A lot of new startups do not survive in today’s highly competitive corporate world. Most of them fizzle out a few months after being launched. Some of the challenges that kill off new startups have been outlined below.


Lack of adequate funding


The biggest challenge new entrepreneurs face is inadequate funding. Even established ones also fail in some new business ventures. It takes a lot of credibility, trust and connection for people to agree to fund new business ideas.


Even financial institutions are also very skeptical towards new business ideas so they hardly approve loans for “bloody nobodies”. As a new entrepreneur, you need to first convince your prospective donors on the viability of your business and you also need to prove to them that you can manage the amount of money you are asking for.


The biggest challenge here is that, most times newbies usually mistakenly under-cost their business out of naivety. It is after delving into it that they realize that the amount quoted will not be enough. How do you now ask for more from people who haven’t gotten any ROI from their initial stake?


Loss of business idea


While seeking a loan, some business neophytes give all the information of their business idea without hiding some critical points in the bid to convince their prospective donors and the ideas get implemented by someone else. Even if they muster up enough financial strength for a law suit, they obviously lack enough evidence to prove that they originally own the business ideas.


Despite these challenges, some startups have survived and have become successful. Although different startups have different survival strategies, there is one particular strategy. It is either hiring a notable team of accountants to convince investors on the viability of a business idea so that they can assist with funds.


Apart from that, some of these big startups also hire qualified accountants to constantly ensure that the company is in profit all the time. They also raise alarm when the profit of the company begins to dwindle. This is why it is almost a necessity for new startups to seek the services of chartered certified accountants.


It you are a resident of London and you just launched your business or you are about to launch it, it is important for you to hire highly professional London based accountants. This is the commonest survival strategy for top startups and it is very effective.


The best starting point is to book an appointment with some experienced UK-based accountants that offer free consultation. So, what are you waiting for? Why not send an email to office@accountingcontact.com . Once you can get a couple of investors who are ready to make financial investments, the sky will be the limit. Hiring accountants can help you convince your prospective investors and guard against continuous loss.