Obstacles That Get in the Way of Starting Your Business Posted on November 22, 2021November 22, 2021 By Leigh Langston 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. Read this next: Easy Ways to Increase Brand Exposure for Your Small Business Share this:Click to share on Twitter (Opens in new window)Click to share on Pinterest (Opens in new window)Click to share on Tumblr (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Facebook (Opens in new window)MoreClick to email a link to a friend (Opens in new window)Click to print (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on WhatsApp (Opens in new window) Related News business obstaclescommiting to your businesshaving a financial cushionlegal business hurdleswhy is it hard to start a business
News 8-Year-Old Author, Lariah Alexandria, Teaches Us How To Dream Big In Her First Book Posted on September 25, 2019September 25, 2019 Lariah Alexandria published her first book, Lariah’s Big Dreams, on her 8th birthday! She was inspired to write the book after meeting Bishop T.D. Jakes during his Soar book tour. Needless to say Lariah is not your average child and has the drive and personality that can be looked up… Share this:Click to share on Twitter (Opens in new window)Click to share on Pinterest (Opens in new window)Click to share on Tumblr (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Facebook (Opens in new window)MoreClick to email a link to a friend (Opens in new window)Click to print (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on WhatsApp (Opens in new window) Read More
News How Black Women Can Achieve Financial Independence Early Posted on August 20, 2021August 26, 2021 The goal of many people is to achieve financial independence early in life, a goal that can sometimes seem difficult to achieve as a woman, especially a Black woman. However, if you think creatively about different ways to earn money rather than working a grueling 9-5 job, you’ll be more… Share this:Click to share on Twitter (Opens in new window)Click to share on Pinterest (Opens in new window)Click to share on Tumblr (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Facebook (Opens in new window)MoreClick to email a link to a friend (Opens in new window)Click to print (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on WhatsApp (Opens in new window) Read More
Beauty & Fashion Meet LaToya Stirrup: Creator of Kazmaleje – Detangling Combs For Textured Hair Posted on May 3, 2018February 5, 2021 Forging My Path The path to entrepreneurship is growing ever wider to accommodate the number of people exploring this avenue as a way to make their mark outside of the constraints of corporate America. The stats are out and Black women are the fastest growing segment when it comes to… Share this:Click to share on Twitter (Opens in new window)Click to share on Pinterest (Opens in new window)Click to share on Tumblr (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Facebook (Opens in new window)MoreClick to email a link to a friend (Opens in new window)Click to print (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on WhatsApp (Opens in new window) Read More