What is the biggest hurdle people face in starting their own business?
Money would be my first guess. Second would be education.
While it may sound like a cliched answer, it really is true -- mindset. Long before anyone puts in the time to create their business plan, long before they need any funding or do any research to see if the idea will work, they first have to have the confidence that they can do it. If you're constantly second-guessing and arguing with yourself about all the little things that could go wrong in your prospective business, then you're never going to take the steps to start it in the first place.
Emotional support. Some of the people who should be supportive are total jerks about it. They tell you to stop chasing rainbows, get a real job, stop living in a fantasy world, etc.
As someone who owned a service/retail business with 10 employees I can tell you first hand the biggest hurdle is all of the hidden expense. There are insurances, then there are unforeseen licensing fees. A good example is when I had an attempt at a break in and the alarm went off with the police showing up. I was fined for not having a license to have a burglar alarm! Who ever would have thought about that law? Another hidden cost you can't contemplate is employee theft. Finally, in New York State there are inspectors that come out of the woodwork. There are inspectors for safety, health, insurance, fire, code, and then those who inspect your employees for licenses, if appropriate. Kaching...kaching. I didn't even talk about lawyers, payroll companies or accountants. Yes, it can become just a tad overwhelming.
The actual starting of their own business and knowing where to start. You might have a really good business plan in your head, you know it is foolproof. But when it comes to starting it and knowing where to go for information and help that is a whole other story. I'm in high school and I took Introduction to Business, class taken at the local college in my area.
There are too many challenges to single out one thing. Too many regulations, not enough starting capital, inexperienced business owners, overspending on non-necessities, getting too big, too fast, lack of emotional support from a spouse or parent. All of those things play into it. There can also be drect competitive dirty play, such as an online business that sold car parts. The owner was sued because another company said it was too much like his company. She spent $100,000 defending herself. My husband and I ran a company, and unsuspectingly hired a man with a good rep who suddenly fell into drug use. His unprofessional behavior almost closed us down for good. A turn in the economy can kill a business, a sudden change in reputation or fad. All of those make a difference.
Finding clients because without clients, your business can't last too long.
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