About Ali Habib Mayar
Ali Habib Mayar knows how challenging building a business can be, especially in a market where competition is fierce. As CEO of Platinum Rapid Funding Group, Mayar holds a unique perspective into what most entrepreneurs and businesses face, given that the company specializes in helping businesses get the funding they need to survive, thrive and expand.
Platinum Rapid Funding assists businesses in getting the funding and operating capital they need through a hassle-free merchant cash advance that is available in a matter of days. Aside from his day job, Mayar also enjoys sharing his insights on business and entrepreneurial success. Here he sits down with us to talk about the challenges that entrepreneurs face and how these can be overcome.
Time Management
Entrepreneurs often wear many hats, and this is the reason why they have trouble managing their time well. To make sure that you are spending your hours in things that matter to the business, create goal lists, eliminate unnecessary tasks and learn how to delegate.
Marketing Road Bumps
There are times when you don’t hit goals because you used the wrong marketing strategy. Marketing costs can eat up a huge chunk of your operational budget, so you can’t avoid marketing expenses that can’t give you the sales numbers you want. If you don’t have marketing experience, hire people who do, or outsource the work to experts who know what strategies work best for your products or service.
Hiring employees
Building a business means that you need to hire people who fit the roles needed for the business to succeed. You need time to review resumes, go through interviews and seek out references to make sure that the applicant is the right fit. To streamline the process, be very specific about what you want and invest time in seeking real references. Know what questions to ask, encourage honesty, and be honest about your expectations as well.
Finding Customers
Finding customers can be an uphill climb especially for businesses that no one has heard of. Marketing can only do so much when finding customers and keeping them. Keep your prices competitive but ensure that your quality can match those of top, more known brands. This is one sure way to attract and keep the loyalty of your customers.
Self-doubt
Entrepreneurs often get hit by moments of self-doubt especially when targeted goals are not met. When failures roll in one after the other, it is easy to feel discouraged. Avoid burnout by focusing on your goals, celebrating the small wins, and getting feedback from mentors who can objectively point out what you are doing wrong.
Limited Funding
Entrepreneurs old and new often face financing challenges that can affect operations and hinder growth and expansion opportunities. Few businesses have enough funding to take them through the first few years of operations without facing a few bumps down the road. This is the reason why reliable financing opportunities can make a big difference for entrepreneurs that do not have back-up savings or lack contacts who can step in and invest when the cash starts running low. Set aside a worst-case-scenario fund to tide the business over during lean times. This may mean having to forgo expansion and trimming down operational costs but having back-up savings can go a long way towards sustaining operations when cash is low.
Entrepreneurship is a challenging field, but it is not without its rewards. Stick to your goals, seek financial support from reliable partners, work with objective mentors and persevere when the going gets tough. This is the only way to successfully build the business of your dreams.
