• The most common challenge that small business owners face is money.business man image by peter Hires Images from Fotolia.com
  
  Many people dream of starting their own business. The prospect of escaping the traditional "9 to 5" job, being your own boss, and limitless income potential make starting a business a very attractive option. Starting a business can be very rewarding, both personally and financially, but rewards typically are not achieved without overcoming a variety of struggles along the way.
  
  

Money and Financing

• The main issue that most, if not all, small business owners face is maintaining income and finance levels to start and sustain their businesses. Not only must small business owners secure capital to cover initial start up costs such as inventory, work space, equipment, insurance and other costs, but they must consistently meet or exceed their cost of doing business so that they can continue to pay employees, pay their rent and pay other recurring business expenses.
  
  

Time

• Many people who start their own businesses initially delight in the fact that they will be able to set their own hours and not have to conform to the demands of the boss. However, these freedoms typically bear their own costs. Many small business owners end up working substantially more than they did when they worked as an employee for someone else. Many small businesses don't have the luxury of hiring dozens of employees to handle all of the mundane, day-to-day aspects of the business. It is the owner's responsibility to ensure that every detail necessary for business operation is complete.
  
  

Direction and Growth

• During the life of a small business, you will need to make critical decisions regarding the direction of the business. These decisions may involve branding, product or service offerings, and expansion of the business as a whole. Making these types of critical decisions that may have a drastic impact on the stability and health of a business can be extremely challenging, especially for new business owners. This task becomes even more challenging in a partnership situation where all members must agree to any fundamental changes before they occur.
  
  

Employee Management

• Many businesses hire employees to handle the mundane day-to-day operations of a business such as communicating with or serving customers. In this regard, it is the employees who often represent the company and the quality of their representation may have a profound effect on the success of a small business. Business owners must face the challenge of selecting employees who will be a "good fit" for their operation, and providing training, and monitoring employees to ensure that they are performing their duties within the standards proscribed by the business owner. Small business owners must also be prepared to diffuse contentious situations that may arise among employees and know when to let an employee go for substandard performance.