There are a lot of ‘what if?’ situations you will have to think about when you set up your very own business. In fact, it is some of these scenarios which initially put people off from becoming entrepreneurs in the first place. For others, the thrill of a challenge gets them excited for their new business!
You shouldn’t let all of these ‘what if?’ questions put you off, though. If you fully understand the various risks involved with your potential new business, you will be able to expertly navigate around this possible issues. But, even if you do fall into trouble, at least you will have a good idea of what to expect, and you could have already come up with some fantastic solutions.
And anyway, what’s the worst that could happen to your business? Well, here are some potential situations that you might experience. Don’t worry; we’ve also included some ideas on how to get out of them…
You Don’t Find Enough Clients Or Customers
The major fear that most entrepreneurs share is that they won’t be able to find enough clients and customers to make their company viable. Without a good client and customer base, there is no way you will be able to turn over a profit. But, thankfully, there are some really easy ways to ensure you get enough business to keep your revenues sky high. And it’s all to do with marketing. Good marketing can greatly help to get your business’s name and brand out there to as many people as possible. And the more people who know about you means there will be more people who might use you! Networking is another great way to make your company really visible and to find as many new potential clients as possible.
You Lose Valuable Data
These days, most people run their company solely from their computer. Thanks to tech and IT developments, various documents and contracts can now be stored in a digital format on computers. As a result, not many business owners keep paper forms anymore as it can help them save office space. However, this can be a big mistake. Even though your docs and contracts are now digital, they are still at risk of security breaches from hackers and computer viruses. And if you find that your computer network is breached, you could end up losing lots of important data and documents. So, it is crucial that you have an up-to-date anti-virus software on all of your work computers. This will also prevent hackers getting their hands on your passwords and other account details.
Your Offices Face A Security Breach
It’s not only your online data that is at risk of security breaches. If you have offices, these also need effective security in place. Otherwise, you might end up needing the services of the police! There are plenty of ways you can ensure that no burglars take a shining to your office. The best way is to get some clearly marked burglar alarms, and CCTV cameras added onto the exterior of the property. These are great deterrents, and very few burglars will try and break into your office once they have noticed these security devices.
You Are Mistakenly Charged With Fraud
There are many different ways business owners can get onto the wrong side of the law. They could mistreat or underpay their staff, or they might end up very behind on their taxes. However, one of the main things that company owners need to watch out for is being charged with fraud. This is a crime that some business owners can end up committing without even realizing it. To make sure that you never have to deal with a criminal defense lawyer to try and get you off a charge, it is best to employ a lawyer to go over all of your business contracts and documents. That way, you will always know that your company’s dealings are always above board.
You Forget To Set Up An Emergency Fund
We all need emergency funds. These are necessary in our private lives just as much as they are in our professional lives, as they will really help us get out of any tricky financial situations we might find ourselves in. For instance, if you end up overspending one month and eat into your rent money, you will always be able to fall back onto your emergency fund. And this is the same with a business emergency fund. If one month your company doesn’t perform quite as well as you thought it might, you can always get some cash out of this emergency bank account to help tie you over until things improve.
You Have A Very Low Staff Retention
Some companies struggle with keeping staff on their books. If most of your employees hand in their notice after less than a year of working for your business, you have a staff retention problem. First of all, the best way to try and content with this issue is to make sure that your current employees are happy in their jobs. A bad working environment is one of the main reasons why most people quit and move onto another company. You should also make sure that there is plenty of room for your employees to grow in the company. If you are employing people in positions form which there is nowhere to be promoted to, then there will be no incentive for them to stay. Ensuring your employees are thoroughly recognized for all their hard work is also a great way of keeping them on board.
Bad Customer Reviews
Is your company having a bad time on customer review websites? If so, you might want to think how you can improve your services and products. It could be worth employing a dedicated team of customer service employees to help you improve your business’s reputation. Eventually, your average rating from customers should start to improve!
So, which of these is the worst that could happen to your business?