Very few people live under the illusion that starting and running a successful small business is easy. Rather, almost all professionals recognize that there are plenty of obstacles that could prevent an entrepreneur from achieving their goals with a new venture. However, despite this fact, there are still a few subtler challenges that often trip up first-time business owners. As if getting a startup off the ground wasn’t difficult enough, these four under-the-radar complications can derail even the best-laid plans. Check them out now so you can manage them effectively later:
Landing a Compelling Domain Name
The internet is a crowded place these days. Indeed, there’s currently over 600 million active sites and finding a domain name that perfectly describes your business –– without infringing on a copyright claim –– is a tricky prospect. Make sure to follow best practices when choosing a winning a domain name and be aware that you may have to pay for the rights to certain desirable URLs.
Inexperienced entrepreneurs may assume that capable employees will gladly line up for the chance to work at their new business. However, the reality is typically quite different. Just as managers will study a potential employee’s resume and prior history, so too will job-seekers perform due diligence on a company before they apply there. Startup owners need to recognize that convincing dynamic employees to join their operation could prove a struggle –– especially early on.
Do you have a spoken agreement with a business partner to split proceeds 50/50? Or how about an off-the-books arrangement with your landlord to rent space for your company? If so, then know now that it’s imperative to get everything put in writing in regard to your business. Yes, acquiring the proper paperwork and LLC documents needed to legitimize your company may feel unnecessary at the time, but they could very well save your business later on. Ensure the future of your company with the legal protection it needs, or suffer the consequences down the line –– the choice is yours.
Plain and simple, it’s much more difficult to build a customer base than green business owners expect. Though there are countless ways to promote your business both online and offline, the truth of the matter is that spreading your message to the right people is going to be tough. DIY guides are rarely as straightforward as they seem and even effective marketing strategies can take months or even years to pay off. The bottom line is that starting a business from scratch takes an incredible amount of patience, but the possible rewards are worth the wait!