Starting a business or side hustle is a daunting move. And for a budding entrepreneur it comes with some extra challenges and some additional obstacles. Some of which can be overcome with some clever strategizing, a lot of patience and grit.
The most common things and what can be done are;
Many young people do not come from well to do families and even if they did-parents spend money on their higher education first. A business or side hustle is barely on their radar. And many banks and financial institutions are not exactly opening their doors to young people. So getting a business off the ground is a real feat. And means one must be creative and resourceful to get things off the ground.
So, although raising money is essential, so is investing time in exploring the idea. See what else you can do to make the idea flourish. Can you learn a skill? There are many skills that can be self-taught that will help you avoid a lot of the normal startup expenses, such as web design, the basics of marketing, and other tech skills.
And tap into the expertise of those around you for help, and don’t be afraid to negotiate or barter when it comes to an expense you can’t avoid.
A Poor Network
Contacts are really everything in business but, they take time to build up. It really is ok if your contact list has only your mom, dad, an uncle and all your school friends as every single person in this list has their own list. Take advantage of it.
Connect with the friends of your friends and the friends of your family. Also, join your local closed groups on line that do similar things. If you can, pluck up the courage to walk into the local Chamber of Commerce and ask them if they can refer you to any professional networks that can help connect you with the people that can help you grow your business. Do not be afraid to put yourself and your business out there.
If you have a strong digital presence on social media and you make a commitment to interact with as many groups as possible and to attend events; your business has a chance to grow. Meeting as many people as you can – either in person or online – could also put you in contact with potential partners, investors, employers, and others who can connect you with more resources.
Be patient. Big things take time. Your business is like watering a small seed: keep putting effort in it. Although it may seem like your efforts are going nowhere, one day you will be surprised at what has emerged.
When you first start a business, it’s easy to get caught up in the positivity and happiness that comes with your decision. But as we all know, owning a business isn’t an easy walk in the sunshine. There are some storms and moments when you will have to have difficult conversations with suppliers, people that do some work for you, potential partners, and investors.
Be clear about your expectations with all the people involved in your business and hold them accountable for their role. Communication is key, and the more clear you are about your expectations going forward, the easier your business will grow going forward. Remember too, to keep adapting.
Be prepared to adapt your business and go in different directions in the pursuit of profit. Find ways to pivot and continue providing value to the customers under new circumstances! Foreboding as it may seem but, sometimes changing tracks is not only necessary, but the way to lead your business to new heights.
Changing circumstances and new market trends will hopefully result in your business trying new things. However, never let anyone convince you to do something with your business that you don’t feel entirely comfortable with. Listening to your entrepreneurial instincts is very important.
Never lose sight of the fact that you understand your business best – after all, you’re the one who has invested so much time, energy, and money in it. Yes, it is always best to listen to the advice of others around you, but ultimately you are the decision-maker.