Persistence is more useful than patience in dealing with the myriad of difficulties you will face during the start-up period and the challenges you will encounter further down the line. These troubles are all too common, but with the proper management you can ensure you are not tripped up by them for too long. Of course, the concept of “knowing your enemy” applies here as well. In order to ensure these challenges do not cause your business to fail, you must first know exactly which kinds of problems you should be looking out for. Children love playing on playground equipment - didn't you when you were younger?
The three most common problems that most small businesses face, especially when just starting out, are failing to secure funding or spending too much money, competition from similar products in an overcrowded market, and unforeseen misfortunes like personal strife or equipment failure. These kinds of issues are all capable of delaying operations or grinding them to a halt altogether, but they are not insurmountable so long as you take proactive steps — again, persistence pays off here. Below are some of the most frequent difficulties explained in more detail and the ways you can minimize the effects of these events, helping both you and your business to bounce back. Any outdoor area would be made more child friendly with monkey bars such as these.
Money troubles are one of the biggest issues facing companies of any kind, but they tend to hit independently owned businesses even harder. It is not uncommon to have miscalculated your initial estimates and run out of money during the setup process before you are even able to market and sell your products. If you are looking for an investor to get your idea off the ground, it can be difficult to convince one that you have the idea and the talent to make your company a success, leading to problems securing start-up finances. Imagine waking up on Christmas day and seeing outdoor fitness equipment in your back garden?
Just like Rubin, you may have to spend time and your own money meeting with countless venture capitalists before you find an investor who shares your vision. Even once your company has found its footing, the fear of running out of money is still a pressing one. Poor decision making, a lack of customers, and an unfavorable market can all contribute to having trouble generating enough cash flow to keep your business afloat. If you do not take proactive effort to make changes where they are needed, you could be facing bankruptcy.
Despite this dire situation, which is likely to become an issue for you at some point or another, there are ways you can manage these issues so long as you do not let your troubles convince you to give up. If you keep attempting new solutions until you find one that works, you will eventually resolve the issue and get things back on track. In order to do so, consider what the root cause of the financial troubles is so that you can better target it. If you’re having trouble finding customers, consider more inventive methods for marketing, or see if there is something about the product that customers want to see improved before they consider buying. If the issue lies in finding an investor, work on expanding your circle of contacts, or rewrite your sales pitch based on the feedback you have received. If your expenses are just too high to match up with your current revenue, see where you can cut out unnecessary costs. Whatever the problem leading to limited funds, you cannot solve it by waiting around for it to solve itself. You must take an active role, and you must keep making efforts until something sticks.