Being an entrepreneur could have you feeling like you’re part of a rollercoaster ride. One minute you peak to the top and your business is doing great, the next you’re losing sales and wondering how you’ll recover. Business owners face many challenges but it’s even harder when you’re starting a venture as a student. You have to learn to balance your schoolwork and business responsibilities and also do your research on the market into which you’re entering.
Here are some of the challenges you might come across in your business.
Picking the right team
Your business may be require an extra pair of hands and you may need to find people to help you.The people you hire can either build your business or hamper your success, and you have to choose them wisely. Starting a business from scratch means you’ll have to spend time sifting through resumes and sitting through interviews to find the right candidate for the job. It can be time-consuming and stressful. You may be under pressure to find the right people quickly but don’t rush the process. Because if you do you might hire someone who is not entirely what you need for the job.
Entrepreneurs aren’t guaranteed a stable income. The businesses profits could fluctuate on a month-to-month basis. One season can result in booming business and the next the business might be running at a loss. External factors such as the economy, weather, laws and politics all have an impact on the success of your business. The entrepreneur has to be prepared for any unexpected turns which could affect the business.
You might find yourself in a position where you don’t know which marketing strategy will give you the highest return on investment. You need to do your research and find out which strategies work best for your particular industry and target market. Sometimes a lot of success comes from trial and error so don’t be afraid to take the risk and try something new.
Finding the right customer
Another challenge will be building relationships with customers and gaining their trust so they remain loyal to your brand. It takes time for customers to fully trust a brand and you’ll have to make sure you provide quality service consistently to win them over. If your customers feel your brand is one which they can trust and rely on they’ll be more inclined to stay committed to your business. Coca-cola is one of the many major companies which have been able to gain brand loyal customers by providing quality products and maintaining their standard over time.
It can be a challenge for a startup business to acquire corporate finance and this could delay the process. To fund your business you could get a loan from your parents, secure investors who’ll fund the business or collaborate with a partner. You’ll need to do a lot of networking in order to get your business up and going.
It takes years to build a good reputation but within seconds it can be destroyed if you make horrendous business decisions. Teaming up with the wrong person is one way to ruin your business reputation. They could use up business funds or want all the perks but not want to work. When you choose a romantic partner you’ll make sure you’re compatible and that they’ll remain committed to you. You should take the same approach when choosing a business partner. When you choose to collaborate with a partner make sure you have the same vision and want the same outcomes for your business. You need to make sure you two will work well together or you could end up with a match made in hell.
You’re the boss
You’ll be responsible for everything in the business. As a student you may not be able to hire people, so you could end up wearing many hats in order to build your brand. The climb to the top may be lonely and frustrating. But if you’re persistent and determined you’ll see a reward for all your hard work.
Manage your time
When you’re a student you could find it difficult to manage time between your schoolwork and your business. You’ll find yourself trying to please your customers but also trying to get good marks at school. You have to learn to prioritise or you could end up failing at school. But you also can’t take on too much or you’ll end up suffering burnout. Be realistic about the number of customers you can serve. For example, if you want to sell muffins at school and you bake them yourself, make sure you’re realistic when setting your goals.
Most businesses don’t know how to differentiate themselves from others in the market, so they end up blending in. But to be successful as a company you need to stand out from the rest. Customers need to remember you.
Building a thriving business has many setbacks but if you plan your business and you set goals and find the right people to help you build your business, it could end up very successful. You also need to make sure you set a balance in your life, if you spend too much time on your business it could lead to failure at school.