Problems Faced When Starting a Small Business

Here is a exhaustive list of issues faced when starting a Small Business:

1. Getting Funds. A good cash backup helps a lot when starting any kind of business. Small business may not require a large amount of capital but it always helps. Startup costs are unforseen and will usually involving buying new equipment, softwares, magzine subscriptions, registration fees etc. Its always good to look ahead and have some cash reserve to absorb such costs.
2. Small Business Infrastructure. Most Small Business operations can be run from your home office or basement, but if you intend to have a more professional feel and hire 5-10 individuals, then look for a good office space. Its better to buy or own your office space than pay rent. Initially its ok to start on lease but look towards finally moving into your own office. The reasons are obvious because your office property will always appreciate in value and will cut down rent cost.
3. Building a Business Network. Businesses are not run by brick and mortar. People are required to get and sustain your business. This is where networking comes into picture. If you already have and established name in your domain, things will be easier. If you are starting afresh, building contacts and business links are very important in succeeding in your endeavor. Active particaipation in seminars and trade shows will expose you to individuals in the same domain and people looking for solutions. Make extensive use of social networking on the internet and other media.
4. Advertising Your Small Business. Think local and then work your way up. Advertise your services in yellow pages, newspapers, distribute brochures and use the internet to your advantage. Ensure that your Small Business brand name reaches to as many people as possible. Include your bio and brand name in email newsletters, signatures, business cards etc. Distribute these while building your business network. 
5. Hiring and Retaining Employees. Hiring the best hands to help you and retaining them is a major issue. Hiring employees is important because you may then be able to delegate tasks to them and focus on growing your business or build a network. Meanwhile your workforce will continue doing other tasks. 
6. Getting Business. You have done your homework, setup your office, built a network and hired employees. But everything fails if you don't get business. Don't worry. All the above steps will take you eventually to your first customer and maybe repeat customers. It all depends on how well you have executed your plan and how much time and effort you are willing to put.

Your Ad Here