4 Struggles You Can Face When Starting A Business

Setting up a business can be one of the hardest things you have ever done. However, if you get everything right from the start then it doesn’t have to be. There will always be struggles and hurdles along the way which could end with you losing your business. Did you know that around 90% of businesses won’t make it to their fifth year of trading. This can be due to many issues, take a look at the article below to find out how you can avoid this happening to you. 

Lack Of Funds

One huge issue that businesses run into is running out of money before they have gotten themselves off the ground. You need to work out how much you need to ensure you have everything you need. This includes having enough money to pay for staff, location, the sign shop for your marketing collateral, and any equipment or supplies you need. In order to have enough money to get your business off the ground you need to ask the bank for a business loan, that is if you haven’t enough to hand. The bank needs to be confident that you will make the repayments. 

Failing To Secure The Desired Outcomes From Business Interactions

Successful interactions in which you secure the desired outcomes are the key to helping your company thrive. Whether meeting suppliers, partners, investors, or clients doesn’t matter. If your business is unable to move conversations in the right direction, success will be hard to find.

It is a crucial skill that can be developed through dedicated negotiation training. It will enable your employees to overcome a host of problems including lost deals or accepting low ball offers. As well as boosting financial outcomes, strong negotiations lead to streamlined processes. The company’s future will look far brighter.

High Employee Churn Rate

Another thing that can bring your business crashing down to the ground is a high employee churn rate. This happens when employees come and go in quick succession and can be detrimental for your business. The key to avoiding this is hiring staff that stick around, this might sound easier than it is. You have to make your staff want to stay, offer them incentives such as pay rises and promotions. Additionally, it is crucial to provide employees with de-escalation and communication training to mitigate internal conflicts. One of the significant benefits of de-escalation training is its ability to help employees resolve issues amicably, preventing these conflicts from leading to resignation or demotivation. This approach fosters a harmonious work environment and significantly improves the employee churn rate. Investing in such training is essential for the long-term success of your business.

For this, you can connect with agencies offering such training for employees. And, If you aren’t sure how to find the best employees then speak with a recruitment agency. 

No Payment Account

If you have customers coming into your business or shopping online then you will need to offer them various payment options. This could include cash, card, or pay in the future. This might not be so easy, especially if you are running an adult orientated business. Some companies will be reluctant to handle your payments due to increased risk of fraud. Take a look at a hard to place merchant account to see what options you have for payments. 

Poor Website

Lastly, if you don’t have a user friendly website then there is a high chance that your customers will take their business elsewhere. This will lead to a lack of sales and therefore a lack of money and profits. Having a user friendly website means your customers and clients are able to navigate to the pages or products they are looking for. Ideally, your customers should be no more than three clicks away from the page they are looking for. Speak to a website designer who will be able to give you a perfect website. 

Inadequate Communication

Inadequate communication is something that many new businesses face and it is going to be detrimental to your growth. Customers want to be able to contact you whenever they have a problem or an issue and you must be readily available. 

If you are not able to meet these demands they can come with a lot of severe consequences such as loss of potential clients. You have to make sure that you open up several lines of communication as soon as possible. 

You should have a phone number where customers can contact you, email support, web chat, as well as several messaging services available. You can use a virtual phone  number to confirm several messaging services because people will have different preferences. When you open up the lines of communication in this way your business will thrive.

We hope you found this article helpful and that it gave you some ideas on how you can avoid your business becoming another statistic. Remember, there will always be difficulties to overcome in your business. It is how you handle them that will ensure your business stands the test of time.