A person who is just starting up a business will definitely have financial problem and not just financial problems of how to start up the business but also financial problems to keep funding the business. Most people who are starting up a business are always seeking to become entrepreneurs, and being an entrepreneur will require abandoning your old job in other to focus on being a sole proprietor and this will definitely mean having to rely on your saving to thrive, feed, clothe and house yourself pending the time that the new business will start yielding and if this business takes time to boom or eventualy does not, then the person or the persons will be left in debt if they borrowed bank loan or other means in other to finance the business.
PROBLEMS WITH LOCATION.
location is another very big challenge most business are often fazed with. Like for example a restaurant or confectionery business is should be located or situated in a place where there are people, companies and factories because definitely the people working in these places will definitely need to eat and replenish and your food vendors or place will be there for them.
But in a case where you don't get a location where your business will thrive maybe because a whole lof of people have chosen the locations then you may have to settle with a location that's available and this may hamper the progress of the business and may even crumble the business in the long run.
COMPETITIVENESS OF THE MARKET.
There are so many composite goods in the market and it's quite difficult for a company or business to enjoy monopoly because there's always an exact business competing for a certain amount of customers in a set geographical location with the same amount of consumers.
For example you want to start up a bakery business and maybe baking is your profession, or a skill you've learnt while in grad school or maybe in a confectionery college, the truth is you will be starting new and you will need to stamp your ground to stand up to competitors by producing quality bread and by placing it at an affordable rate which may difficult because a new business will not have the pleasure of subsidizing their products, if not they may run out of business, so even before you start up a business you're already facing an issue of competitiveness from other composite products.
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That would be the paperwork. You need an official place to work, everything has to be okay with the government. You need a social security, some security for if something unfortunate happens, like you got an injury that enables you to work. All that stuff has to be paid, and you are not even starting. After that you have to have your game plan, where what who are you going to sell to, but that is the easiest part I find, because most people have already an idea about that part of the business. Now here comes the shocking part that normally everyone can handle, doing the actual job. Because it's your first time, everything can be very overwhelming, but if you start simple until you understand the basics, you then can go do normal business.
So basically, the challenge is, the paperwork, having to pay all those legal fees, and the fact that everything is new. After that, if you know how to do your job, there won't be any problem.
The biggest challenges will always be your head, because remember that being starting a business will not necessarily be at the level of expectations you posed, sometimes everything starts slow and if you've never had a business before and experience is Completely new, you will surely feel anxious when the flow of sales seems to stop completely, the patience would be one of the greatest virtues in this case, but it is sure that you will have some better days than others.
It is there where it came into play how much confidence you have in you and what you are doing, because many people leave before giving it a chance to take off and start to settle this business, you must be constant, trust in you and what you do and surely surpass what Any obstacle.