“If you do not build your dreams someone else will hire to build theirs,” Tony Gaskins, a motivational speaker has once said this. But, there is world of difference between just dreaming to be a of boss of your own and running business successfully. If you are a go-getter and have a “never give up” attitude, you should know the challenges you are likely to come across.
You Do Not Know Your Target Customers:
Even if you think that you have the best suited plan, you have researched the market and have come up with a service or a product that people need, it is important for you to know a specified set of people whom you would target initially. You should know certain important things like their gender, their equality and their capability to pay. Your desperate bid to sell, will have an adverse impact on your brand image.
You Just Find Customers and Cannot Retain Them:
Finding customers may turn out to be an easy task for you. This is so because people like to try out new products and services. So, if yours is an innovative idea, customers are likely to come but then you face a difficult time retaining them because after their first purchase, people begin to compare you with other competitors. Hence it is important to monitor their feedback regularly and keep them some value added services which others do not provide.
Managing Several Aspects of a Business:
Initially, every entrepreneur has to go through this face, when he/she needs to deal with several aspects of business all alone. This includes knowledge of all the legal aspects and the knowledge of tax regulations of your city. Legal entanglement ruins the reputation of start ups so you need to be careful about learning the legal aspects to save yourself from any contingency.
Dealing With Disasters:
Assuming that all operations in the initial years will run smoothly is just like living in a fool’s paradise. So, if you too have the same perception then you are grossly mistaken. There tend to be contingencies like lack of the raw materials, irate customers, financial breakdown and much more.
You Lack Manpower:
In the beginning you need to deal with all the roles. So, right from the CEO of your company to the peon, you have to carry out all the roles. So, do not let this lack of manpower become a hassle for you! When you need to manage a large number of customers’ queries, you tend to miss leads as you cannot be available 24X7 hours. Do not let this become an impediment by making your business toll free, right from the beginning you can reap several benefits that include improving sales also.