Startup Struggles

STARTUP STRUGGLES THE MOST COMMON CHALLANGES ENTEREPRENEUERS FACE TODAY Every entrepreneur encounters challenges while trying to get their business off the ground. However, it may seem over- whelming, with trusted advice and focused passion you can overcome these obstacles and build a lasting business. Struggle 1: Customer Retention: Many entrepreneurs are so focused on gaining new customers that they fail to address the need to retain the customers they already have DID YOU KNOW THAT IT IS 50% EASIER TO SELL TO EXISITING CUSTOMER THAN BRAND NEW CUSTOMERS 50% OR THAT EXISTING CUSTOMERS HAVE A DRAMATIC AFFECTIOOO TO COMPANY'S BOTTOM LINE ? 80% 75% 80% of your company's future revenue will come from just 20% of your existing customers. A 5% increase in customer retention can increase a company's profitability by 75% Struggle 2: Lead Nurturing : According to as study performed by TheGongzuo.com , it is evident that responding to potential leads is still a struggle for small business. LEADS ARE LOOKING FOR A RESPONSE OR ACKNOWLEGEMENT WITHIN 5 MINUTES OF SUBMISSION 24% OF BUSINESS RESPOND WITHIN 5 MINUTES 40% OF BUSINESS RESPOND WITHIN 4 HOURS 36% NEVER RESPONDED TO LEADS FOLLOWING UP ON LEADS STILL REMAINS EXTREMELY LOW FOR SMALL BUSINESS AS WELL 75% OF BUSINESS HAD ONLY 2 ATTEMPTS TO CONTACT A POTENTAIL LEAD BEFORE THE REP GAVE UP 75% Struggle 3: Obtaining Credit : 20% off business owners said they didn't apply for funding because they featured their application would be denied REASONS FOR DENIAL 100 80 60 40 20 94 39 37 29 17 Banker's tighter restrictions on lending Insufficient collateral Personal credit history Business credit history Loan too Large Entrepreneurship is not easy, but getting advice from people who have walked in your shoes before can make a significant impact on overcoming startup struggles. TheGongzuo realizes that high-impact calls with the right expert can be life changing, so they have built a platform to help the connect entrepreneurs with industry. TheGongzuo believes that the entrepreneur needs to be celebrated. After all, they are the ones that get up every day to make the world better for everyone else. THE GONGZUO