Every startup is going to face hurdles to success. While many of these obstacles are industry-specific, there are a number of core problems that every new business—and business leader—will encounter. Here’s a few challenges to consider and thoughts on how to tackle them.
Competing With Legacy Firms
Only 25% of new startups last longer than 15 years. This can be a somewhat sobering statistic for an entrepreneur, especially when looking at a legacy firm that’s been around for multiple generations and with whom you often have to compete. But legacy firms have their weaknesses, too. Legacy firms can often be more resistant to a changing business landscape. Startups, in contrast, adapt easily to the demands of the market because in most cases they’re still finding their product or service niche. Lean into this advantage, and offer your startup as a more adaptable, modern alternative.
Selling Consumers on Something New
Selling customers a new product can be tough because, well, it’s new. Startups don’t have the advantage of brand awareness and established trust with their audience, so every sale is a hard sell. One strategy to combat this is content marketing, the creation and distribution of content to a target audience. It is a useful strategy to establish your credibility quickly, though unfortunately, only 3% of businesses that use content marketing do it correctly.
Content marketing works best when it is used to build brand awareness and increase engagement. If your brand is offering free and useful content, your target audience is more likely to begin trusting and trying out your products and services.
Building the Team, Creating the Culture
As a startup owner, you’re busy, and your schedule quickly fills up with the operational aspects, leaving less time for strategic planning. A survey revealed that only 32% of a business owner's time was spent actively strategizing growth. Tasks such as handling emails and customer service can be delegated to others so you can devote careful attention to building your workplace culture, making sure you bring the right people on board. If you don’t establish the values of your company quickly, what is created will be a lot harder to fix or change.
No matter the industry of your startup, you’re likely to face a few common challenges such as correctly employing content marketing or creating a workplace culture. Fortunately, there are many resources and marketing agencies out there to help you along your way and contribute to your new company’s growth and success.
Read this next: How Marketing Research Helps You Reach Your Startup Goals
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