Running a business is difficult and definitely not for the faint of heart. Many people have said that they wanted to be their own boss, to own their own company only to realize that the freedom they dreamed of isn't exactly reality. Instead of having one job they now have two. That being said, starting and running a business is worth the investment. The following is a list of things to watch out for in that new endeavor.
- Insufficient Capital: A recent statistic stated that out of all businesses that fail, nearly half say that it's due to lack of funds. This is why we recommend having a CPA, budget, and an emergency fund before ever starting a company.
- Management Issues: In the beginning, the management team may just be the CEO. Make sure that the proper team (whether in-house or outsourced) and software are in place to keep the business running. The key here is being efficient with the available time and resources.
- Marketing Problems: We wrote in a recent article that marketing is everything and everything is marketing. The idea for the company may be great, but if you don't make time or put in the necessary effort to get the word out, then the business is likely to fail.
What to remember: Running a business can be rewarding and amazing, just make sure to have plans in place so that the job isn't any more difficult than it needs to be.