Revolutionary idea going nowhere
So, you’ve got a great idea, but you can’t seem to get noticed? Then it’s time to re-think your approach. Are you marketing yourself enough? Sometimes thinking small is the best place to start, ask your friends and family to share your business venture.
Establish yourself on social platforms. Do the groundwork. Yes, this might be slow at first, but everyone has to start somewhere.
You need to spend money to make it
Money is a crux for a lot of start-ups as we all know you need to spend money to make it. No matter what capital you have big or small, make are you plan out how to spend it. It’s imperative that you use the money you have in the most efficient way.
If you spend money frivolously, it’s a fast way to lose it before you’ve made it.
You don’t have a plan
You might have an idea that could make your name in the marketplace, but without a plan, that idea may just stay as that, an idea. Long-term and short-term plans are key not only keep your business on track, but also a good indicator of progress. If you hit your targets or far short, you can re-assess easily and adjust.
Try setting a long-term goal and breaking it down into a collection of short-term goals. That way, you don’t become daunted by the bigger picture.
Your business is your baby, and it can be hard to let go of tasks in fear of losing control. But this in fact can hinder your business growth.
During the podcast Diary of a CEO, guest Grace Beverley, CEO of fitness brands TA/LA, Shreddy and author of Working Hard, Hardly Working, discusses how important it is to delegate to other team members.
Because I was able to realise actually, if I’m better than everyone at their specific things then we have a business that is a big as one person.
Therefore, investing in people who can help your business expand through different specialities is one of main ways to grow.
Poor time management
When working for yourself as a start-up it can be hard to focus when it seems that there are a million and one things to do in only 24 hours. While this point leans heavily towards planning, time management is also about maximising productivity.
Find a workspace and a work pattern that works for you and your business, rather than working until you burnout. Writing out a list can also help focus your energy on the important tasks.
Not enough research
The marketplace is a busy place, and everyone is vying for a chunk of it. Spend some time researching your competitors, analysing their ideas and processes and consider how you can separate your products from them.
Thinking there is a finish line
With business, there is never a clear-cut end date or finish line. You will always want more. But that also means not giving up. You have to believe in your idea, even if you think your product might not be as big as your competitors. You don’t see Samsung giving up mobile phone productions because of Apple.