This Business News Story Was Uncovered By Us From: https://www.youngupstarts.com/2020/08/01/the-challenges-that-a-start-up-face/
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The odds are against most new businesses starting in the UK. According to the ONS, more than half of businesses fail within the first three years of operation. And that was before challenges like COVID-19 were even being considered!
To stand the best chance of survival, budding entrepreneurs might look to the example set by those who’ve previously enjoyed some success. Among the more inspiring stories is that of Adam and James, two childhood friends who, having collaborated printing flyers for nightclubs at university, decided to go into the business of providing print services via the internet. The resulting company, instantprint, is still going strong a decade later, providing a wide variety of products including booklets, flyers and posters.
In an interview on the company’s site, they identified several of the challenges that thwart many new businesses, as well as the solutions which helped the business to get around those challenges.
Keep Track of Costs.
If your business spends more than it makes, then it isn’t viable. During the early years, instantprint would cut heating costs, and the two founders would wear outdoor clothing, including coats and hats, at their desks.
You should always be on the lookout for where you can get something for nothing. But be aware – some freebies might be more trouble than they’re worth. Adam’s dad offered them some free carpet tiles, which the two were happy to accept. The only problem was that they had to go and rip them up themselves from a unit in Yorkshire. “We set off at 6 o’clock in the evening, thinking we’d be home by 11 o’clock at the latest,” said Adam. “We got down there, started pulling up these tiles – and it took us forever. We were there until about 1!”
The lesson here: always know… Read More
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