5 Top Challenges for New Entrepreneurs by Matt Redhawk

Matt Redhawk says that new entrepreneurs should be prepared to handle challenges in preparing for business, and running it profitably once it is up and running. Entrepreneurs can expect some of these challenges. Correct business niche Many people make the mistake of getting into the wrong business, having started up without proper research. This means they are serving the wrong product or targeting the wrong markets. This challenge can be overcome by doing proper market research and determining whether your idea is viable. Does it solve a problem? Is there a need? Financing This is perhaps the biggest challenge for aspiring entrepreneurs. Where to get the money? This question should be considered as a challenge that can be overcome. There are many financing options for start-up businesses. Write up a business plan and show that your idea is viable, and it will not lack financial support. Marketing You have the product but where is the market? Breaking into the market is a challenge for new businesses that don’t have substantial marketing budgets. This challenge can be overcome by deploying low-cost marketing tactics starting with social media networking. Unsteady income Getting into business means the end of the regularity of a pay check. This is a challenge holding back many aspiring entrepreneurs. This challenge can be overcome by making a least cost living expenses budget for at least 2 years which will support you until the business picks up. Legal issues Matt Redhawk advises new businesses to get legal counsel to go through the legal hurdles in registration, taxes, insurance and so on.

#MattRedhawk