What are the problems one faces while starting or running his own business?

The most overlooked one is where you draw the line on business and personal time.

You may be keen as mustard, but if you just must finish 'one more thing' before the end of the day, your time management skills are causing you to suffer.

Allocate your working day before you start.

Learn law at the times specified - business legals.

Move on.

Learn finance at the times specified - including accounting.

Move on.

Learn marketing / promotion at the specified times.

Move on.

At the end of the work day - FINISH.

If you don't you will burn yourself up and put a strain on any relationship.

Remember you don't need to be an expert in everything - just enough to have an informed conversation with an accountant or lawyer and know if they are any good or are ripping you off.

Other than that, prepare for fun like you've never experienced before!

Enjoy.

1. FUNDS- Do you have enough to open up a buissness? Maintain a buissness and sucessfully advertise and get customers? Can you pay off a loan if you have taken one, and if you cant what will be the consequences? loose your home or car etc..

2. High Risk-risking your lifes savings, everything you have may be on the line, if the buissness goes down you start from the very begining

Once Buissness is established:

1. Long Hours= if you cant afford to hire employees which you probably wont be able to do when you first open your buissness you will need to be there, DAY and NIGHT

2. Slow Buissness = Starting a new buissness takes time, advertiseing letting people know your shop has opened and establishing loyal customers may take a while to do

3. Competitors= Your buissness is doing fine, suddenly competitors move in, your revenue can be cut down by more then 50%!

4. Bad location- Choosing a BAD location means you will be out of buissness fast and may loose everything. LOCATION !LOCATION!! LOCATION!

These are only some of probably alot. Good Luck

Taxes, Taxes, Taxes! If you are in Texas, like I am, for example you have...

Federal 940 - annually

Federal 941 - Deposits monthly or bi weekly, file quarterly and annually

Texas Unemployment - File Quarterly

Texas Sales and Use Tax

Then, if you are incorporated you need to file a Franchise tax annually.

And of course any forms you need for your end of year business and personal returns.

If there is a way to pinch a penny from your pocket; the government will find a way to do it!

Then you have payroll, bookkeeping and accounting. You will find that many hours will be spent doing administration.

Depends on the business. But here are a few I've come across:

Irate/unsatisfied customer.

Low sales.

No sales.

Overhead.

Bankruptcies.

Problems w/ vendors.

Missing/undelivered merchandise.

Employees that steal.

Bad advertising.

Bad location.

Security problems.

and

Under/over stock.

When I wanted to start my business, I was unable to get Phatte. 2nd time, municipality said: Oye, chak de phatte.

Not money and workers, no sponsors!

lack of knowledge..

lack of money...

lack of employees (that can read and write)..

uhhh...not making a profit?

cashflow