The Many Perils of Small Business

So you want to start a business, forming the idea, easy, implementing the idea, not so easy. Why must it be so hard to own your own business? Throughout our journey I will be sharing with you some of the perils that we face as a small business. Some of the perils we face are relevant whether its small business or big business. One of the key factors for starting, owning and running a business is money. There are many different perils but for this post I plan to focus on money.

So you have the idea and you are tired of working for "the man" so you decide to work for yourself instead. Great idea, first question, where do you get the start up capital. Getting start up capital can be one of the biggest hurdles of starting a business. It's great if you can go to the bank and get approved for a loan and generate the revenue to pay back the loan but many people, including us, don't have what it takes to get approved or just don't want the added debt. So what do you do? Get investors, people who believe that you have a viable product and want to take part of your business. Get support from family and friends. Another good option is start a campaign on Gofundme.org. Or you could do what we are currently doing, which I must say is not ideal but its the route we have decided to take so far, and that's the pay as you go option. This option makes it so that you don't have to take out loans but your business will grow at a much slower rate because you may not be able to buy all of the equipment that you need until funds become available. Eventually, will we have to take out a loan, yes, but not just yet. We want to make sure we are in a position so that the business itself can make the loan payments and not have that money coming out of our personal pockets.

This particular peril kinda ties into another one of my blog post titled "Where'd The Money Go?", which will be published soon. Money is one of the deciding factors of business. So no money, no business so to speak. Not much you can do if you don't have the capital to keep your business running. So stay tuned as I share more of the perils that we face as a small business and also share some info on money management.

Happy Reading,

Andrea