Startups: The Challenges6th February 2017
At every stage of development, business owners are certain to encounter any number of challenges. Some can be minor whilst others can prove particularly troublesome. The key is being able to identify them early so that they don’t turn into a raging beast that threatens to engulf your business. For startup owners who are completely new to the challenging yet exciting world of business, identifying potential issues can be tricky. If you’re a startup owner, some of the most common issues are:
- Funding: At the early stages of your formation, most of your time and resources will be concentrated on expanding. But, in order to do this you need to have adequate funds in place. It’s tempting to just use your own funds in order to plough on full steam ahead. But why should you? There are plenty of funding solutions on offer, plus expending your capital so soon will deny you crucial funds vital for future growth projects. For many startup owners, using crowdfunding or Peer-to-Peer lending platforms can inject real momentum into your business’s growth. In exchange for equity or a grouped loan, you can secure the funds you need to get your business off the ground. Plus, once your business enters 2 years of maturity, the array of funding solutions on offer becomes much broader. That is why, for so many SME businesses, Rangewell has become a vital component when seeking finance. With our services your business could secure the perfect finance deal, accompanied by great rates to match.
- Lack of innovation: With technology developing at a phenomenal rate, the way we do business is evolving… fast. Before they even step into your premises, customers are judging you through the quality of your website. They’re also choosing to make more and more online purchases and card transactions, making EPOS and chip ‘n’ pin devices all the more essential. Despite the benefits of business technology, just under half of UK SMEs are yet to embrace the business-tech revolution. Many still see it as an unnecessary expenditure or feel it’s too expensive. However, by not doing so, their ability to reach and appeal to new and distant customers is severely limited.
- Decision making: Being the boss is about more than some fancy job title, it’s about being the main decision maker. Your employees are all looking to you for guidance and to steer them along the road to success. It can be daunting having so much riding on your decisions, but with a clear, thought-through business plan and a flexible business model, success is within reach. Many businesses can fail because of a lack of direction. Although you may receive many ideas and suggestions from your employees, ultimately your word has to be law. Once you’ve set a course, stick to it. If it’s clearly not working, don’t be a afraid to pivot. After all, many successful businesses have changed course at some point in their lifespan!
- Personnel selection: Hiring the best and brightest can provide a vital boost to your business. Ensuring you have the right talent, and at the right price, opens up a wide range of potential in your business and allows you to expand in ways you may not have realised possible. Sure, finding the right people can be challenging, but only by hiring people who share your vision and can bring on board new skills can you truly ensure your future sustainability.
Our values are simple – We’re on your side.
As your business enters maturity, the array of funding solutions that you can apply for expands. The alternative finance industry is allowing more and more SME businesses than ever before to explore their funding options. But with thousands upon thousands of products on offer, ensuring you’re getting the best value product can be a daunting endeavour. That is why Rangewell is proving to be a vital resource for many business owners.
Our services are clear and transparent. We support a wide range of SME businesses of every shape and size, for finding every type of finance. Follow us on Twitter and LinkedIn for business tips and tricks, and feel free to call us on 0203 637 2340 if you’d like to chat about what we can do for you.
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