{"id":353,"date":"2021-02-25T19:14:24","date_gmt":"2021-02-25T19:14:24","guid":{"rendered":"https:\/\/tomecki.studio\/set-up-a-business\/?p=353"},"modified":"2021-03-13T23:34:19","modified_gmt":"2021-03-13T23:34:19","slug":"what-challenges-will-you-encounter-on-your-way-to-success","status":"publish","type":"post","link":"https:\/\/tomecki.studio\/set-up-a-business\/what-challenges-will-you-encounter-on-your-way-to-success\/","title":{"rendered":"What challenges will you encounter on your way to success?"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>Introduction<\/strong>&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">2021 will be a big year for business, as we are currently living in one of the worst environments for an&nbsp;organization\/business&nbsp;to succeed. Due to the current challenges&nbsp;that 2020 gave us,&nbsp;many small businesses&nbsp;such as a&nbsp;self-employed tradesman&nbsp;that&nbsp;does not get the recognition their business deserves. This could be due to not&nbsp;having&nbsp;enough advertisement&nbsp;strategies, the product they are trying to sell is not essential&nbsp;during the current situation. With the&nbsp;many&nbsp;challenges in the world&nbsp;today, a future for any business is not guaranteed.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Challenges that are in the business world<\/strong>&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Most businesses within a&nbsp;contemporary society will encounter difficulties and challenges. If an&nbsp;organization&nbsp;is to be deemed successful it must be able to overcome these challenges and actively prepare for any that may appear within the future. One&nbsp;of the&nbsp;biggest&nbsp;challenges&nbsp;is getting through a pandemic. Unfortunately, many businesses in 2020 were forced to close, due to massive loss in revenue, customer footfall, and several lockdowns&nbsp;enforced by the government.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We have&nbsp;chosen four&nbsp;challenges that we think are the most relevant today.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">These&nbsp;challenges&nbsp;are:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>New Customers&nbsp;<\/li><li>Managing revenue&nbsp;<\/li><li>Beating your competitors&nbsp;<\/li><li>Government Restrictions over COVID &#8211; 19&nbsp;<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">New Customers&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To start a business, you will need clientele. This is essential for a business to succeed as it is one of the core principles of business. To reach customers who would want to purchase either a product or services provided by&nbsp;a&nbsp;business, that business must raise awareness of its wares and advertise itself locally. This can be done by advertising&nbsp;on local social media groups, asking a customer to tell family and friends, or&nbsp;putting an advert inside of the local newspaper or&nbsp;in the form of a jingle of the local&nbsp;radio&nbsp;station\u202f<a href=\"https:\/\/www.gov.uk\/growing-your-business\/attract-new-customers\" target=\"_blank\" rel=\"noreferrer noopener\">[1]<\/a>. If companies are finding it difficult with keeping customers, they will try reasoning with the customer for feedback on the services that they provide and ask what could be improved to make a better experience for the public.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">One strategy companies use to lure new customers is to offer discounts for new customers or even a loyalty card for future deals. An example of this is the attire&nbsp;organization&nbsp;Matalan&nbsp;and the grocery&nbsp;organization&nbsp;Tesco.&nbsp;Tesco offers its customers a loyalty card known as a&nbsp;Clubcard; this can be used to collect points in exchange for money off vouchers towards your next shop.&nbsp;Another strategy&nbsp;organizations&nbsp;use to entice customers is by sponsoring nearby\/worldwide&nbsp;organizations&nbsp;and&nbsp;engaging with the local area.&nbsp;&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"279\" height=\"180\" src=\"https:\/\/tomecki.studio\/set-up-a-business\/wp-content\/uploads\/2021\/02\/Picture1.jpg\" alt=\"\" class=\"wp-image-475\"\/><figcaption><a rel=\"noreferrer noopener\" href=\"https:\/\/www.thesun.co.uk\/money\/12885938\/tesco-clubcard-error-shoppers-miss-out-lower-prices\/\" target=\"_blank\">[7]<\/a>&nbsp;<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u202f<strong>More Information on advertisement can be found on the \u2018Introduce your business to a larger audience\u2019 section.<\/strong>&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Managing Revenue&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Revenue Definition<\/strong>&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>\u201cRevenue is the Income<\/em>&nbsp;<em>generated from normal business operations and includes discount and deductions<\/em>&nbsp;<em>for returned merchandise\u201d.<\/em><a href=\"https:\/\/www.investopedia.com\/terms\/r\/revenue.asp\" target=\"_blank\" rel=\"noreferrer noopener\">[2]<\/a>&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u202fThere are multiple ways to manage revenue for an&nbsp;organization, this depends on the method being used<a href=\"https:\/\/www.forbes.com\/sites\/forbesbusinesscouncil\/2021\/02\/24\/five-ways-to-create-additional-revenue-for-your-business\/?sh=58e9d6d1492e\" target=\"_blank\" rel=\"noreferrer noopener\">[3]<\/a>.