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6 Scariest Things about Running a Small Business

Taking the plunge to start your own business is scary enough, but then you discover it’s nothing compared to running it.

There will be times that fear and anxiety creeps up on you. You’ll find yourself constantly faced with issues and problems, and you’d be pressed with time to deal with them all. Even when your business is doing well, the stress of managing and handling daily matters can strike deep into your mental fortitude.

In the spirit of Halloween, here are some of the scariest things about running your own business:

1. Generating enough revenue

Generating enough revenue

Perhaps the most worrying of all of these – wondering if you’ll make enough money to stay afloat and hopefully turn a tidy profit. Will you have enough to cover all costs and upkeep? Can you generate enough to sustain the business and even grow it?

2. Keeping your books

Keeping your books

It should be safe to say that only accountants like bookkeeping, so unless that’s exactly what your business is, you’re going to be dreading keeping your books in order. Just imagine all the invoices and receipts and cheques, etc. It’s a nightmare balancing all those figures.

3. Dealing with regulations

Dealing with regulations

No matter where you live or what industry you’re in, there are numerous federal and state regulations affecting your business. It’s already a challenge complying with all current ones, but what if they start implementing something new that you don’t hear about until it’s too late?

4. Finding (and keeping) great staff

Finding and keeping great staff

Good help is hard to find these days. On top of trying to look for those with the right combination of attitude and skills, you’ll also need to make sure they’re happy working for you. After all, workforce problems can be crippling to a business.

5. Managing risks

Managing risks

Insurances are essential to any business; you’ll want to be prepared for any unfortunate eventuality. Being blindsided by as-yet-unseen risks may leave you scratching at dirt. In addition, compliance with industry regulations is a factor you’ll also have to address.

6. Not having enough time

Not having enough time

Now with all the things you have to do, one thing you’ll pretty much always wish you have more of is time. Time to deal with business concerns, time to spend with your family and time for yourself. Work-life balance is a definite concern. Will you have enough hours in the day for all of them? Remember that sleep is important too!

Running a small business is tough, and it’s no wonder that only brave, driven individuals dare to start on their own enterprise journey. While you can certainly manage these scary things by yourself, most will need help to ensure all bases are covered and the business runs smoothly. Don’t hesitate to look for assistance especially in the areas you’re weakest.

Certica can help you manage your contractor compliance and administration needs so you can focus your greater energies doing what you like most about running your business. Let us help you face any fears you might have – feel free to contact our IR champions at 1 300 301 401.

Happy Halloween!

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2 responses to “6 Scariest Things about Running a Small Business”

  1. […] self-employed individuals, independent contractors should know how to run and administer their own business. However, in practice, this isn’t what typically happens. Often, businesses would take action […]

  2. US tax returns singapore says:

    Good evening. Many thanks 🙂 Love your blog!.

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