on scaling until it’s the right moment to actually scale.
In order for your startup to succeed and be the one in ten not to fail make sure that you commit to your vision and ensure that anyone who works with you is just as committed to this vision.