Running a startup and being its boss is not easy. Lack of time for everything, constant crises, and employee turnover aren’t even the most challenging aspects. Do you want to know what the biggest problems are? If yes, keep reading.
In this article, we focus on key problems faced by startup CEOs.
Common challenges
During the recording of our podcast, Startup Stories Podcast, we had the opportunity to speak with various startups from different fields. Starting with ecology and ending with medical devices. Every CEO – because they were usually our guests, mentioned from one to three the hardest challenges that they have to handle. See what are the common problems for all startups!
Paper works
One of the most popular challenges mentioned by Startup Stories guests was paperwork and the number of it. When people start a new business, all they think of is an idea, product, name or strategy. No one truly knows how much paperwork is involved in running a business. Not only startups but any company. It’s a constant task that requires focus on documents and a general understanding of various types of documentation. It often takes more time than people assume. That’s why this is the biggest challenge in running a startup.
The solution to that problem is quite simple, but unfortunately expensive. If you don’t want to waste your time and do it on your own, think about delegating this task to another company. On the Internet, you can find many offers, and find a person who takes care of your startup paperwork, not only connected with taxes or invoices, but also with law or government regulations.
Long-term clients
Every startup which is entering the market has the same problem, which is: finding long-term clients. They are hard to get because you have to find the right person who is looking for a product or service like yours. The difficulty of that task is also linked to what you can offer and the uniqueness of your idea.
But remember everything is possible, and sometimes it’s needed to try different ways to find the best one. So don’t give up. Try to think like your clients or others. Put yourself in their shoes. Don’t rush any process, give yourself time to think and analyse what’s best. You can also try different marketing tricks. Like a special offer, promotion or free samples for people who were your clients. Consider remarketing and leveraging the potential of people who have shown interest.
Growing up, developing and Funding
The third and very complex challenge is growing up. With that are connected two extra problems, which are development and money. If you want to grow and develop your startup, you need money. Without them, your possibilities are quite limited. If you’re just starting your journey with startups, consider incubators or accelerators. These are the place where your startup can grow, and you get needed help. Another possibility is finding an investor who invests money in your idea. In that case, you must consider all legal aspects and think twice about collaborating with investors.
Running a startup is not an easy job. Commitment and dedication to your idea are essential. Don’t be discouraged after one or two failures. Believe us, experiencing failures is completely normal and may happen multiple times in the future. The most important to learn from them and not make these mistakes twice.
For more interesting and useful insights about startups, visit our blog for articles. In your free time listen to compelling podcasts featuring our clients!