Top 4 Challenges Every Startup Face and ways to avoid them
Challenges are present everywhere in businesses; especially startups are no exception to such challenges. Kick starting a business can be quite consuming yet wildly manageable. It can prove to be complex, and might challenge you in ways you might have not visualized.
Startups struggle for several reasons. Some even gets hut, or never quite achieve the degree of success as early as they had hoped. So after assessing thousands of startups based on their product, team, and traction, we have come up with the major reasons why startups fail. With the help of these, you will be able to steer through the choppy waters and be well-prepared to manage similar challenges that come your way. And if you feel that these reasons touch a chord then you know you are treading on a thin line and it’s time for you to take immediate action. So let’s begin:
· No Market Need
According to a report, almost 42% startups failed because they were busy solving an interesting problem, but not the one which plagued the market. They failed to provide a proper solution that the market was actually facing. It is very important for startups to understand the needs and requirements of the market, and identify whether they are really resolving the problem. So no matter how wonderful the idea might be, if it fails to cater the real pain point in the right manner, it is doomed to fail.
· Inadequate Finance
Obviously, you need money. Cash flow issues will strike you hard; delaying the roll-out of products, hiring key people, or fitting out new offices. Undoubtedly, you need money to fund your software or product development, office space, marketing, and in order to overcome this, you must develop the ability to sell your idea and vision to potential investors.
· No Digital Presence
Simply put, as a business owner today, you must have an online website as a strong digital presence. There has been a considerable rise in the number of internet users and is expected to increase in the years to come. For instance, if you have a local business and a local audience to target, make sure that each web page lists your business address, contact info and the hours of operation. Having a good online presence enables you to tap into the market segment quite easily. You might seem unprofessional if you don’t have any social media presence and will lose business to your competition that has a stronger online presence.
· Not Customer Oriented
Bill Gates said, “Your most unhappy customers are your greatest source of learning”. But the truth is that many startups fail in obtaining customer feedback and taking strict actions on it. Continuously testing, tweaking, and making the product to fit their customer’s needs, some business owners’ fall into the maws of building a product for themselves, not for the user.
Remember, customer focus is the most significant trait for startups and that is why the best of startups invest in customer service and support. Opting for a contact center software or customer contact center will save sufficient time and money. Today, contact centers are more than just answering services as they are the most common point of contact between a brand and its customers. And this is why you must go about selecting a contact center solution which is as important as realizing that you definitely need one.
All startup businesses face potential challenges, but they can be well-avoided with proper planning and implementation. Customer is king and winning a customers’ trust is one of the most significant hurdles that startups in general ought to overcome because with a highly satisfied and loyal customer base, start-ups can scale rapidly and make good progress towards achieving business excellence.