Top 5 Struggles Every Start-up Experiences in the Beginning
Being a founder of a new business is both exciting and challenging. Whether a small business or a start-up, many factors need to be considered before a company’s opening day. Although small businesses and start-ups have the same humble beginnings as a venture idea, they differ in their founder’s intents and growth rates.
Small businesses generally have certain limitations to adhere to, according to their industry and location. They are often created to fill a need for either the business owner themselves or a local area. Their growth is often slow and steady.
Unlike a small business, a start-up founder’s primary focus is to create a unique business model that is not limited by any industry or area. The intent is to duplicate the model into other businesses easily. The purpose of the start-up is to be able to quickly grow profit margins with minimal increases in costs.
Having founded multiple businesses in the Palm Beach, Florida area, Jay Hart has a firm understanding of the problems start-ups most commonly face, as a result Jay Hart has developed the following list of five core issues you might face during the start-up process. Jay Hart is most notably known for his efforts in founding both MCAlert and Gold Shield Industries.
- Business and Marketing Plans- A solid base to start with any commercial project is for the founders to have a concise picture of the company as a whole. Jay Hart states the first step should always be to create both a business plan and a marketing plan that are specific, clear, and actionable.
- Cash Flow and Budget — Finances can be another stumbling block for a strong start to a business. An owner needs to have an accurate understanding of how much money they have to start their business and where it’s coming from, whether that may be investors, loans, savings, or a combination. Having a contingency fund for lean times can help resolve financial setbacks without having to struggle to find an investor for help.
- Finding Qualified Employees — The need for qualified workers on a limited budget can be a tough hurdle to overcome in the beginning. Jay Hart states that to combat the initial income deficit issues, you hire trusted, hardworking individuals that want to grow your business with you and offer them shares in the company in lieu of a competitive pay structure.
- Marketing and Generating Sales — Finding ways to market products and services on a tight budget can also be a challenge. Marketing avenues that use minimal financial output include word of mouth, social media accounts, email newsletters that capture email lists, and well-placed press releases.
- Follow Through and a Contingency Plan- Often, as a start-up, things don’t always go according to plan. Having the resilience to get through the lean times is a valuable asset. Business mentors can help new owners to navigate through the initial learning curves.
About Jay Hart:
Jay Hart began his career in law enforcement at one of the largest Sheriff’s Agency in the country, where his entrepreneurial spirit developed as he grew professionally. Jay Hart started several businesses in his early career, and it became clear that he possessed an innovative mindset and the leadership capabilities that one must have to succeed in a career in entrepreneurial efforts. Jay has since retired from the police force and spends the majority of his time further developing his two companies, MCAlert, and Gold Shield Industries. MCAlert specializes in mass communication for emergencies in small communities. Gold Shield works with high-profile clients around the U.S., Jay’s team is made up from former deputies, officers, and other high-ranking authorities.