Wow. It would take a week to completely answer that question and some answers would depend on what type of business. Biggest challenge is typically capital. Next is sales/marketing. Employees can be a headache. Self employment taxes.
LOL... what ISN T a challenge when you start and own your own business?? ;-)But seriously, there s a few that stand out in my mind:1. If your small business consists of just yourself, as is the case with many small businesses starting out, you have to do EVERYTHING yourself. A typical day for the small shop owner might include serving customers, working with suppliers, promoting your business, attending a local chamber of commerce meeting, paying bills, cleaning the toilet, vacuuming the floor, etc. Dealing with the array of many disparate tasks requires incredible discipline and multitasking abilities. 2. Getting through the initial period where you re not yet profitable. Many businesses involve substantial up front investment. It takes time for enough revenue to come in to offset these expenditures. That can be stressful, but hard work and patience can help this process along.
