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5 Challenges of Starting a New Business From a First Time Business Owner

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StrategyDriven Starting Your Business Article | Entrepreneurship | 5 Challenges of Starting a New Business From a First Time Business OwnerYou might have heard the stereotype that millennials don’t know how to work hard, how to pound the pavement, how to put in the blood, sweat and tears it takes to build a business from the ground up but, I am here to smash that stereotype into smithereens.

I’m 23 years old and started my business when I was just 21. Usit (www.usit.care) was an idea that I had that babysitting could be done better. It could be done wiser. It could be done with more benefit to the worker bee and the worker bee hirer. Still in college with a full load of classes, I certainly made my share of embarrassing mistakes, but I lived to tell about them and I think the mistakes made me stronger and even more determined. I am going to use the word “Challenge” instead of “Mistake” as a necessary euphemism because mistakes conjure up negative emotions while “challenges” are something to overcome and persevere through- which I did and I still do as I work to expand my business into a small empire!

Here are 5 challenges I faced and some essential ways to mitigate those challenges so you don’t become discouraged while on your path to building your own business.

1. Find the Right Team

You’ve heard it said you are the company you keep – and it’s true. Aim high here. Finding the right Co-Founder or partner(s) in your startup journey is a difficult one, especially in the beginning, but even if it delays your launch, don’t settle here. Don’t go straight to your friend, family member, or roommate. Go to someone who has a complementary skill set (it doesn’t help if you are both good at the exact same things,) someone who is as passionate as you about the business, and someone who loses as much sleep about the business as you do. Find someone reliable, someone with a similar work ethic, someone with the same ‘failure is not an option’ mantra. For example, if you need to develop a website or an application it’s better to hire software development team that will do it professionally.

2. Finding Advisors and Mentors

Again, you are the company you keep. Seek out smart, successful people with proven track record. I wouldn’t be where I am now without a supportive startup community, mentors and advisors, and other founders. Get advisors who understand the startup world because they’ve lived it already. You don’t have take everything they say as a blueprint for what you must do – each business is different, but let their ideas be springboard for your own.

No one knows your business better than you do. I go to my advisors when I’m conflicted with business decisions, fundraising questions, pitch help, or general advice. They are important nutrition to the over health health of your business so find the right ones who have different skill sets and experience. You’ve heard it said “Diversify” in your financial investments. The same is true when assembling your team. “Diversify.” Find people with different superpowers. Find a person who excels at sales, find a whiz marketer, find a tough-as-nails lawyer to advise you on all things legal. You get the idea.

3. Keeping Your Team Motivated During Tough Times

To hit the peaks, you’ll be in your fair share of valleys. What goes up, must come down. You can’t defy the laws of gravity so know there will be tough times. Staff can smell fear a mile away. Never give off that sense of concern even if you feel it on the inside. It’s up to the Founder to rally the troops and keep the team motivated and positive. If you’re freaked out, the team will be freaked out and success never flourishes in fear.

4. Working With Limited Resources

It pretty much goes without saying that when starting a new business, you are working with limited resources. “Money does not grow on trees.” But there are big decisions to make about when to fundraise, how to fundraise, the how and when of green lighting big expenditures that require an investment. Talking to mentors and advisors to decide when the right time is to tackle those big questions is essential in maintaining a healthy bottom line.

5. Rejection

Take a “No” or a closed door in your face as a personal challenge. No great companies were built without rejection. No actor gets every part he/she auditions for. No singer got a record deal without hearing some naysasyer along the way. You’ll face a lot of “No thanks, Not Nows, Not Evers,” but rest in the knowledge that it’s just part of the process. That said, don’t discount every bit of criticism you receive. Constructive criticism may well be your best asset. Follow your gut, and dust yourself off every time you’re thrown onto the ground from the bucking horse that is the startup world.

Good luck! I am rooting for you!

About the Author

StrategyDriven Expert Contributor | Ifrah KhanIfrah Khan is the Founder and CEO of Usit, the last minute babysitting app that connects busy parents to vetted college student babysitters in their community. Ifrah was named one of Atlanta Inno’s 25 under 25 entrepreneurs in 2018 and has a passion for how technology can help create new communities and opportunities in dual sided marketplaces. She just completed Atlanta Tech Village’s Pre-Accelerator and is focusing on disrupting the babysitting industry by turning what used to be a huge pain in the butt for both parents and sitters into an easy and exciting process. Ifrah supports and brings together other young entrepreneurs with her position as a Kairos Society Executive with a mission of focusing the next generation on problems worth solving. She graduated from Emory University’s undergraduate business school in 2017 and previously worked in Finance at Accenture. Although she’s not a mom, she is passionate about helping mothers and children in need which is why she serves on the board of Helping Mamas, a fast growing local Atlanta non-profit aimed to help moms and children in need.   https://www.usit.care/

5 Things To Remember When Starting A Chemical Manufacturing Business

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A chemical manufacturing company is a potentially very lucrative business idea, however, it does require a lot of initial investment. You need to cover the cost of finding a prime location, buying and setting up all of the equipment, and hiring a lot of specialist employees. You’ll have to put a lot of money into this business if you want to get it going which means the risk is very high and if you fail, you will find yourself in a very difficult financial position. That’s why you need to think carefully about it and make sure that you know exactly what is involved in setting up a successful chemical manufacturing business. If you think that it’s the right idea for you, make sure that you have considered these things.

