Stepping into the auto repair business world brings up this quote to all of us, it is “the survival of the fittest.” It holds a whole meaning that if you fit in the industry and people are getting solutions from the product or service you offer; you can survive.
There’s another statement: “A smooth sea never makes good sailors.” And the sea of startups is a violent one to sail.
Considering the rise of startups in the second last and last decade, it is seen that there are around 150 million startups in the world today. According to surveys, 50 million new startups launch every year.
It means, on average, the world has 137,000 startups emerging every day. Woah! Big numbers.
But the question is, how many of them survive in the long run? How many entrepreneurs manage to pass the violent waves of change that have completely changed the nature of today’s startups?
Well, 3 out of 9 startups become businesses. Why? Because numerous unforeseen challenges affect the overall functionality of startups. Problems are a part of life, and in businesses, if there’s no problem, it is a problem itself.
But wait, new entrepreneurs might be thinking then, why do startups fail? Or, how to prevent startups from failing? We ensure that you can solve 80 percent of these challenges while 20 percent will remain there. But it is a very good percentage to survive.
So, without further ado, let’s discuss those triggers that cause the most common yet biggest challenges in the startup world.
Fail in Pitching “The Right” Idea
Yes, we understand that you’ve spent weeks and even months filtering out the idea. Every other person has a business idea that he thinks will become a successful one. But keeping the reality check, the idea we have in our mind is because of our passion for that service/product.
It doesn’t mean that you don’t have the right idea to pitch in the market, but check if this idea solves some major problems. Research and find your target audience, and after that, conduct surveys to get their feedback. It is the right way to filter your idea and modify it according to the customers’ needs.
Most entrepreneurs (who are relatively emotional) sometimes would rather quit an idea than spinning it around or altering it to address the real concerns of society.
Rethink over your idea, and consider it as a starting point, not the ending point. Because when you finally know what to use as a startup, the original idea is transformed into a new one. It isn’t bad; in fact, that creates quality in your planning. Yes, it may sound frustrating to change things again and again, but think about it. Is it better to take time to start and rebuild the idea? Or is it better to start instantly and fail as an entrepreneur after a few months?
Obviously, failing is not in our plan. So, give yourself ample time to provide a desirable solution to people’s lives. These changes can be in your business model, services you plan to offer, or anything related to the business. All this process will eventually add up to “the right” idea. And that right idea will be the product people need and recommend.
Poor Plan from ABC-to-XYZ
According to all successful entrepreneurs, planning increases the success rate of a business by 30 percent. Also, it is considered to be a great factor in accelerating the success pace.
We understand that planning delays implementation but have you ever thought about the results of poor planning? What if your business is up, but you don’t have a plan to raise capital to keep it going? Results: shut down.
What if your customers expect a great customer experience and you don’t know how to deliver it rightly? Results: Lost customers. Therefore, it’s exceptionally important to think about strong arrangements before entering the market.
The next question is, what to plan about? And the answer is, everything!
Yes, be it employees, customer journeys, business models, or anything that comes to your mind, you need to plan it beforehand. These are the nuts and bolts, and you have to remember your plans.
How to plan effectively for your startup? Well, before you actually launch your business, research for your competitors, see what people like in them, how they are managing customers, and dealing with the audience. It needs keen attention and details. Proper planning is the bedrock for an effective business, which should be seen in all ways of vision.
Confusion in Winning Customers
For every startup and even large business, the ultimate goal is to get customers. No customers mean shut down. Well, brands and enterprise-level organizations are popular, and that’s why they’re lucky to have new customers throughout their journeys. But what to do when you are new in the industry?
It can be hard initially, but with customer-friendly policies and a great customer experience, you can do it. Every startup entrepreneur wishes to strike a chord with his/her target audience and win their trust. An easy way to do this is to have a highly satisfied and loyal customer base. Try to do something different and in a unique way that entices your audience. One thing is to set up a loyalty program. It works best for a service-based business. For example, if you run an automotive repair store, your customers will need regular inspection and service for their vehicles.
For this reason, an auto repair management software that handles a ‘loyalty module’ is a great example. Use your basic point-of-sale system to do wonders for you. Always try to be customer-centric in your strategies. Get feedback for whatever you launch and then improve gradually.
Fear of High Competition
The business world is a highly competitive landscape to step in. It is a competition all day and night. Big brands and large corporates have so much to put at stake to keep their business up and running, and in this battle, small startups usually back out or fall into oblivion easily.
As asked and surveyed by many fresh business owners, they mentioned the high competition as the biggest obstacle in stabilizing their startup. And this challenge is now even worse when there are digital media involved. Online appearances and community engagement via reviews have made up pressure for newer businesses.
But hold on. Take one step at a time. Yes, it is one difficult thing to accomplish, but eventually, it can happen. All good things take time. Keep your efforts going, and you’ll see the difference yourself. To get recognition, newcomers have to smartly play with the new technology, work their public and business profiles, and always keep their eyes on the ball. Keep in mind, out of sight and out of mind. Therefore, always try to be present nearby your target audience. So many good business ideas failed because of the lack of presence.
Wrapping it up all
It is a fact that there is no single solution to all the challenges in the startup world. Nobody has the magic wand to make things better all at once. So, never lose the spark that made you start a business. It’ll be hard, but it’ll be worth the effort. Remember that no great business was built overnight, and every success faced multiple challenges before becoming world-famous brands. Good Luck!