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Methods used:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Launching a merchandise line:&nbsp;<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">This can include making hats, mugs, T-shirts, and many other products to make money for your business<a href=\"https:\/\/www.forbes.com\/sites\/forbesbusinesscouncil\/2021\/02\/24\/five-ways-to-create-additional-revenue-for-your-business\/?sh=58e9d6d1492e\" target=\"_blank\" rel=\"noreferrer noopener\">[3]<\/a>. This can be seen in&nbsp;organizations&nbsp;like Nando\u2019s who make their sauces and spices available to purchase in supermarkets around the country. Other&nbsp;organizations&nbsp;like Tesla have had a very good effort with making merchandise and sometimes make exclusive items that are sold like a flamethrower or a bottle of tequila<a href=\"https:\/\/www.forbes.com\/sites\/forbesbusinesscouncil\/2021\/02\/24\/five-ways-to-create-additional-revenue-for-your-business\/?sh=58e9d6d1492e\" target=\"_blank\" rel=\"noreferrer noopener\">[3]<\/a>. This can help gain more loyal customers and extra revenue on the side.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Add a Subscription-based service to your company e.g., Video streaming services&nbsp;<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">A lot of companies like Amazon use this method. They are offering many services to subscribe to. The price of regular Amazon Prime is around \u00a380 per year. That is just for one service, there is the option for two more services those are Amazon Prime Video and Amazon Prime Music. The music package ranges from \u00a37.99 to \u00a39.99 per month. The film and television package is \u00a35.99 per month. This is a great way to make more money from your current customers.<a href=\"https:\/\/www.pocket-lint.com\/tv\/news\/amazon\/141120-what-is-amazon-prime-and-what-do-you-get-for-your-money\" target=\"_blank\" rel=\"noreferrer noopener\">[4]<\/a>\u202f&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Beating Competitors&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Competing&nbsp;against your competitors can be stressful, especially when one company is doing better than the other. Businesses can get the edge on their competitors with a few simple ideas. To beat your competitor a great place to start would be to know their strengths and weaknesses. These will&nbsp;give you an insight into what to work upon with your employees.\u202f&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Another strategy of beating your competition is by looking after and knowing your existing customers, this can help you find out what the customer likes about your business and&nbsp;what&nbsp;makes them feel like you are a&nbsp;trustworthy business. This will entice customers to spend more money within your business making it more successful.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Organizations&nbsp;may re-brand their company to make it look more appealing and professional. Having a look at your business cards or your website and updating them regularly will help to attract more customers and possibly help you decide which aspects of your website\/business cards will bring more customer traffic in the future.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Government restrictions over COVID-19&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">COVID-19 has hit the globe hard. In 2020&nbsp;the COVID-19 pandemic&nbsp;caused&nbsp;many&nbsp;businesses such as&nbsp;shops, pubs, and restaurants to either close or shut down due to the rapid increase of COVID-19 infections.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Currently, all non-essential shops and venues are closed and will be not open again until local governments&nbsp;have&nbsp;deemed&nbsp;these&nbsp;safe to do so. Although, shops that offer a click and collect service can remain open for people to collect the item(s) they have bought.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This is a chart from the Office of National figures to show the impact that COVID-19 has had on businesses.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"605\" height=\"740\" src=\"https:\/\/tomecki.studio\/set-up-a-business\/wp-content\/uploads\/2021\/02\/Picture2.png\" alt=\"\" class=\"wp-image-476\" srcset=\"https:\/\/tomecki.studio\/set-up-a-business\/wp-content\/uploads\/2021\/02\/Picture2.png 605w, https:\/\/tomecki.studio\/set-up-a-business\/wp-content\/uploads\/2021\/02\/Picture2-245x300.png 245w\" sizes=\"auto, (max-width: 605px) 100vw, 605px\" \/><figcaption><a rel=\"noreferrer noopener\" href=\"https:\/\/www.ons.gov.uk\/businessindustryandtrade\/business\/businessservices\/bulletins\/coronavirusandtheeconomicimpactsontheuk\/19november2020\" target=\"_blank\">[5]<\/a>&nbsp;<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">In the summer of 2020, the government made the \u2018eat out to help out\u2019 scheme to try and get the economy going again. This scheme was only available on a Monday to Wednesday encouraging people to eat out during the week. The scheme halved prices of food and soft drinks (alcohol not included), this worked to a certain degree with pubs and restaurants until the infection rates became alarming again and the government forced the UK into lockdown for the second time, forcing these restaurants and pubs that were finally doing well within the income revenue aspect of the business to close for the foreseeable future.