StrategyDriven Starting Your Business Article | 5 Things To Remember When Starting A Chemical Manufacturing Business | Entrepreneurship

What Is Your Niche Going To Be?

Unless you want to spend huge amounts of money on different types of equipment, you need to pick a fairly narrow niche for your chemical manufacturing business. Starting out with one or two products is the best thing to do, otherwise, your overheads will get out of control before you even get started. The first decision that you need to make is whether you’re going to make intermediate chemicals or finished products for market. Intermediate chemicals will be sold to other businesses which will use them during the manufacturing process to make products that go straight to market. Alternatively, you could make products like cleaning chemicals, soap or toothpaste etc. for companies that will then sell them direct to retailers.

If you’re making intermediate chemicals, the manufacturing process is usually simpler and cheaper. You’ll also have more choice of customers, especially if you make a product that is used to manufacture a lot of different things. However, the profit margins on these products tend to be smaller so you’ll be selling in larger quantities but not necessarily making as much money on each unit.

Manufacturing finished products for market does tend to give you a higher profit margin, the only problem is that the overheads are also a lot higher. When you’re manufacturing more complex products, you’ll need a lot more lab equipment and at this point, you probably can’t afford that. It’s best to start out with intermediate chemicals and move on to more complex products once you’re well established and you have the money to cover the increased overheads.

Location In Relation To Raw Materials

Choosing the right location for your manufacturing plant is very important. You need to make sure that you have adequate space for all of the equipment that you’ll need but you also need to think about your location in relation to the raw materials that you’re going to need. If your manufacturing plant is located too far away from companies that supply the raw materials then you’re going to be spending a lot of money on shipping and that will eat into your profits. The best thing to do is to decide what you want to manufacture and work out what raw materials you will need and then find a location where they are easily accessible.

Storing Chemicals

When you’re choosing a location, you don’t just need to consider how you’re going to get your raw materials and then manufacture new products with them, you also need to think about where you’re going to store all of those chemicals. You will need to store the raw materials before manufacture and the finished product afterwards. That’s why it’s important that you find a location that has plenty of space for storage as well as manufacturing. Get in touch with a company like Tuffa Tanks that supply storage tanks for chemicals so you can get an idea of what it will cost and what kind of size you can get. This will give you an idea of the cost of storage and how much space you will need so you can make sure you choose a suitable location.

Packaging And Shipping

Storing the chemicals at your own facility is one thing, but you also need to deal with packaging and shipping the chemicals. If they are hazardous in any way, this can be quite a challenge and it might cost you quite a lot of money. Some of this cost can be factored into the price when you sell the chemicals but you don’t want to push the prices up too high and lose customers. There are certain regulations around the packaging and shipping of certain chemicals so it’s essential that you do your research beforehand and find out whether this applies to you or not. If you are found to be breaking these regulations, even without realizing, it’s likely that your business will be shut down temporarily, if not permanently, and you’ll be hit with a big fine.

StrategyDriven Risk Management Article |Ship Hazardous Materials|We Answer the Top 9 Most Commonly-Asked Questions About Hazardous Materials PackagingEnvironmental Concerns

Manufacturing chemicals can have a big impact on the environment, especially if you’re using hazardous materials, and that’s something that you need to think about when you’re setting up your business. Disposing of waste properly is so important because if you just dump it, you’ll do a lot of damage to the surrounding ecosystems. If you’re found to be disposing of waste in the wrong way, you could get yourself into a lot of legal trouble. There are proper channels for disposing of your waste in a safe manner that doesn’t damage the environment so it’s important that you follow them properly. This is usually going to cost you more than standard waste disposal for a business so make sure to factor that in as well.

Ideally, you should try to use less harmful chemicals where possible because this will improve your public image. Consumers are very concerned with environmental issues and a lot of people cite it as a major factor in their purchasing decisions. If you can find different ways to manufacture your products and reduce your impact on the environment, you’re far more likely to make sales.

If you don’t consider these things before you start your own chemical manufacturing company, you’re likely to fail before you even get off the ground.

