Challenges and Solutions In Starting A Business (Online And Offline)
Challenges and Solutions In Starting A Business (Online And Offline): Starting up a business is not a bed full of roses, it is a process that requires strategies and finance. To this end, many challenges ensue, and some persons may not be equipped to face these challenges to be successful
In this 21st century economy, there are so many challenges that stand as an obstacle to new businesses, Finance may not just be the only problem, but Experience, Fear, Rivalry, and Taxes that may be imposed by the government
“At the end of my NYSC year in Ondo state (Nigeria) in 2020, I established a desktop publishing center in the town where I served.
“My prices for publishing per page and photocopy were half of what the locals were charging. I was approached not to destroy their means of livelihood with my charges.
“I refused. Next thing was that the local government officials came and demanded for tax of $54 on a business that was less than 3 months old. I had not made $15 since when I started that business. So, they seized my equipment until I was able to pay.
“After that, Ondo state internal revenue came demanding for 27k tax. I flared up and they closed my shop and took my computers, generator and photocopy machine away. I got them back after payment and left Ondo state forever”- Gabriel Kem (A promising Entrepreneur frustrated by Business Rivalry and Government Tax policies)
This is one of many challenges in starting and surviving the business environment, not just in third world nations, but even in First world countries
Starting up a business requires some level of smart strategies, and no specific strategies are perfect to fit all kinds of businesses. This is because businesses differ strategies and the environment
There are many common challenges most businesses faced these days, these challenges include; Energy to keep up, multiple taxations, crooked contractors and suppliers, Family stepping in and you know the rest.
Negative banking finance, Diligent and honest staff, changing government with changing regulations, Insecurity, Low purchasing power of potential customers, Unstable Power to mention but a few
This article will see some challenges and possible solutions to Starting A Business (Online And Offline)
The Fear Factor
This is an issue one must overcome. To be successful. you have to convert fear to faith. Always remember that uncertainty will come but with patience, you will understand how to turn it to gain. To get over this:
- Be mentally ready you will face challenges
- If you are going to be hiring staff, do it right, hiring wrong would do your business more harm
- Have at least enough cash for a 6-month flow to cover unseen
- Your first customers are important to treat them with satisfaction, they will give you a good referral
- Innovate and network continuously
- Don’t expect to blow overnight, see your business as a baby nurture it
- Know that most businesses don’t get profitable instantly no matter how much you make from inception, save for the rainy days
The “Fear Factor” as a challenge has a solution, it takes courage and faith to overcome all fear arising from a business start-up. It is important to know what you are going into and prepare your mindset for the worst even while hoping for the best
Lack of Patience:
Every business has a gestation period to mature and be fruitful (profitable). You should wait for it to mature.
Every business has ups and downs. Challenges must surely come, but with patience, you will make it. You equally have to know when to say NO
Be Disciplined – The Hardest
When the business is having problems, don’t tell anyone. If you must tell make sure these people are better than you and they can solve your problem.
Never complain about the low patronage of your business you will chase away potential customers.
Use only ten percent and below of the money you have in your life for that business and be a disciple to stick to it.
Starting a business and soliciting ideas and opinion is the best way to know peoples experience, but some person is there to discourage you, they will say:
- That your grandiose plans are bullshit, that your idea isn’t special or unique, that you need money to make money.
- Your girlfriend, wife, and family members will discourage you, your friends will desert you.
- That you will work and work round the clock and nothing will show for all the work you have done.
- People will promise you heaven and earth but won’t follow up on their promises
- You will have a constant fear of the unknown and a lot of financial insecurities until you make it.
- You will be depressed, suicidal, cry, pray to God for help to make your business successful but he won’t listen.
- You will be lonely, entrepreneurship is a lonely world. No help and nobody wants to listen to your stories.
One thing is sure, patience, if you are patient and understand the terrain, there will be light at the end of the tunnel, don’t allow people negative opinion to suppress you
A Humble Beginning Matter
- Starting Big Is Not Advisable For Low-Income Business
- Don’t spend too much money packaging your start-up.
- Don’t start with very expensive equipment’s, but go for the best
- Never rent a big shop while starting
- You may not be successful as start
- Dot depend
Government policies, can wake up one day and change every law to your disadvantage or advantage but be ready to adapt.
“Entrepreneurship is a hard job, it is not glamorous, and they promise me riches that I will be like Bill Gates and Mark Zuckerberg, all I saw was a pain but when you become successful, the reward is crazy. Nobody will understand the pain you went through.” An anonymous source 2021