&nbsp;&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"580\" height=\"387\" src=\"https:\/\/tomecki.studio\/set-up-a-business\/wp-content\/uploads\/2021\/02\/Picture3.png\" alt=\"\" class=\"wp-image-477\" srcset=\"https:\/\/tomecki.studio\/set-up-a-business\/wp-content\/uploads\/2021\/02\/Picture3.png 580w, https:\/\/tomecki.studio\/set-up-a-business\/wp-content\/uploads\/2021\/02\/Picture3-300x200.png 300w\" sizes=\"auto, (max-width: 580px) 100vw, 580px\" \/><figcaption>&nbsp;&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/www.gov.uk\/government\/news\/eat-out-to-help-out-launches-today-with-government-paying-half-on-restaurant-bills\" target=\"_blank\">[6]<\/a>&nbsp;<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">We hope these points we have made are helpful.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Thank you for reading.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>References<\/strong>\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">[3] Akhmedov, S., 2021. Council Post: Five Ways&nbsp;To&nbsp;Create Additional Revenue&nbsp;For&nbsp;Your Business. [online] Forbes. Available at: &lt;https:\/\/www.forbes.com\/sites\/forbesbusinesscouncil\/2021\/02\/24\/five-ways-to-create-additional-revenue-for-your-business\/?sh=58e9d6d1492e&gt; [Accessed 3 March 2021].&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">[7]&nbsp;Knapman, H., 2020. Tesco Clubcard error angers shoppers as they miss out on lower prices. [online] The Sun. Available at: &lt;https:\/\/www.thesun.co.uk\/money\/12885938\/tesco-clubcard-error-shoppers-miss-out-lower-prices\/&gt; [Accessed 3 March 2021].&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">[6] GOV.UK, 2021. Eat-out-to-help-out. [image] Available at: &lt;https:\/\/www.gov.uk\/government\/news\/eat-out-to-help-out-launches-today-with-government-paying-half-on-restaurant-bills&gt; [Accessed 3 March 2021].&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">[1] GOV.UK. 2021. Growing your business. [online] Available at: &lt;https:\/\/www.gov.uk\/growing-your-business\/attract-new-customers&gt; [Accessed 3 March 2021].&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">[4] Henderson, R., 2021. Amazon Prime cost, benefits and everything you need to know. [online] Pocket-lint. Available at: &lt;https:\/\/www.pocket-lint.com\/tv\/news\/amazon\/141120-what-is-amazon-prime-and-what-do-you-get-for-your-money&gt; [Accessed 3 March 2021].&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">[2] Kenton, W., 2020. Understanding Revenue. [online] Investopedia. Available at: &lt;https:\/\/www.investopedia.com\/terms\/r\/revenue.asp&gt; [Accessed 3 March 2021].&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">[5] Office for National Statistics, 2020. Percentage of businesses, current trading status, broken down by industry, weighted, UK, 19 October to 1 November 2020. [image] Available at: &lt;https:\/\/www.ons.gov.uk\/businessindustryandtrade\/business\/businessservices\/bulletins\/coronavirusandtheeconomicimpactsontheuk\/19november2020&gt; [Accessed 3 March 2021].&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Introduction&nbsp; 2021 will be a big year for business, as we are currently living in one of the worst environments for an&nbsp;organization\/business&nbsp;to succeed. Due to the current challenges&nbsp;that 2020 gave us,&nbsp;many small businesses&nbsp;such as a&nbsp;self-employed tradesman&nbsp;that&nbsp;does not get the recognition their business deserves. This could be due to not&nbsp;having&nbsp;enough advertisement&nbsp;strategies, the product they are trying [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":319,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-353","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/tomecki.studio\/set-up-a-business\/wp-json\/wp\/v2\/posts\/353","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tomecki.studio\/set-up-a-business\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tomecki.studio\/set-up-a-business\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tomecki.studio\/set-up-a-business\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tomecki.studio\/set-up-a-business\/wp-json\/wp\/v2\/comments?post=353"}],"version-history":[{"count":5,"href":"https:\/\/tomecki.studio\/set-up-a-business\/wp-json\/wp\/v2\/posts\/353\/revisions"}],"predecessor-version":[{"id":535,"href":"https:\/\/tomecki.studio\/set-up-a-business\/wp-json\/wp\/v2\/posts\/353\/revisions\/535"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tomecki.studio\/set-up-a-business\/wp-json\/wp\/v2\/media\/319"}],"wp:attachment":[{"href":"https:\/\/tomecki.studio\/set-up-a-business\/wp-json\/wp\/v2\/media?parent=353"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tomecki.studio\/set-up-a-business\/wp-json\/wp\/v2\/categories?post=353"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tomecki.studio\/set-up-a-business\/wp-json\/wp\/v2\/tags?post=353"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}