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Top 5 Common Challenges That Many Startups Face Today

Startups are emerging out everywhere these days. Today, startups are mushrooming in the area of the entire marketplace and everywhere, students are even advised in schools and other educational institution to go for startups in the future.

Nowadays, unique stories of startup entrepreneurs and business owners seem to be on the front page of every newspaper and magazine issue, serving as an encouragement for more people to brainstorm and come up with ideas of investing for startups.

People see technological breakthroughs as something that could change the entire world and open people up to more abundant opportunities

The unspoken truth about startups is this: Starting and maintaining one is not that easy as successful entrepreneurs make it look. There are more avenues being made available for startups to emerge and flourish, but there are still some challenges that are not being met. As an enthusiastic startup entrepreneur, you should not feel hesitant to face some time-tested challenges and roadblocks.

Startups face challenges at different stages on their way to meet success. Issues may vary depending on the difficulty encountered in achieving different goals and objectives and the ability of the entrepreneur(s) to manage different issues as they come while going through the avenue of a startup. Startup entrepreneurs make mistakes, depending on the type of startup or group of individuals working together (if any). However, there are some difficulties that are facing startups at the basic level today.

Here is a list of the 5 major challenges that your startup will face and how you handle them will go a long way in determining whether your startup will achieve success or fail:-

  • Funding:

    The big issue comes first. Funding remains one of the biggest problems that emerging startups face. It’s a really dicey issue in the sense that every investor prefers to play safe with their investment. Hence, they usually invest their money in already well established and successful startups. Logical as it is for the investors, it also limits the number of successful startups accessible today.

  • Lack of Innovation:

    The innovation is extremely lacking in entrepreneurs today. When investors and clients find these, they become reluctant to invest as they do not get to see the difference between these new startups and old ones. A major method for attracting funds for a startup is to have at least one new feature; something that makes you stand out from the enumerable number of startups that are related to, or similar yours.

  • Unfeasible Goals:

    It’s always helpful and advantageous to set goals for your startup. Goals give your business a guideline, provide a means of measuring your business’ growth over time, act as a means to assess the success your business and serve as a method of bringing your business against other businesses in your domain.

It is essential that your startup exceeds (or at least meet) your defined objectives when running startups; it shows that you’re on the right track for future successes. However, where most startups get it wrong is the goal-setting part. Most of the times, upcoming startups set goals that are simply unrealistic. For consistency, it is important to set high but controlled and generally attainable goals and objectives, given a level of funding and your infrastructure of meeting those goals.

  • Decision Making:

    This challenge is mostly faced in businesses that have their base on partnership. While partnerships are great as they offer a greater funding base, these businesses are usually made up of owners who come from various backgrounds and who differ from each other in their business orientations. In running a startup, it is essential to be able to make quick decisions especially when the window of time you have to act is very small or when the opportunity that presents itself to you is about to close.

  • Personnel Selection:

    No matter how great your business management skills are as an entrepreneur, you’ll still need a team to work around you. Finding suitable team members can be a challenging affair; you have to select people who have the same passion as you and people who are capable of handling the difficulties that come with the job.

The right personnel will greatly help you; their skills will eventually help in relieving you of some of the work. Choosing the right personnel is a job that must be done with care and impartiality. You should not be having any bias while selecting your team. Your mistake bounces back on your business badly, you must always remember this.

In today’s world, we all are facing challenges in every step of our life. So it is not unlikely that you will face challenges in your startup business also. How you face it and go ahead for achieving success, let that be the biggest challenge in your life.

How to be Successful in a Startup Business And Make Money

Startup business entities can be lucrative if you go for the right ones. Although this is not something that a new investor may not like to get involved in, an experienced investor will surely notice immense profits coming.

If you are looking for investment in Startup business, you have to know the various methods of doing this. Your proper participation as well as your investment, both are equally important to achieve success in your startup business.

THE FOUR KEYS TO SUCCESSFUL SMALL BUSINESS MANAGEMENT ARE:

(1) Owners have developed habits and traits that are Positive, Committed, Patient and Persistent.

