How easy or difficult is it to start a small business?

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thanatassa's profile pic

thanatassa | College Teacher | (Level 1) Distinguished Educator

Posted on

The ease or difficulty of starting a small business depends on the field. For example, many people start what are essentially small service businesses as teenagers, when the seek jobs baby-sitting or mowing lawns. Starting a small business which simply involves offering services on a freelance basis is fairly simple, requiring only that you pay estimated taxes, and handle your own social security, pension, and medical insurance paperwork. Unlike an employee, you need to create business e-mail. phone, office space, bank accounts, etc., do your own billing, and keep precise records of expenses and income. You also need liability insurance. Things get much more complex when you have employees, because you need to deal with more complex regulatory compliance. Many entrepreneurs work in shared or virtual offices that for a fixed fee provide office space, phone, internet services, meeting rooms, receptionists, a mailing address, office equipment, maintenance, and other services.

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sarahokoth's profile pic

sarahokoth | Student, Grade 9 | (Level 1) Honors

Posted on

the difficulties of starting your own business are:

1.having uncertain income

2.have an uncertain future

3.there is limited sources of capital

4.their is stiff competition from other businesses