The Biggest Challenges to Starting a Business

There are many great reasons to start a Situs slot business. Working for yourself, earning more money, having a more flexible work schedule and expanding your skill set are all among them.

Despite all of the positives, building your own business has its difficulties. Sometimes these challenges seem bigger than they really are, and sometimes they keep us from fully pursuing an idea. As most small business owners will tell you, though, the risks and challenges are usually worth the rewards. It’s worth finding solutions to these challenges and ways to handle the risks so you can realize your dream.

Consider these five big challenges to starting a business, and if you haven’t already, start thinking about your personal contingency plan for overcoming them.

  1. Running the show alone
    Wearing all the hats of a business can be daunting. Just because you’re an entrepreneur and starting a business doesn’t necessarily mean you excel in all areas. You assume many roles as owner of a new business, including sales and marketing, accounting, IT, and innovation.

How to overcome this
Be honest with yourself about your strengths and weaknesses, and understand that your time is precious when you run a business. While you can certainly explore the idea of training to grow your abilities, you may be better off looking to others to help in the areas where you struggle – such as a virtual assistant or Best Buy’s Geek Squad.

You can also hire a part-time independent contractor or even a local college student whose area of study melds with your business needs. For example, if your marketing skills aren’t the sharpest or you just need to offload some marketing tasks in the interest of saving time, bringing on a marketing student to work for your business on a part-time basis may be a solution to your problems (at least in the early stages of your business). [Read related article: Outsourcing for Small Businesses: Should You Hire a Contractor?]

Another resource worth exploring is the U.S. Small Business Administration’s Office of Small Business Development Centers. This program provides one-stop assistance to current and prospective small business owners, with experts in local offices throughout the U.S. sharing information on handling many aspects of business.

  1. Finding funding
    One of the biggest challenges you face upon starting a business is figuring out how to fund the endeavor. Not every business requires a large investment from the get-go, but you do want to be sure you’re in a position to keep the business running for the long term.

How to overcome this
When you’re starting a business from scratch, you can seek funding in the form of small business loans or lines of credit, fund it yourself through personal savings, or try to raise capital. Speak with a mentor at SCORE to get their thoughts on the best course of action for your business based on your goals.

The SBA has small business loan programs and guarantees loans for entrepreneurs who want to start a business or expand one they already operate. Another option is a microloan – which is typically for less than $50,000. Since it’s for a smaller amount than a typical bank loan, a microloan is easier to qualify for and provides borrowing opportunities that may not otherwise be available to you. It can be used for a startup project, to get a business off the ground, as working capital, or to fund equipment purchases, office leases, or new hires. [Looking for a business loan from an alternative lender? Check out our recommendations on the lenders we think are best for various needs and types of businesses.]

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