(2) A living Strategic Business Plan is in place.

(3) An Organizational Structure has been developed that pushes people forward to be their best and helps them do so.

(4) Operational back-up Systems are used to track performance and relieve senior management of daily detail yet make them aware of critical data to manage the business.

For a small amount of investment, consider investment for the credited investor. This would let you invest in a business along with other people so that you don’t become the prime source of money. This is often the best way for novices as it reduces the chance of losing money through the business. In this way, you will not make much money, but incredible rewards will only come with greater stakes. You can decide if you want to go for a joint venture with a group or if there is a better option to invest your money.

Instead of depending on the success of somebody else’s business, you should look for your own startup investment business. The issue that arises when you invest in this type of business is that you will not hold complete control over your money. Therefore, you don’t have an opinion on how people utilize your money and won’t be able to save the business from the possibility of failure. Investing in your own business is always the best idea not only because of the workload involved, but more work will fetch greater rewards eventually. You have to decide whether you want to make a onetime investment in Startup business or if you want to be a time-to-time investor while investing in a startup business. Most of the mushrooming companies require many rounds of money to ensure their safety for the future, but that is not always the case with all startups. The more money you invest, the bigger shareholder you will become. In this scenario, you will have a better hold on the money you invest. Gradually start off and you will surely be able to maintain a balance in your investment which will ensure things work for you.

The reason you are looking for startup investment offerings in the first place is that you want to use it as a guideline to achieve success. It is thereby suggested that you firmly take a decision. You don’t want anything that will divert you from your goals. If you need a plan, you should have a talk with an expert so that he can guide you to chalk the ideal plan for your startup business. In case you require proper training to think like a businessman, you should go for counseling. All these are important aspects for the success of your business.

These are the basic ideas of achieving success and making money for a startup business. So make an appointment with an expert like Startup Formations, take the required advice and start with your startup business without wasting time.

Online Business Setup Tips To Be A Successful Entrepreneur

Setting up an online business seems to be getting popularized nowadays. Individuals have different reasons; some may have just lost their job while others may just want to enhance their income. But whatever the reason may be, the most obvious choice is setting up an online business.

Having your own business on the web is relatively easy to set up. The initial cost is not much and maintenance is low. An online business can allow you to generate income even if you don’t really have an office set up. If you are thinking about establishing an online shop, or if you have a start-up company and would like to increase your online dealings, here are a few useful tips to remember:

Credible hosting, payment and delivery methods: A credible web host is very important. There are several hosting sites out there that have a good name and deliver very prompt service.

You should also think about having an online payment facility that can facilitate credit card payments. Try offering multiple payment options also.

If you are selling products that need to be delivered, then find a dependable shipping merchant that can ship abroad (the big players are UPS, DHL, and FedEx. You may want to get an opinion from other businesses if you are thinking about hiring other couriers.

Concentrate on your product: Your product is the best one out there. You really don’t have to concentrate on the latest gadgets and technology; you don’t need to worry thinking about how to make your website look good. Your real objective is the bottom line. Focus on what your customers want to buy online and make sure that you are able to provide it at a pocket-friendly price.

Grab them once they are there: Imagine yourself walking inside an appliance store for shopping. You are welcomed as you enter the door. You go to a product and a sales executive explains to you the positive points of the product. As you go to the cash counter, some basic information is asked of you. It is just the same as the online purchase.

Once they arrive at your site, the marketing begins. Make it easy for potential customers to search and find your products. Clickable buttons like “Add to cart” or “Shop here” or “More Info” is always a good idea to install on a page. Make it an easy and experience of pleasure for them to shop on your online website. Do not ask for them to register until after they have made an order.

Once they have registered, you can encourage them to get back to your site through special offers, members-only discounts, newsletters, and other marketing schemes to make them feel prime customers of your online business.

Market your business: For your online business to make a profit, you have to somehow promote it to the world. You need to study how people look for your type of products/services and where they get it. What are their usual keywords?

