How to Rise Up to The Challenges of Starting a Business 66

How to Rise Up to The Challenges of Starting a Business

This article was written by Victoria Lawes.

Starting your own business poses a number of unique challenges you rarely see in the regular, 9 to 5 type of jobs.

A traditional job requires you to finish a certain task in a given amount of time. While entrepreneurship deals with finding just the right elements and combining them into a cohesive structure that will one day become a successful company. That could be researching the market, finalizing the product, finding the adequate workforce or managing the company itself.

Whatever that is, it’s important for business owners to identify the individual challenges and complete them one by one in a specific order.

Market research.

You’d be surprised by the number of wannabe entrepreneurs who have seen that a particular product is doing exceptionally well and decided to cash in on the craze. Now, there are some bad business moves you can and most likely will make while trying to get your business off the ground. But deciding to sell a specific product or a service just because it’s trending is one the worst moves you can possibly make.

Just imagine how many people have seen that product and gotten that same exact idea as you have. Not only is the market already being supplied with that product, but it will soon be oversaturated with numerous copies made by people looking for some quick cash.

What you need to do instead is perform the market research first and see for yourself what type of products and services are currently in high demand. Once you have identified the demand, then and only then can you proceed towards supplying it.

Product manufacturing and subsequent placement.

Every product is developed in order to meet a particular need or a want. Just because your product is wanted in one location does not mean that it will be needed in a different location. Even if it is wanted doesn’t mean that it conforms to different cultural, financial and practical preferences.

For example, products that feature electrical parts or need to be plugged into a socket can only be viable for world-wide production only if you have different options for different electrical voltages and power sockets.

You need to carefully consider the market your product is intended for and remember that not all markets are the same.

Acquiring the necessary funding.

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You might have performed your market research and developed your product. But without adequate financing options, your dream of starting a business will continue being just that, a dream.

Building a business from the ground up requires a certain amount of money. Growing and expanding a business, however, requires an even larger amount.

You can choose between taking out a credit or a loan, which requires an impossibly perfect credit score. Or finding a reasonable financier that won’t take a significant chunk of your company. Fortunately, the majority of cash related problems, including difficulties with obtaining the necessary funding or inconsistent invoice payment issues can easily be resolved by using cash flow financing.

Management issues.

Starting, growing and running a successful company cannot be accomplished without making some tough decisions.

Product lines get canceled, departments get closed, new employees need to be hired, old employees might be underperforming and some will even have to be terminated.

These are just some of the most common challenges business owners face on a daily basis. Unless you have the stomach and the professional resolve to stand behind your decisions, your business will hardly be able to reach commercial success.

On the other hand, you need to be careful and avoid micromanaging. Each company employee should have their own tasks and someone up the ladder who will be tasked with looking over them. This does not necessarily mean you.

Human resources issues.

The majority of problems related to human resources revolve around hiring workers who are inadequate to complete a task. Or those not being clear about the task specifics and failing to address performance issues.

Some business owners will hire friends and family rather than going through more qualified options or provide vague job descriptions for a specific position. Which can only lead to poor performance and ultimately, result in the company failing.

It’s important to find the right workers for the job. So make sure you accept interviews only with candidates who meet the basic job requirements.

Of course, there are numerous other challenges. However, these five have proven to be the most pressing issues faced by entrepreneurs and small business owners.

Every task related to starting a business has its own place in the grand scheme and need to be accomplished in a specific order using specific means. Research the market, develop the product, secure financing, hire adequate workers and avoid micromanaging. Lastly, be careful and diligent in your work, as any form deviation from this business-starting master-plan will only result in additional issues and end up destroying your company.

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How Co-Working Spaces Can Be a Great Benefit for Entrepreneurs 4

How Co-Working Spaces Can Be a Great Benefit for Entrepreneurs

It seems like co-working spaces are becoming a huge thing. More and more entrepreneurs out there decide to ditch their traditional office and take their business to a co-working space.

And if you’re running your own business, chances are you’re already aware of some of the benefits co-working spaces bring. However, here, you’ll find a few more reasons why joining a co-working space makes a lot of sense.

12 Benefits of Co-Working Spaces

1. Low startup cost

If you’re just starting out, you’re probably looking for premises that won’t drain your budget. By moving to a co-working space, you’ll eliminate the costs of fire insurance, office equipment and various similar expenses.

Not only that this will help you save money, but less time and energy will be needed for sourcing things like this.

2. Increased flexibility

Another great reason to opt for a co-working space is increased flexibility.

This means that the more your business keeps growing, the easier it will be for you to expand your office space. Most of the experts who are running co-working spaces will allow you to tailor your contract according to how well you’re doing.

3. Less risk

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When moving into a traditional office, there’s always a chance you’ll lose the money you’ve invested in it if your business fails. And selling all the office equipment and furniture isn’t always going to be easy. But if you take your business to a co-working space, you won’t have to worry about risks like this.

4. Short setup time

One of the biggest problems small businesses face when moving into a traditional office is the long setup time.

For small businesses, time is an important asset and the last thing you want is to lose money while moving. Luckily, with co-working spaces, not too much time is needed in order to get everything in the right place.

5. Fast internet

Modern-day businesses in just any industry need internet and they need it to be fast. This is probably the case with your business as well and fast internet is another reason to join a co-working space. And even if there’s something wrong with the connection, you won’t be the one having to deal with the issue.

6. Collaborative atmosphere

Some people would have you believe that having people from other companies around your team makes them less productive. But the truth is, it’s easier to perform when you know there are other teams doing the same right next to you.

Another important thing to mention is that too much familiarity traditional offices offer makes your employees less productive.

7. More opportunities for networking

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When running your own small business, you’ll have to put some extra effort into meeting as many businesspeople as possible. The more of them you meet, the better. If you decide to move into a co-working space, you’ll have all the networking opportunities you need.

8. Easier to get

Let’s face it, finding a perfect traditional office for your business is difficult. What’s even more difficult is actually obtaining that office.

With co-working spaces, you won’t have to worry about things like this. This is the case because there are plenty of these out there you’ll be able to choose from.

9. More flexible access

Most co-working spaces out there are run by its landlord and the building management. What this means is that your employees will be able to work whenever necessary, since the office will be open even during Sundays and public holidays.

Also, when working on a big project, your employees will be able to access the office 24/7.

10. Better design action guides

Another issue many entrepreneurs face is designing their office. Not only that this can take money, but it also requires a lot of effort.

However, with most co-working spaces out there, what you’re going to get is a beautiful office you can move into. This means your new office might be equipped with things like a green wall and comfy furniture.

11. Premium brand imagery

In the business world, it’s very important that you give your brand a boost by using premium facilities. In fact, this is something that’ll help your business obtain more loyal brand followers. When working in a co-working space, you’ll be provided with all the nice-looking facilities your brand needs.

12. Happy hours

No matter how many employees you have, they’ll want to be surrounded by people they consider friends. If you join a co-working space, there will be plenty of opportunities for your employees to hang out with other people from the building. This translates to more drinks after work and more motivated employees.

Co-working spaces really are the way to have it all without having to break the bank. So, no matter if you’re moving from your garage or a traditional office, you’ll definitely want to think about joining one of these. Luckily, more and more co-working spaces are popping up all over the world.


This is a guest post by Derek Lotts.

It seems like co-working spaces are becoming a huge thing. More and more entrepreneurs out there decide to ditch their traditional office and take their business to a co-working space.  And if you’re running your own business, chances are you’re already aware of some of the benefits co-working spaces bring. However, here, you’ll find a few more reasons why joining a co-working space makes a lot of sense.