Biggest obstacles all new entrepreneurs face
The purpose of this article is to make the reader aware of the biggest obstacles which every entrepreneur faces .
The following are the problems :
- Picking the RIGHT business
Most of the small businesses however fail because they thus aren't real businesses in the first place. If one picks the right business his work as an entrepreneur would thus gets a whole lot easier.
If one’s business doesn't really help people, doesn't provide a solution, or it also doesn't give the people something which they want then one’s business is shit and it will fail.
In order to do great business one should also have a great product or any service that one believes in. If one believes in it, one can however get others in order to believe in it. When one also don't believe in something but if one tells the other people they should thus buy it what one is lying and deceiving.
What one see is what one thus gets should be considered as the motto for one’s company.
One must remember one very important thing, which is that the customers aren't however buying a product, they are thus buying you.
So there is however one very important thing which one should always do is that one must always – deliver what one has promised.
#2 Financing your business
The solution as to how one should start a business when one doesnt have any money is that :
1. Borrow money – Until and unless one is experienced, knows what he is doing and is certain about the fact that his business can succeed (and grow) one should not borrow a single dime.
2. Bootstrap – One must also use only a small amount of money and should also find a creative way in order to get the business going.
#3 Finding customers
Finding the customers is only considered as a challenge if one doesnt have a good product or a service. If one has a good product or service then people will however come to one and there would also be no need in order to spend hundreds or either thousands on advertising. At least this is not considered as the right away.
One must only try and sell to the people who thus have expressed interest or either desire in one’s product. One must never waste his time by thus trying to convince somebody in order to buy something which they however don't already have an interest in.
#4 When to quit the day job?
The right time in order to quit the day job is when one has a foolproof business opportunity or one has enough money in the bank that one can work however on the business and thus not be evicted from home.
#5 Dealing with the stress of not having a steady paycheck
There is also no other way in order to put it, it's thus extremely stressful when one either doesnt know when or if one would thus be paid again.
#6 Managing the money, legal protection, taxes
Managing your own money can thus be considered as a real burden if one doesn’t know as to what one is doing and if one didnt know as to when one’s next paycheck is coming through.
When one is building one’s own business it is recommend that one should live like a Spartan and should not haphazardly spend the money. One may however very well have some lean times ahead of oneself and one would want some money in the bank in order to help get one through.
#7. Taxes
Taxes are the real pain. When one is an entrepreneur one’s money comes to him first. So there are thus two very important things that one needs to do:
1. Write off everything which one can for the business. This will thus save one a ton of money in the taxes.
2. Pay the taxes. It's thus one thing in order to receive a de-taxed paycheck, it's also another thing in order to get out the checkbook and write a check But one is thus got to do it, One is however supposed to make sure that he has written off everything which one can and has taken every deduction one can.
#8 Finding trustworthy business partners, building a reputation
One should never go into his business with scumbags. Going into the business with a scumbag will however give one a bad reputation. One’s reputation will however be linked to the scumbag, even if one is thus a man of his word.
It can thus be hard in order to tell at the first sight as to who is a scumbag and also who isn't, but one will always thus find out eventually and when one thus does in order find out one must also instantly dissolve the relationship with the scumbag.
The reason as to why one should deny scumbags is because , scammers and scumbags also never get away with anything because, even if they however are legally in the clear, they thus still have dirty black souls that will thus haunt them.
#9 Hiring employees
As a small business, typically the last thing one would thus do is to hire employees. One would want to hire the employees when one’s workload is too much in order to handle himself and one also has the revenue to pay to the employee(s).
There is thus a big difference between however working for a faceless corporation and also working for a small business. As a business owner one will thus have the opportunity in order to create a great company that people thus want to work for.
As a small business one would thus be wise in order to hire freelancers, contractors and also virtual assistants rather than hiring the traditional employees. The employees will however never be happy with their paychecks and also no employee in the history of the world thus makes enough money, but that thus isn't one’s concern. One’s concern more would be in order to pay the employees when one would say that he will.
This article has been contributed by Simmi Setia, Content Writer at LegalRaasta, an online portal for GST software, GST Return Filing, GST Registration, Section 8 company registration, Nidhi company registration, IEC registration.
About LegalRaasta
LegalRaasta is a technology platform to simplify legal and business related matters. We are committed to helping startups and small business owners in solving legal compliance related to starting and running their business.Our mission is to offer affordable, quick and automated professional services to clients. Through technology, we bring numerous government/ legal forms at one place and have simplified them to be fully understood by common man.
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