Challenges Faced By Start Ups !!!
Lack of budget: This is the most common challenge faced by startups. Though there are many ways startups can gain capital; banks, loan offering services, investors, etc. But the cost of startups is unpredictable. There can be any uncertain circumstances where startups may have to bear extra cost than estimated. Usually, startups grow at a slow pace and hence it takes a longer time to achieve a break-even point.
Competition: Competition is always tough for startups. Because there are a lot of well-settled organizations in competitions. To beat the competition, startups should be perfect in every aspect. The startups can analyze competitors and decide strategies accordingly. Competitors can be ahead of you in various ways such as technology, capital, revenue, leads, brand image, consumer loyalty, etc. It is a tough job to gain the trust of consumers in less time. Plus it is difficult to get ahead in means of technology.
Poor marketing: Startups spend most of the capital on product development. The second largest share of capital is spent on marketing. It is believed that startups should be more active in their marketing campaigns to gain excess popularity in less time. The challenges can be related to skilled marketing resources or poor marketing knowledge.
Getting leads: Usually, startups start their ventures depending on few clients. Time being startups might see a drastic fall in the lead generation scale. Getting leads is a real tough challenge. Startups might not understand the right way to attract prospects. Though if they successfully attract prospects, they might not be able to convert them into clients.
Branding: Every startup should create its own brand. Branding can add value to the business. It involves various aspects such as logo creation, brand name, brand tagline, etc. the process takes a huge time and efforts. To increase brand awareness, an ultimate method is used that is called promotion. Many startups lack knowledge of brand promotion.