You could locate your business in an area where there are poor transport links. If there are poor transport links customers wouldn’t be able to come to your business. You also will have to provide parking spaces for customers and be near buses stops for customers coming by public transport.
You can solve this problem by locating to an area where there are buses stops near you, parking for customers with cars and near a motorway for suppliers who are bringing deliveries to your business.
May not be able to fine right staff, cannot afford training
You may be hiring employees to work for you and you cannot afford to train them properly.
To overcome this problem you should employ staffs who have experience working in that field so they won’t require much experience. To find the right staff the employer will have to write up a good person specification. The will outline the kind of person they want for the job. Then the training you give them will be little and shouldn’t cost the company a lot of money especially if they train them on-the-job.
Lack of experience
You are hiring the staff but because of lack of experience they aren’t doing the job properly even though they have been given training.
To solve this problem you should still hire staff with lack of experience because by working for you, you are giving them experience. In the first month you wouldn’t expect them to be perfect but if they continue working in the long run they will become good at the job. You could maybe hire staff with lack of experience and still hire staff with experience so that way you have the perfect mix.
Quality of product is poor
This means that the product you are selling is not of a good value. Probably the product is easy to get destroyed.
To overcome this you could possible change suppliers. It’s more likely that the place you get the product from they aren’t making it properly. You could also complaint to the people who makes the product so that they can improve it but if the problem persists then the best thing to do is change suppliers.
May be if you are in a partnership you don’t get along with the person
This could be that before you got along with the person but as soon as you set up in business with them then everything changed. This could happen because you both have a different idea on how the business should run.
To solve this you could possible offer to sell your share and set up as a sole trader instead or maybe invest in another business. You could open as a franchisee. Maybe your partner could offer to sell his share to do something else.
Not enough finance
Maybe you don’t have enough money to set up your business or you already have and you’re running into debt.
Before you set up you can possible ask the government for a grant and in return they may ask to set up in an area with low unemployment. You can ask the bank for a loan. You can ask family and friends for money. You can also ask your suppliers for credit so that you don’t have to pay them straight away.
Hard-hitting competition
It means that the competition is getting to tough and maybe you can’t handle it.
To overcome this you can give special offers. The competition may follow you example but maybe if you can afford it; you can give a bigger discount than them on well-known products. Maybe you can give a weekend sales. Increase your advertising so that people will become more aware of your business. If you have a good advert on the television then you can brand your business name into their head so the first place they will think of is your business.
Bad idea
If could be that you have an idea and you think it’s a great idea but realistically it’s a really bad.
To overcome this problem before you start to make plans to set up a business you should talk to someone about what you are planning on doing. By doing this they could stop you from making a terrible mistake and losing a lot of people. You could possible do surveys asking the public if they think your idea is a good one and if they disagree then you should give up on it.
Customers may not like the products you sell
It could be that you are selling the wrong products. You are not selling what the public want but what you think they want.
If customers don’t like the products you are selling them you could do market research to find out what customers want and then give it to them.
The benefits of setting up in Business
- You can do something you have you have always wanted to do.
- If your company is successful then you will make a lot of money
- You can work any hours you choose too
- You can give yourself holiday when you want and for how long
- You can work at home at times so you don’t have to go in to work
- You decide how much money you should pay yourself
Qualities needed to set up in Business
- Lots of common sense so that you will make the right decision about business deals.
- Obviously good punctuality so that you are always on time for everything and that will give you a good reputation for turning up on time which a lot of people like.
- A neat and tidy person so that your work office isn’t always a mess and you will find things easier if the place is organised.
- Previous experience in working in that field so that when it comes to opening your business you know what you are doing because you have done it before. It would make it much easier.
- Good team leader so that you can lead your team in the right direction. If you’re not shy you will be able to explain what you want to get done and you will be able to speak clearly.
- Someone who knows what they want and isn’t afraid to take risks because when you know exactly what you want you only need to work out how to get it. You will need to take risk to get what you want because you can’t always play it safe.
I think I have some of these qualities but I am lacking in some. For example, I get nervous when I have to speak to a room full of people. I think I should try to work on this because in the future I may have to give presentations. I have experience working in a retail shop but not enough where I will be able to open my own business. I am a much organised person so I will be able to know how where documents are.