How hard is it to set up and run your own business?
How hard is it to set up and run your own business? #business
2 answers
Francisco’s Answer
Hello,
It's great to hear that you are thinking about starting a business Setting up a business is hard work. Regardless of the type of business, you should
create a business plan that clearly identifies what you need to do and the timing in which you complete each step. This business plan requires
the following basics:
- What is your business and how do you differentiate it from similar ones?
- What are the startup costs for equipment, licenses, deposits, etc?
- What are the recurring costs?
- How much money do you need to make in order to break even? How long will it take?
- How much money do you need to make as an individual for your to live?
- What services and products will you offer initially? How do you grow your business?
- What are the time frames you want to achieve all the above?
- Do you have the money to start this business and do you have the resources to survive
while you are building the business?
These are just a few questions you need to answer. Websites like this offer a guideline
https://www.sba.gov/starting-business/write-your-business-plan
Good luck!
Phillip’s Answer
Hi , this depends on many factors
if you really enjoy what you are doing , it would no longer be like work
for me working at a job was lots of work with low pay
working in labor intensive businesses is hard ( i had a tow truck service long hours few days off little sleep)
now being in the Home rental business in the beginning was hard ,collecting rents is easy .
being your own boss is one of the most rewarding things in life
at least the hard work pays off in the long run .