You can do this yourself. However, web marketing can be a very challenging and difficult task especially if your product or service is very competitive. The best option would be to find a credible company that can promote your product or service at a reasonable rate.

The market for e-commerce is growing. Get your share of the profit by setting up your own online business. There are professionals who have done specialization in helping Entrepreneurs, just like you, grow successful online businesses. Let’s face it, in today’s ever-changing interface of economy, online markets continue to rise and to build and maintain your online business is becoming increasingly more and more affordable!

How to Start a Company Fast

People talk about starting a business fast but in reality, they do not take conscious effort to put their ideas into practice. They get carried away with the apparent complexity of the administrative and legal task involved in starting a business and they are not very sure of their ideas that may not be absolutely perfect.

There are certain steps which should be followed sincerely to start a company in the fastest possible way.

One has to get over the company name thing: many people agonize endlessly over dreaming up the perfect company name. You should just pick up a name to get the administrative part rolling. You can change your company name later if you wish.

Get your employer identification number: an EIN is the federal tax number to identify your business. It is important to have EIN because you can keep your social security number (SSN) private and reduce the chance of identity theft. If you do not have EIN then your SSN identifies your business for tax purpose. You can always get it done by your locality’s administrative office.

Register your trade name: if you won’t operate on your own name, your locality may require a trade name.

You will require a business license: for this, you have to fill up a form. Use your EIN to identify your business. If you want any loan for your business you may be asked to estimate annual gross receipt. Do it to the best of your ability but do not be stressed.

Complete a business personal tax form (if necessary): If you purchase tangible personal property during your first year in business, you will list those items when you file your business personal property tax form the following year.

Ask your locality about other permits: Every locality has different requirements. Your locality may require some permits. You please ask them and they will tell you what exactly is required for you to start a company.

Get a certificate of resale (if necessary): a certificate of resale, also known as seller’s permit allows you to collect state sales tax on products sold. If you sell products you need a seller’s permit for which you have to fill up forms either online or at your local administrative office.

Get a business bank account: for a business related deposits, withdrawals and transactions get a business account using your business name and EIN. Pick a bank or credit union whatever is convenient. Credit union often provides better deal than the bank.

Set up a simple accounting spreadsheet: You can go for accounting software later, but to begin with you can just create a spreadsheet on which you can enter money you spend and money you receive.

These are the basic steps you need to take to start a company fast. There are other options available also in recent business world. You can take any help line you wish. Don’t waste much time, just start with your idea, you will surely achieve your target in due course of time.

Get a helping hand to set up a company in UK

Government of U.K. is helping the new startup companies to the maximum level as these companies are holding the backbone of U.K. economy employing 16 million of people all over the country.

What kind of a helping hand they are extending is discussed below:

Government has allowed 2000,000 new businesses to use a new one stop cross government service and register their company for tax at the same time.

This will ease the burdens on new business enabling them to concentrate on what they do best – producing goods, providing services and contributing to the U.K’s reputation as one of the best place in the world to set up a business.

When registering with Companies House, companies can also register for tax and HMRC’s digital services, making it easier for new startups to fulfill all of their legal obligations in one go.

The change which came into effect last year removes the need for business to send duplicate information to both Companies House and HMRC.

The new service is a part of the government’s Industrial strategy’s commitment to reduce administrative burdens on small startup companies, enhancing U.K’s reputation as one of the best global environment for small business startups to flourish.

Companies House, and HMRC worked together on the joint service to both setup and limited company and register for corporation tax, and register employer for Pay As You Earn (PAYE) tax. A formation agent can still be used to register business, and a formation agent can continue to act on behalf of their clients.

It has never been so easy to set up a startup company in U.K. earlier. Now the government has come forward and given some help line to these companies by reducing the burden of small companies. This has caused a remarkable change for the economic growth of the country. Taking this assistance nearly 200,000 companies have opened their business in U.K. and this has become a support system For many people of this country as they have found employment for themselves in these startup companies.

So you can also take the helping hand from U.K. government and start setting up a company in U.K. All that you need is your passion for doing something fruitful in a place like U.K. You will surely achieve your success shortly.  

