CHALLENGES FOR SMALL BUSINESS OWNERS - Floridabusinesses.net

2. CHALLENGES FOR SMALL BUSINESS OWNERS - Floridabusinesses.net • Home to multi-national corporations and world famous tourist attraction, Florida stands tall in economic development. Where there are major industries there will be Small Businessesto assist it indirectly. Regulations for small business in Florida are minimal as compared to other states in America. • High labour force and low unemployment’s rate also adds up to Florida support for small businesses growth. There are challenges that every small business owners face as they start building their businesses. • Know your business: Comprehensive knowledge about the industry and trusting your instinct about highs and lows of market. Inside & out information about market inclination, future scope and practical approach towards business type are essential for every business.

3. Business Attitude: Running your own business you need to keep open mind, think big, proactive for taking decisions and follow certain path can lead to success. Bold and positive attitude about challenging tasks will define your business growth. • Capital and managing finances: To establish any business you need adequate capital for starting new business and sustaining it for 6 months at least. Managing your day to day activities for proper cash flow, business credit report and financial accounts for future stability. • Business management: These skills include managing your business as whole – from accounting, production, personnel management to financial, marketing and achieving futuristic goals. Hands-on experience for managing business adds more positive to your personal profile.

4. People and Time Management: Hiring skilful and experienced guys will give timely results for your small business. Discipline lays the path for using time effectively which is in turn can be utilized for purposeful meaning. • Customer Satisfaction: For your business goodwill customer satisfaction should be your first priority. Your business products should fetch high quality output that establishes credibility among customers consistently. • Legal regulations and paperwork: Business licenses, permits, registration, regulations and other paperwork that are the hurdles every small business has to pursue for legal purposes. Filing taxes, employee manual, business goals, mission and values are some other paperwork that has to be legalised as well. • Compete: Competition with your peers is the hardest challenge that small businesses face in this ever changing economy. New and creative ways of marketing and selling your products will improve your goodwill in stiff competition.

5. Economic Trends: Controlling perception that we visualize and realistic economic trends will drive your business in upward growth. Purchasing power of people defines the spending that will indirectly involve your small business return.