Obstacles That Get in the Way of Starting Your Business

Many people dream about starting up their own businesses for years before actually taking the leap. Most will agree those first few years of a business are the hardest, but if you work through them, you can be a successful business owner.

It gets easier if you are informed and prepared for what you are about to face.

Legal Hurdles

There will be many laws, regulations, and rules that affect your business, from local ordinances to employment laws, depending on the nature and size of your business. At the least, you will need to register your business name with local and state authorities and consult a lawyer about forming a limited liability company (LLC) or file articles of incorporation.

Accion Opportunity Fund says you may also need to protect your intellectual property with trademarks, copyrights, and patents. Your attorney can also advise you about tax laws and help you draw up standard contracts for clients, subcontractors, and suppliers.

Fear

As confident as you are in your products or services, you will no doubt feel fearful about several things. You may fear your business will never get off the ground, or once it’s started, it will fail. Or, you may be afraid that you just won’t know enough about running a business to make it work.

These are common fears that everyone feels and must work through. Another common fear is money. According to Franchise Gator, not securing financing is a common fear among entrepreneurs.

Yet, there are multiple avenues for financing your business, including investing your savings, borrowing from your 401(k), taking on partners, and getting a small business loan. There are even some grants available for entrepreneurs in some areas.

Commitment

Most people who want to start their own businesses already have jobs. Maybe they’ve been working on their business interest on the side or planning a great idea. Then the time comes where they have to make the commitment to go full time.

This isn’t easy to do; you’re leaving the security of a regular paycheck and jumping into the unknown. Before committing to your new business, Brunch & Budget says you’ll need enough financial cushion to pay for living expenses until your business takes off.

No matter your circumstances, you can be successful in your business once you overcome the initial obstacles. All it takes is knowledge, preparation, and the will to keep going when you encounter the tough spots.

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