Few things can be as exciting as building and growing your own business. You see your idea come to fruition, watching as people discover you and become loyal customers.
But the world of startups can be a rocky one. Along with your successes will come setbacks and obstacles. Weathering those challenges, and coming through them stronger, will make all the difference. Whether you’re planning to start a new business, or the wheels are already in motion, knowing what you can expect can help you prepare in advance.
Here are some of the issues startup founders often face.
When you have a paycheck coming in every couple of weeks, you have a type of security. Sure, you could lose your job, but as the years pass, you begin to feel confident that things will remain the same.
By starting a business, you toss that security out the window. It can take time to see a profit and, even then, the market can change. One of the best things you can do is surround yourself with other entrepreneurs. Realizing that all business owners grapple with the same feelings can help you power through the tough times.
Whether you’re creating a business or a skyscraper, building something is all about making progress toward your goal. You want to see that needle ticking upward, week after week, as proof that all your hard work is paying off.
Unfortunately, those numbers won’t always move upward. Even one week of negative results can start to dishearten you. The fix for that? Focus on what you can control. Set weekly goals and work toward them, making note of your activities in a spreadsheet or app. Even if you aren’t seeing positive customer growth, you can see what you accomplished and set goals to boost those accomplishments the next week.
Regulatory compliance is a part of running any type of business. But studying regulations can be exhausting. You’ll need to not only research laws specific to your industry, but also regulations relating to taxes, employment, and consumer protections.
Fortunately, there are plenty of resources available to help you with what you need to know. If possible, have an employment attorney on call to answer any questions you have. You should also get legal help with reviewing any contracts or other official documentation you use. A little up-front cost can ensure your business doesn’t face legal challenges.
One of the best ways to tackle the many challenges your business will face is to have a mentor to help. A solid startup plan can also help you determine exactly where you want to be and how you’ll get there. Download a free S.M.A.R.T. goal-planning sheet to get started.