We at Auto Futures recently launched a poll asking our Twitter followers about the main challenges that startups in the mobility industry faced today, from getting things in motion to attracting investors to their business.
Following the results of the poll, we thought we would dive more into each area, from kick-starting a business to securing investment and developing a brand.
Some ideas are great; some are not. There’s only one way to find out.
It’s incredibly difficult to translate a, supposedly, groundbreaking idea into a company with a leading product or service; not to mention recruiting staff and finding office space in a strategic location.
For those of you who have never started a business before, it can sound like an intimidating task. And it is. But with perseverance and dedication, it is possible.
Starting a company is no easy task and will require hard work, dedication, money and even failure before there are any signs of success. Remember, you only hear about the successful few, not the many failures.
However, there are some steps you can take to give yourself the best chance of success.
The first is building a clear business plan, outlining what you want to do and how you plan to do it. This will help set clear goals and targets for the first few years of business, as you build an identity and attractive business model. This will build the infrastructure to support the overall growth of your business.
71% of businesses fail within 10 years. Let that sink in.
This comes down to a few things such as funding, which we will get onto later, and growing the business effectively, to remain competitive and become a leader in the market.
According to our poll, upscaling was selected by 18% of our voters.
The upscaling ‘phase’ is an ongoing aspect of any business, which means it is important for owners and managers to understand the short, medium and longterm, which may not always be clear.
Of course, preparation is everything, but it is not a fail-safe. Just look at what the global pandemic has done to businesses around the world, big and small.
With a 41% majority, funding was a clear winner in our poll. We are not surprised.
In order to not just get yourself off the ground, but expand the business, you will need capital.
When it comes to funding and investment, there is no specific amount. This depends on the business, it’s the application of the product or service and the sector.
However, many startups will tell you that money runs out fast. I know many CEOs who are constantly looking for additional funds to take them to the next level. There is a lot of background work needed to achieve any profit in the long-term, so there is a huge importance in meeting with potential investors to continue the company’s vision.
With the cost of doing business being much higher than people initially think, funding is a clear leading challenge for any company starting up.
Have we missed anything? Comment below.