How to Set Up Own Company by The Help of Business Consulting Firm

Do you have a dream of having your own company?

Then you have come to the right place.

Become your own boss is the aim of many people nowadays, though this is not as easy at it seems. Company formation by your own is really a challenging task. You have to compete with both large multinational brands and established local brands companies.

You can take the help of startup service provider like us to get things done smoothly. We have broad experience in making a start-up company to market their products globally. You can successfully establish your company without any legal issues.

Why you should take the help of Startup Services?

It is the true fact that many startup companies fail in their initial stage, and they may have some valid reasons for the same, the likes include entrepreneurs being a novice and lack of essential support startups such as lack of funds, bad market conditions, unorganized legal matters etc. But, the most crucial aspects that most of the startups lack are proper guidance, inspiration, and feedback from business consulting firms or startup service providers.

How Startup Service Provider Helps Business Owners?

  • A Startup Service provider can help you accomplish all the Banking related tasks as fast and efficiently as possible. They will incorporate the business bank account opening, personal bank account opening with ease.
  • They will assist you from the very beginning with business registration formalities.
  • You can also find Vat registered company names for the successful startup.
  • You can also use their business mail forwarding, telephonic and other
  • services that make easier for your organization for safe and secure communication.
  • They help to streamline your business, making it more efficient and profitable.


Check out our website thoroughly and choose the suitable services as per your requirements. We are expert in business planning especially Banking services, Company formations, Business registration and virtually all aspects of running and growing a startup business.

All you need to know about Company Formation in UK

A limited liability company formation conveys various generous advantages to small and medium-sized self-employed businesses. A limited company formation effectively creates a brand new company body distinct from the owners of the business, shareholders, which protects those owners from boundless individual liabilities in the majority of circumstances and may carry important tax benefits which change in a subsequent year.

Suppose you are in process of setting up a Private Limited Company, then you will likewise require a business bank account where trusts can rush over and over again. Regular operations which could take place inside such account include paying salaries; paying Annual Corporation Tax, VAT Payments and moreover any debt charges. It is a lawful necessity in the UK that your company deposits and personal deposits have a different record as both the organization and the head are two separate legitimate characters.

While setting up a business bank account after your offshore company formation, whichever bank you choose to set up an account with will have tax evasion directions set up and hence different checks will be done. You will in this way need to send a distinguishing proof report, for example, a genuine travel allow or driving license. Accounts for example bank statements and utility bills may have to be shown as confirmation of your personal location. What’s more, certain banks will moreover wish to see official company formation reports, for example, the Certificate of Incorporation and Share testaments.

While choosing which bank would good for you might need to think about a some of this things.

  • Bank charges & fees – Check out the lifetime rates that are being tendered by the banks, regardless of the possibility that the bank has an introductory time of free business banking.
  • Referrals & testimonials – See what completely different business customers are recommending and using.
  • Telephone/Online bank account – Ask if they offer these services as you will probably need to utilize them two at some focus.
  • Credit – do you need to get a loan or overdraft to support you off the ground? If the bank really wants to give this close by a business credit and debit card?

If you have gone through an offshore company formation process in. UK, a free bank account services offered by banks like HSBC or Barclays when you set up your company. They will send your identity document to the bank for your sake who will then be in touch with you to set up an account. A lot of Non-UK residents are much interested in setting up a business account in the UK. This is possible but the method could be more mind-boggling than it might be for UK residents. In that case, you are experiencing issues opening up a bank account in the UK whereas it may be worth setting up an account in your local nation which is comprehensively scattered. Banks, for example, HSBC and Barclays have a worldwide presence and likewise, have numerous workplaces in the UK.

Company formation is important, but it may cause a lot of trouble and time taking which is not acceptable, especially when it comes to people who are very new to the business environment. It can be made easy with the variety of services available and what is better is that these services are usually not very expensive to apply for and you will receive assistance from professionals who have had years of expertise.

If you are planning for company formation the UK, connect with Startup Formations which deals with UK company registration with a ready-made bank account and assists people across the world.