Business startups face a unique set of challenges that many new business owners sometimes are not well equipped to deal with. Startup coaching can help with many of those issues.
Do any of these struggles sound familiar?
Unique Challenges – Startup Coaching Can Help
As a startup, you probably find yourself facing challenges that you have never faced before that have no ready solutions. If your product or service is unique, and it should be in some way, off the shelf products and services are rarely the right fit for your business. To be successful, your business must be unique, so you have to be a creative problem solver.
Lack of a Strong Business Plan before Startup Coaching
A strong business plan can literally double your chances of success. The funny thing is, many experts believe that the process of creating the plan is more valuable than the output, or the plan itself. The process forces you to ask and answer key questions many business owners never answer and their results suffer because of it.
Unrealistic Expectations of Success
You’ve probably heard that most startups fail, yet studies show that nearly 70% of new business founders believe their odds of succeeding are better than other businesses in their industry. That’s a disconnect that creates expectations that are sometimes overly optimistic. Many new business owners don’t fully appreciate what it will take to beat the odds and this can be a deadly mistake.
Startup coaching will help you identify more realistic expectations, so you can better plan your business future.
In Love With Their Own Product
Are you passionate about your product or service? You should be! Passion sells and it is a must for success, but it can feed into the overly optimistic view of things we just touched on. An outside view into your business can be invaluable in keeping things grounded. You will need an unbiased perspective, for you are not your target!
Lack Of Defined Target Client/Market
Many businesses offer products or services that nearly anyone could use. Take a grocery store, for example. Everyone has to eat, so their target market could be anyone. Yet, the most successful grocery store chains have a clearly identified target market. If you shop at Harris Teeter instead of Food Lion, or vice versa, you know exactly what that means. Be clear about who your target market is. It will pay huge dividends.
Limited Funds Or Access To Capital
A lack of startup or working capital can kill a business before it ever really gets started. How we wish we had a dollar for every business owner who thought, “If I can just get through this slow time of the year, we will be just fine when our busy season hits.” But, many businesses simply run out of cash. Make sure you have enough money to not just start your business, but to stay in business when the inevitable slumps happen.
Failure Is a Statistical Likelihood
In 2012 alone, over 500,000 new businesses owners opened up shop. Less than 40% of them had previous experience running a business. A quarter of startups fail before they even get to their one year anniversary and the numbers get worse from there. Of the businesses that survive their first year, 35% will not live to see their terrible twos and those that do will see a 44% failure rate of their peers in year three. And, if you make it to year four, half the field has cleared from business failures.
Failure is the most probable outcome, so just understand that you are fighting the odds and plan accordingly. Nothing great was ever easy, but you don’t have to do it alone. Startup coaching will help you identify a process to address threats and weaknesses before they become an issue. While we can’t foresee everything, many startup issues can be avoided with careful planning.