Launching a business is not without its challenges, and the more help, support and advice entrepreneurs receive, the likelier they are to succeed.
This was the finding of a report by Skynova, a small business resource for creating professional invoices using an online platform. Skynova’s ‘The Entrepreneurial Journey’ report surveyed 250 entrepreneurs about their work and lives to shed light on what the entrepreneurial journey looks like in 2021.
Marketing is a Top Challenge for Entrepreneurs
One notable finding of the research is that 40% of the entrepreneurs surveyed said that a marketing strategy was the biggest challenge when starting a business. 48% said the main challenge was dealing with the unknown, 44% said it was cashflow-related, and 43% considered the most pressing challenge when starting a business to be related to time management.
From helping to establish a brand to putting products and services in front of customers, the benefits of marketing speak for themselves when starting any kind of business. Despite this, many entrepreneurs are stumbling down with marketing requirements, as the survey reports.
The Importance of Having a Business Plan
The importance of having a business plan is also highlighted in the survey. Out of the entrepreneurs interviewed that didn’t put together a business plan, only 38% worked on a marketing strategy. This compared to 43% who had a marketing strategy in place when they had a business plan.
Self-doubt and dealing with the unknown were other key issues impacting entrepreneurs who didn’t make a business plan when starting their own business. Summing up the importance of having a business plan, the authors of the report state:
“Those entrepreneurs who didn’t have a business plan when launching their business reported having greater challenges dealing with the unknown, self-doubt, and a lack of business knowledge.”
Making Sacrifices are Worth It
The survey asked the entrepreneurs about the sacrifices they have made when starting their own business. Forfeiting financial stability was the leading sacrifice listed by the participants, with 64% of entrepreneurs admitting to sacrificing financial stability.
55% said losing their free time was the biggest sacrifice of getting a business up and running. 40% of the participants said it was sleep, 31% social life, and 28% said it was previous spending habits. Despite the sacrifices, 67% of entrepreneurs say making these sacrifices were extremely to very worth it.
The report shows that only 40% of entrepreneurs had a business plan when they launched their business. Those with a business plan took an average of two years for their business to succeed, and for those without a business plan, this number increased to three years.
Skynova’s study underscores several important issues when starting a business. The biggest takeaway of the report is the value of having a business plan. With a solid business plan, vital small business elements like having a marketing strategy in place are likelier to be fulfilled.
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