Due to the rapid advancements in technology and shifting consumer behavior, the modern business arena has become more innovative – and competitive – than ever. In the field of marketing, for instance, gone were the days when only the big brands have the power to reach international markets through television and broadcast. With a more cost-efficient platforms such as internet and social media now at their disposal, even startup companies can now compete for head to head with larger, more established business.
Given the technological solutions present these days, it is fair to say that starting a startup business have become more common in many industries. With the playing field now leveled, it has become more attractive for anyone to make their unique ideas into reality and launch their startups in a matter of days at little to no cost.
With the proper knowledge about the market and experience, entering a startup business can be quite rewarding – both financially and personally. If you have been working 9-5 for years now and you are planning to exit the corporate rat race, then a startup business can help you fulfill the freedom that you have long been wanting to achieve.
By running your own business, you will have more freedom to pursue something that you are really passionate about and have the chance to work with other people that have the same level of passion as yours. Having to work with a functional team that understands the purpose of your business will give you a chance to perform more productively and achieve your goals in a more timely manner.
However, even with these advantages, running a startup business is not by any means an easy task. Even if you are filled with passion and have the support of the right business partners, managing your own business will require you to have the guts to face a world of different challenges unique in this kind of industry. While you are no longer bound to report to a boss on a daily basis, you now have instead of the responsibility to exert more effort to ensure that all aspects of your organization functional and efficient.
One of the key difficulties that many startups business owners face is managing the financial performance of their company. This is primarily because the business owner doesn’t have enough time to track the amount of incoming and outgoing cash flows in their ledgers. In order to free up their time and focus on this critical business aspect, most startup business owners outsource their mundane, repetitive business tasks – calendar management, accounting, phone handling, etc. – to overseas virtual assistants.
To give you more insight on the most common challenges in running a startup business and ways to overcome them, here are the key takeaways of the infographic below from OVA Virtual:
- Cash flow management
- Lack of structure
- Hiring the right employees
- Focus and time management
Check out the infographic below to learn more about this topic.