The challenges can be risk of financial loss, the difficulty of building a customer base, and the need to wear many different hats as a small business owner.
Challenges of starting a small business
- Thread starter Johnson2468
- Start date
The major challenges of starting a business especially small business is building customer base. It is most difficult especially when you are not financially okay. First, you may not be able to have all the demand of all your new customers. Secondly, you may not be able to buy products in bulk thereby affecting your profit.
A major challenge in the business is to compete in the market and find customers and meet the breakeven point first and have a profit. Also one has to check the manpower and overheads to check if the business doesn't get in the loss.
Some of the challenges include finding customers, increasing brand awareness, managing cash flow and attracting the right talents to work for the company.
The major challenge that is militating against starting up a small business is capital.
