Roadblocks You Can Expect as A Startup
The age of Silicon Valley, new technologies, mobile apps, and wanting to work for yourself has no doubt created an explosion of startup companies. While many thriving businesses have successful beginnings, many people don’t see the challenges and roadblocks that could hinder them.
If you’re looking to take your next big idea public, there are plenty of reasons to do so. But to ensure you have the best chance for success, you must recognize some of the roadblocks that might be standing in your way so you can prepare for them:
Lack of Experience
By nature, startups run by burgeoning entrepreneurs will typically have less business experience. While one of the best ways to gain such experience is ‘on the job,’ you may run into pitfalls that you didn’t anticipate because you haven’t been there before. As a startup company, the best thing you can do is recognize your lack of experience and seek advice from those who have done it before. Find mentors in your community or even seek out consultation from an outsourced financial planning firm. You’re in this for the long haul, so try to earn some of that early experience as you can.
Expanding Your Team and Footprint
Many startups begin as just one or two people. As you begin to grow, you’ll need a bigger business footprint, whether that means operating new locations, having a production team, for-hire consultants, and more. What may have been working well when you were a solo operation won’t necessarily translate with an expanded team, so as your startup grows, be sure to take each step deliberately, stick to your business plan, and don’t be afraid to reevaluate your needs and abilities.
Competition from Larger Companies
If you create a startup that comes from a position of being the first to make a move on a particular idea, you have a distinct advantage in being the first to market. This can come with intellectual property protections, early brand recognition, and more. However, if your business and its core idea are good enough, chances are you will have copycats soon enough. And if you are a startup, chances are a company that isn’t a startup may try to replicate what you’re doing and do it better. If they have the benefit of time, funds, and more, they may be able to make more rapid progress than you can. So, anticipate competition from larger entities and use your ‘early mover’ advantage as best as you can to stay ahead of the game.
If you are looking to get your startup off the ground, get in touch with the experts at Tobin & Collins. We’re here to make business easier for you.