Challenges
Many people jump into their business with a grand idea that there is a wide spread market for their product or service. Often times, once the business is launched the owner discovers that the market is either not as large as anticipated or that existing incumbent is so strong, it is difficult to penetrate and capture enough market share profitably.
Market Analysis
It takes time to get a business started. Many people are already busy and cannot devote enough time to start a new business. They usually have existing employment (to keep an income stream) which does not provide enough time to do the necessary homework (like Market Analysis) to get started. Also, during the early stages of a new business there are often a lot of trial and error marketing and selling techniques being tried. This all takes time.
Time
The old adage, “It takes money to make money” is true. Many people do not have a lot of “free money” to invest in their new business. This results in either investing too little and failing or taking a greater risk by investing too much which creates problems with the balance sheet and/or cash flow. Ideally, one should invest modestly, with minimal risk yet with enough outlay to ensure the appropriate momentum is in place to get the business started.
Money
Just Get Wealthy
Many people just plain don’t know how to sell or want to learn. This business requires minimal selling skills experience. We will discuss more on this later.
Skills
Do you have a web site, revenue tracking system, inventory management system, training plan, marketing plan, etc.? Most businesses require a tremendous amount of infrastructure to get started. Yes this requires all of the items we’ve discussed previously. This investment can be significant.
Support Infrastructure