5 Key Tips for Starting Your Own Office Cleaning Business

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StrategyDriven Starting Your Business Article | Entrepreneurship | 5 Key Tips for Starting Your Own Office Cleaning Business | Office Cleaning BusinessSmall businesses are booming and there’s no end in sight. According to the U.S. Small Business Administration Office of Advocacy, there were 30.2 million small businesses in the US during 2018.

So why not use the opportunities available to pursue your dream of opening an office cleaning service.
But what do I know about starting a business? No one is born with all the knowledge necessary to thrive in business. But if you are willing to put in the time and effort you can learn what you need to start your business.

Read on to learn more.

How to Start an Office Cleaning Business

There are no foolproof steps to begin a successful office cleaning business. Businesses grow and flourish through effort.

But be sure to ask yourself some questions such as “what do I need to start a cleaning business.” You may even consider starting a cleaning business checklist.

Gathering information is key to beginning a business. However, there are some tips you should use to get going on the road to success.

Choose Your Target Client

When deciding to start a business you should consider who you will serve. Offices come in many shapes, sizes, and locations.

Will you have the manpower to clean large, corporate offices? Or do you want to focus on smaller operations like daycares or banks?

Perhaps cleaning universities or shopping centers sparks your interest.

Whichever offices you want to clean do your research on the types of cleaners you can use in schools or hospitals.

Select the Services You Will Provide

Now that you know where you want to clean select the services you’ll provide.

Some of the cleaning your business offers may include:

  • Commercial Carpet Cleaning
  • Doors and Windows
  • Green Cleaning with environmentally safe products
  • Interior and Exteriors
  • Restrooms

Now that you’ve chosen your services it’s time to decide where you’ll work.

Select Your Office Location

In the early days of your business, you may decide to work out of your home to cut down on costs. Yet, this may not be an option if you need storage space for cleaning equipment and products. Plus an area for hiring and training employees.

But if you have space in your home and begin with a small crew of people you may be able to use your place.

Handle the Business Details

Now comes the not-so-fun part of beginning your business. Each business must go through growing pains in order to evolve.

The following are steps to creating your business:

  • Name your business
  • Get small business insurance
  • Price your services
  • Open a Business Checking Account
  • Register your business with your state
  • Consult an attorney
  • Choose if your business will be a single owner LLC, multi-owner LLC or corporation
  • Hire and train employees

Market and Get Customer

After all the paperwork tasks are complete you can focus on marketing and gaining customers.

Getting your website setup, order flyers and distribute them, advertise on social media, and tell your friends and family are helpful was to get your business brand’s name out to the public.

Continue to Grow

Running an office cleaning business is tricky but also beneficial. You get to be your own boss and help keep people work in a clean environment.

Yet, over time the fruits of your labor will result in profits and popularity among your peers. It just takes patience.

If you enjoyed this article continue reading our website for information on creating a successful business.

Strategies For Running A Better Business

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StrategyDriven Managing Your Business Article |Running a Business|Strategies For Running A Better BusinessYour business will be that much more successful when you take the time to learn more about what you can be doing to improve your ways. It’s all about where your focus exists and how well you’re able to follow and stick to your business plan.

The following strategies are going to help you make sure you’re concentrating on some of the most important aspects so you can run a better business. Remember to take your time and implement changes the right way instead of rushing around and making decisions on the fly. While it may take some time before you see the results you desire, have confidence that your hard work will eventually pay off.

Monitor Spending

You can run a better business by being diligent about monitoring your company’s spending. For example, if you work in the trucking business, then look into ways for how you can reduce fleet costs. These are the types of small adjustments you should be making that will add up to big savings over time. The less you spend, and more you make the more satisfied you’re going to be at the end of the day.

Delegate out Tasks

Another strategy for running a better business is to get in the habit of delegating out tasks to others. The less daily operational responsibilities you have on your plate the more time you’ll have to focus on higher level business initiatives. Get to know your employees and their strengths so you know who will be best at handling each of the different assignments. It’s all about you having trust in your employees that they can get the job done for you the right way and by the required deadline.

Gather Feedback from Others

It’s also important that you’re a good listener and are willing to hear other people out regarding their ideas for improvement. Be proactive and gather feedback from clients and employees so you have a better idea about what you’re doing right and where you’re missing the mark. This way you’ll be able to make informed decisions based on real facts and opinions versus you making assumptions or playing guessing games.

Improve Your Website

In this day and age it’s critical you have a well functioning and professional looking website for your clients to use and potential customers to check out. Be sure to include important information on your company site such as special promotions you’re running and contact information for getting in touch with you. You may want to consider working with a professional designer to ensure that your website is easy to use and that you choose attractive colors and fonts that aren’t distracting.

Conclusion

Running a business is hard work and will take a lot of time and dedication on your part. However, know you can get to a better place when you follow these suggestions and are flexible with your management style and approach. Stick with it and it won’t be long before you’re on your way to experiencing more success and fulfilling days ahead.