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  • Strapped budget
  • The Challenge is, Even though cash flow is fine, it seems you never have enough in your budget to market your company to its full potential.
  • Business growth
  • The challenge is, We’re assuming you are growing, not that you can’t grow, and you’ve come to the point at which you can’t take on any more work in your current structure.
  • Self-doubt
  • The challenge is, An entrepreneur’s life is not enviable, at least in the beginning. It’s extremely easy to get discouraged when something goes wrong or when you’re not growing as fast as you’d like. Self-doubt creeps in, and you feel like giving up.
  • Create new processes that focus on task delegation. Many entrepreneurs, used to wearing all the hats, find themselves in this position once they’ve achieved a modicum of success. Because you’re doing everything, your growth halts to a stop when it hits a self-imposed ceiling. The only way to break through is to delegate tasks to others to take yourself out of the production end, and segue into management and, finally, pure ownership.
  • Capital
  • The challenge is, You want to start or grow your business, but you have little capital to do it with.
  • Create new processes that focus on task delegation. Many entrepreneurs, used to wearing all the hats, find themselves in this position once they’ve achieved a modicum of success. Because you’re doing everything, your growth halts to a stop when it hits a self-imposed ceiling. The only way to break through is to delegate tasks to others to take yourself out of the production end, and segue into management and, finally, pure ownership.
  • Marketing strategy
  • The challenge is, You don’t know the best way to market your products and services: print, online, mobile, advertising, etc. You want to maximize your return on investment with efficient, targeted marketing that gets results.
  • Being able to overcome self-doubt is a necessary trait for entrepreneurs. Having a good support system will help: family and friends who know your goals and support your plight, as well as an advisory board of other entrepreneurs who can objectively opine as to the direction of your business.
  • Choosing what to sell
  • The challenge is, You know you could make a mint if you just knew what products and services to sell. You’re just unsure how to pick a niche.
  • There are many ways to earn funding, from traditional bank loans to family and friends to Kickstarter campaigns. You can choose these routes, certainly, but I prefer the self-fueled growth model in which you fund your own business endeavors.
  • Again, if you’re not adept at creating marketing plans and placing ads, it’s a good idea to outsource your marketing strategy to someone who is. At this point, all you need is a core marketing plan: what marketing activities will you undertake to motivate purchases? Give your planner a budget and tell them to craft a plan that efficiently uses that budget to produce profits.
  • Admit that you’re weak in identifying prosperous niches, and delegate the task to someone who is strong in this area. You don’t have to hire a huge, expensive marketing firm; rather, recruit a freelance researcher who has experience in whatever type of field you’re considering entering (retail e-commerce, service industry, publishing, etc.). Have them conduct market research and create a report with suggested niches, backed by potential profit margins and a complete SWOT analysis: Strengths, Weaknesses, Opportunities and Threats.
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