Finally decided and firmly determined to start your own business? Well, this sounds like the end of career problems but before you give your back some rest, hear this. A new business comes with a mosaic mix of interesting problems in the form of hiccups, hurdles and challenges.
In fact, opportunity is shrouded by challenges and thus these problems that arise before starting up a business, when wisely dealt with, will only fortify your determination and prepare you better. Well, the first step is to be aware of the problems that can arise.
- Not enough connections
A business is made successful by people - the ones who work for it and the ones who endorse it. When you are new to a market, no matter how much groundwork you have already done, you have a beginner’s disadvantage. However, today with the help of technology and especially social media, the world has shrunk and simultaneously expanded the horizons of connections. Before launching your business, you can leverage your presence across these mediums to create a hype and anticipation in the market and in the prospective customers’ mindshare.
- Bringing together a business team
A business can never start with employees. It starts with visionaries, innovators, pioneers, leaders and strategists. Yes, the team that you start your business with is critically important. This team needs to share the same vision, passion and a dream yet be different in ways so as to complement each other’s professional abilities.
- Lack of Experience
An extensive and in-depth market research cannot completely make up for the lack of real life experience. Once the business is active, the challenges will be real. Thus, before starting up a business, the team needs to have a robust business plan with practical alternatives and steps to counter initial failure. A business plan forms the fulcrum of business and thus, it needs to be flexible yet strong enough.
- Legal Formalities
Most startups struggle with understanding legal formalities such as: How one should structure the business when incorporating? What are the licenses and permits required by their city, county, state and country? What is the level of protection needed for the business in terms of patents, copyrights and trademarks. Well, most of these queries can be solved by consulting an attorney. Lawyers can guide you in the correct direction in terms of the type of taxation and liability protection issues that are best suited for your business. So if your business does need these protection mechanisms, you need to be extra careful.
- Space Issues
Traditionally, you might have seen that legendary business ideas are often born out of humble garages. Well, these days with advanced technology to support remote teams, and the availability of co-working spaces, the struggle can be saved. Businesses usually start with a small team and limited resources. Thus, working out of a fully functional office is seldom an option. These days when technology has shrunk the world, there can be remote teams with members even working out of different countries. If the team needs to sit together, then a shared co-working space
can facilitate constructive interactions while keeping the cost minimum.
Eccosphere is an immersive co-working space offering a nurturing and positive environment to the teams. With small innovative steps such as green arenas, medication and recreation centres etc, Eccosphere aims at offering holistic experience to the teams for not just professional excellence but complete rejuvenation, personal gratification and the perfect work-life balance. For more information, click here.