Every entrepreneur faces several types of challenges throughout his career. There are many more hurdles beyond the generation of capital that an entrepreneur will face. Money may be a major consideration of a business, but it is not the sole concern. Below are a few unexpected challenges that startup owners can face.
Legality
Before one starts a business, there are multiple factors that must be analysedin order to run business smoothly. One of these factors is the legal structure of your business. Depending on your business idea and specific industry requirements, the legal parameters vary. In some countries, the jurisdiction is not as stringent as it is in others. For instance, in the healthcare industry, getting a nod from the regulatory authorities is a lengthy process with no guarantee of getting a positive outcome. Once you get a license for your business, you are officially “good-to-go”.
Readdressing the Competitive Landscape with Eric J Dalius
Some entrepreneurs start their business in such a hurry that forget to evaluate all the different elements that influence the market. It is imperative for your success to analyze the uniquely competitive scenario of your industry. This step requires extensive research, analysis, as well as advice from experts familiar with your specific business industry and market.
Product/Service Benchmarking
Evaluate your product and compare it with that of your competitors. Try finding flaws in your product, and check if you can convert these weaknesses into opportunities. You can design a bench marking product chart with your product as well as those of your competitors. Carrying out such a task will give you a clear idea about what you lack in your business.
Marketing Strategies
Be very particular about your marketing strategies. Pen down your target audience, locations of interest, and drive your audience to your product or service. The marketing strategy your competitor is following might not be the right one for you. So do not make the mistake of following a trend blindly. On the contrary, try going against the flow. Read about renowned entrepreneurs and marketers, such as Eric Dalius, and seek advice from experts in the field. In addition to that, one of the prime ways to build a target audience is social media platforms. These applications offer a lot of ways you can create a relationship with your potential customers. Invest in a creative online advertisement that will aid you in expanding your clientele.
Building a Strong Customer Base
Appealing to customers via online campaigns is fine, but the real key to success is the maintained retention of your customers. Most companies do not have healthy relationships with their past customers, resulting in negative publicity. A small marketing budget is not an excuse for you to provide below-average service to your customers. A post-sales maintenance report, reviewing the functioning of your product, or even asking them to offer you unbiased feedback are ways that you can build loyalty between your brand and customers.
Instead of spending money on high-end technology and marketing strategies, you should concentrate your efforts on other significant challenges that you face. Specifically, Providing high-quality services and goods, over low-quality high quantity versions, to your customers can keep them coming back for more.
Eric Dalius is The Executive Chairman of MuzicSwipe, a music and content discovery platform designed to maximize artist discovery and optimize fan relationships. Eric is also the host of weekly podcast “FULLSPEED” which is a podcast that features interviews with groundbreaking entrepreneurs from a variety of industries.Eric is also the founder of “Eric Dalius Foundation” where he has created 4 scholarships for US based students. Follow Eric on Twitter,Facebook,LinkedIn,Instagram & also on Entrepreneur.com
