“The price of success is hard work, dedication to the job at hand, and the determination that whether we win or lose, we have applied the best of ourselves to the task at hand” - Vince Lombardi

Introduction:

While anyone with a good idea and willing to do the work can start a business today, it's not as easy as it once was. Don't let any of this stress you out because even though it's more complex than it used to be, it's possible.

With that said, here are nine hurdles you might encounter! 👊

1. There Are More Regulations Now

The days that allowed Bill Gates and Martha Stewart to start their businesses from their garage or home are over. Many things have changed, and you may not be able to run a business out of your home, depending on where you live. You'll have to get a business license and talk to your local licensing office. You'll have to check with your local government or even your HOA if you have one first.

2. It's Harder to Find Labor

It's great that the economy is good and that unemployment is low, but that makes it harder to find labor for entrepreneurs who don't have the cash to pay higher wages often. Therefore, you'll have to do more work until you have the influx of money.

3. There Are Too Many Predatory Lenders

If you're starting a small business and don't have a lot of capital to leverage, it's impossible to get a low-interest rate loan. Even via the Small Business Association, with few exceptions, your average small business can't get a loan. The best you can do is use high-interest credit cards and pay them off as quickly as possible once you start earning money.

4. There Is Not Enough Help from Government

The governments in most countries aren't doing a good job helping to fund entrepreneurship. Consider getting involved with organizations trying to improve this, such as The Small Business Majority (https://smallbusinessmajority.org/), as Chambers of Commerce all over the USA tend to work for large businesses more than mom and pops.

5. It's Difficult to Go After Non-Paying Clients

While big businesses have accounting departments and enough money to pay someone to go over non-payers, most small business owners don't have the resources to make anyone pay them.

6. Technology Is Moving So Fast It's Hard to Keep Up

As a small business owner, it's harder to keep up with technology. Technology is exploding it could kill off your industry. Pay close attention to your industry and the killer technologies in development for that industry.

7. The Odds Aren't in Your Favor

Most businesses fail. They often fail due to poor planning or understanding of the reality of building a small business in their community. That's just the truth. However, studying why they fail is essential too. Learn what you can, create a business plan, and be realistic.

8. You'll Pay High Taxes

Self-employed individuals pay self-employment tax, the portion of the payroll tax paid for by an employer when you have a W2 job. This adds 15% to whatever you usually pay in federal taxes.

Final Thoughts

You can still start your business and be successful if you are prepared for the roadblocks you might face. Be clear about the facts regarding the legalities of your business. You need to know what red tape could block your path to a flourishing business as an entrepreneur.

Other resources to help you get your business started...

Start your own business start up checklist:

Here is a quick checklist to get you started on your marketing below. Remember imperfect action beats inaction, get started and keep leading.

• Identify an audience by creating a few avatars of what your ideal clients and customers look like. In other words, who would you be excited to work with every day, 7 days a week?

• Interview as many people in your ideal audience as possible to deiscover what is missing that you could provide as a porduct or service that would change your audience's lives... If you are stuck you can use sites like - https://answerthepublic.com/

• Find a company that is already selling the product and/or services and partner with theml; And/or create your own product or service...

• Define your businesses's processes and procedures by writing them down...

• Systemize your businesss's processes and procedures through techology and automation...

• Create a website to be the hub of all our content and sales funnels...

• Create great content that your audience is hungry for...

• And so much more.... read the next paragraph closely❗

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