How to tackle the challenges of a startup business in 2018

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How to tackle the challenges of a startup business in 2018
How to tackle the challenges of a startup business in 2018

How to tackle the challenges of a startup business in 2018? According to the latest study in 2018, it has been found that 30% to 40% of the startup business fail. That too within the first 2 to 3 years of their origin. In India, opening your own company and getting the license to start up a business is really easy. So most of the earning of the new generation come from the entrepreneurship and startup.

One more reason for starting up your own business is that you do not have to rely on some other person for your needs. Also, you do not have to be under any person’s dominance. The freedom to work, the freedom to eat while working, sleep while working or even you can have fun while working as an entrepreneur.

But with the freedom comes a lot of responsibility. Responsibility to work for yourself. And, if there are many people that work for you then the responsibility for other people’s needs as well. According to a report,  from time 2016-2017 there were 1500 new companies introduced. And the number of startups reported in those years was 5600. The maximum startups that were made were from the cities like, Delhi, Mumbai, and Bangalore.

India is the third-largest startup company that has approximately 8k to 10k startups every year. The startups are in the field of health finance and many more. Despite, of so many startups the success is very limited.

This is because of the various challenges that they face from time to time. The number of challenges may vary from time to time.  But you should always remember that the challenges will be there while you are running a business. With every success in your business, you will face a challenge.

Related topics:

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Pros and cons of working for a startup company

Biggest challenges that startups face and the ways to tackle them

7 Reasons why startups fail

In this article, we are mostly going to discuss how to tackle the challenges of a startup business in 2018. So let’s just quickly jump into the topic.

1How to tackle the challenges of a startup business in 2018?:Impressing the Rich or premium customers:

The premium customers can generate a lot of revenue for your startup. And, it is the prime job of our business to impress and satisfy customers. Especially, if the clients are very high profile then their satisfaction becomes our duty. In business, the customer is God, and that is the only source that will help us fulfill our needs.

If you are doing all your hard work to improve the service and more develop the product and you are unable to sell it or present it to the customer, then all your work will go in vain.

And to tackle the above challenge, you will have to think of the various strategies. The strategy can include lowering the price or giving a discount. This will surely attract a lot of people.

However, the first thought that might come into the customer’s mind is that the products might be of a low quality that is why the company is lowering the prices. Instead, what you can do is you can do a makeover of your website with new navigation and theme that will attract a lot more customers than before.

And once you have got your high-end client, take their permission to use their business logo to be used on your website. So, next time when any customer comes to buy anything on your website, they feel that the quality of your product is really very good.

This is one of the solutions of how to tackle the challenges of a startup business in 2018.

2Funds:

The another most important challenge that is faced by most of the startups are the funds. This is the basic need that your company can have from time to time to tackle different situations of work. To tackle this challenge the startup adapt the venture capital or crowdfunding ways to fund their startup.

However, this is also very difficult in India. So you have to think of some other way. Some other way can be like you ask the money from your friends or relatives. Some of your friends may agree to help you with money in return they might expect some interest. This is one of the ways to fund your startup.

As funding is one of the worst challenge faced by every startup. Another way can be like, taking a loan from banks, but for this, you will first have to show some of your property or bank balance to the bank.

So there is an alternate way to this that is the MUDRA bank. MUDRA stands for the Micro Units Development Refinance Bank. MUDRA bank loans are not difficult to get. You have to meet some of the criteria to get the loan. So if you face any challenge in 2018 regarding funds, the solution is here on how to tackle the challenges of a startup business in 2018.

3Staffing issues:

In India, many of the educated people like to work for the central and state government or their second choice is working with an MNC or a huge company.  This is all because that every individual wants job security. The Government and the MNC’s jobs are very secure. So the most of the skilled people prefer to work there. Also, one of the reasons to do a job with the Multi-national companies and the Government jobs is that they pay a lot more than any of the startup companies can give.

So the options left for any of the startup company is that they will have to work with the candidates that are not getting jobs in MNC’s or Government jobs or the candidates that are fresher. However, the startup companies are unable to give that much salary and other facilities as the other MNC’s and the Government sectors give.

So the fewer options for staffing that are left for them will give them the people that are untrained and a lot of money is spent first in training such kind of staff. This one of the challenge that you might face while your business startup in 2018.

To tackle such kind of challenge you can hire the fresher on a stipend. This way you will save a lot of money. The fresher are often willing to work on stipend during their training periods. Especially, during the six months industrial training period they are happy to do a stipend job instead of going for the regular training. Because the stipend will help them make money with training, instead of just paying and training.

But for the above solution as well you will have to first hire a professional that is already trained in the same. The person that can handle the group of fresher people and at the same time can train them. This is also a  very good solution to the staffing problem.How to tackle the challenges of a startup business in 2018

4Marketing:

Another major cause that most of the startups fail is that there is very less or no popularity of the brand. The reason behind the less popular is that the cost of giving the advertisement of their business on TV, newspaper or magazine is quite high. So the startups do not opt for the advertising their startup. So in 2018, you will see a huge focus on Digital marketing technique by the startup companies. Because the digital marketing technique will not cost much to the startups.

Putting a high emphasis on the digital marketing techniques will make your business popular to a great extent. With the best content and the speedy service will make your business very popular. The digital marketing technique will popularize the business to not only to a particular area but in most part of the world.

Digital marketing includes lots of marketing strategies like the facebook marketing, twitter marketing, and Instagram marketing.  If the person is not using the laptop much but he will surely be using his phone.

according to a study, it has been proved that the mobile phones are present within 3 to 4 feet range of a person. So, the chances are that the mobile phones are the most used by a person. The mobile phones consist all the social media stuff. As soon as the notification comes we eagerly grab our mobile phones. So, there are many chances that by doing the marketing of your business on the social media will make your startup lot more popular.

Also, there is another technique called the email marketing. In this technique, you will be approaching your audience through emails. There are very fewer chances that a person that contact you once will contact you again.

By following this technique of email marketing you can send an email regarding your startup in all the contacts that you have created till now. This is another solution on how to tackle the challenges of a startup business in 2018.

You can also read our next article on Why to make digital marketing as your career?

5Conclusion:

To conclude, the above was the article that gives us lots of information on How to tackle the challenges of a startup business in 2018. This article not only explains the challenges that your startup might face in 2018. But, it also explains the ways to tackle them.

To do a startup is a turning point in a person’s life. And, to tackle the challenges that this startup will introduce into your business life shows your bravery and courage. The way you tackle the situation that you might face during a startup will make you ready for the future challenges.

 

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