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 :

1. 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, Fssai License, File ITR Online.