Marketing for Entrepreneurs: Challenges of Starting a Business
In most cases, a business begins with a person who is technically skilled in a particular area of expertise.
Michael E. Gerber’s The E-Myth describes this well: one day, we decide to become entrepreneurs, but we start with a fundamental mistake—believing that if we understand the technical work of a business, we automatically know how to run a business that provides that technical work.
However, that is not the case. A business requires an entrepreneur, a manager, and a technician.
When starting a business, entrepreneurs tend to focus on the role they know best: the technical work. In most cases, there is a lack of general management knowledge, as well as marketing expertise—how will I attract clients to my business? Some make it seem like everything is simple and that there are magical formulas. However, reality soon proves otherwise.
Every business has unique characteristics, and it is essential to understand them to recommend the most suitable marketing approach: whether it is Content Marketing, Inbound Marketing, or a complete Marketing Strategy that also includes branding.
The Main Challenges of Starting a Business or Offering Services Without Employees
Limited Initial Capital
Low or irregular revenue means there is less money available to invest in the business—whether for purchasing equipment, hiring employees, or investing in marketing. At certain stages, entrepreneurs may need more than one source of income, and this is not only normal but sometimes even advisable.
Competition
In many industries, competition is intense, making it difficult to attract new clients and retain existing ones. Often, those who succeed are not necessarily the best at their technical craft but those who are more skilled at marketing. So, how can you stand out and differentiate yourself from the competition?
Time Management
With limited personnel and tools, business owners often have to juggle multiple roles, making time management and task execution challenging. Knowing how to prioritize, investing in strengths and differentiators, and delegating time-consuming tasks that do not yield the desired return is crucial. Additionally, the business may be developed alongside another professional activity, which can demand attention and take time away from business growth. It is essential to assess whether the challenge is a lack of time or a lack of motivation.
Innovation and Adaptation
Keeping up with market changes and adapting to new technologies can be challenging for small businesses, which often lack the resources to invest in innovation. As a result, they may neglect branding and fail to demonstrate their ability to stay up to date with industry trends.
Accounting, Taxes, and Bureaucracy
Small business owners often struggle to understand tax regulations and meet legal obligations. Moreover, with variable and unpredictable revenue, managing cash flow and ensuring financial stability can be difficult.
Outsourcing Services
With limited resources and fluctuating cash flow, hiring full-time qualified employees can be challenging, potentially affecting business performance. At this stage, the best option is usually to rely on specialized support in essential business areas such as Accounting—and, of course, Marketing. Every business that is launched needs to be introduced to the world.
At Inboundware, we help entrepreneurs, freelancers, and consultants structure their marketing at different stages of their business, depending on how quickly they want to grow. We offer training solutions, Content Strategy consulting, and Operational Marketing retainers.