What is the scariest part of starting a business?

fear of being sued

I think the red tape is the hardest part. Generally a small business like yours will not make a great deal of money. In a lot of jurisdictions you will be exempt from paying tax until you reach a certain amount of income derived, but you’ll probably still need to register your business and go through all of that.

Working with children, it’s worth doing a child protection course and in some areas you may be required to have a police check done. It’s worth getting the police check even if it’s not required….it’s a good thing to tell parents that you have had the police checks done.

It sounds like you are quite responsible….having the parent in the room with you is smart and will add a level of protection to you.

I think another difficult aspect can be telling people you don’t want their business. It may seem strange but there will be times when you might need to end your time teaching a student. Stupid example but say the father is giving you funny looks.

It’s ok to feel scared when starting the business

In your case, it is a good step that you’re starting small, and doing it first as a home business. Less investment, less risk. It will be really scary if you go out immediately and rent/lease a studio space for your music lessons.

As a home business, you have no overhead and you can focus your efforts in marketing, learning the ropes of the business.

Typically, the common concerns of small business owners are:

– whether the business will actually work

– whether they made the right decision to quit their jobs (or not find a job) and instead start their own business

– if they invested capital, whether they can recoup their investments

– where and how to raise money for the business

– cashflow problems when money is running out

– overwhelming amount of work

– planning for the next steps

Source(s): What Keeps a Small Business Entrepreneur Awake At Night?
http://www.powerhomebiz.com/blog/2010/03/what-keep…

Failing a Medicaid audit. My wife and I started company providing psychosocial rehab to low income people on Medicaid with mental illness. Medicaid does random audits, and they’ve been known to recoup money and revoke licenses if everything isn’t done right. When we first started I was still working engineering, and the startup costs were only around $15, so financially we weren’t too concerned.

But we survived the audits, and our business grew. I quite my engineering job, and we both live off our business income. The scary possibility now is that government cuts could kill our entire program. Which is a shame, because the whole point of our service is to save the state money by keeping at-risk people out of psych hospitals, emergency rooms and prisons, which all cost the state much more than what we do. But try convincing politicians of that, when all they see is a budget line item.

The scariest part is the fear of not getting enough customers to make enough money to be successful. There’s nothing worse than a new business launch that is met by a deafening silence. No phone calls, no emails, and no one interested in buying anything. It can be difficult to remember that overnight successes are rare and that a customer base builds over time.

The scariest part about it is probably being afraid of what’s going to happen.

You know, many of the richest peoples in the world has gotten fired/bankrupt or something.

You just have to mentaly make a picture of you doing it right, make a plan around your business, and i am sure you will get it right! The best thing you can do in the situation you are in now, is to believe in yourself! The man who developed the light said that: He didn’t fail 1.0 times befor making it. He said he just knew 1.0 ways not to do it! So everyone makes mistakes, that’s what we learn of, and that’s our nature!

Take a look at this link:

http://www.youtube.com/watch?v=OFYIDts9di4&feature…

If you fail, you just have to find a way to make it work! Try again, don’t be afraid to fail!

Good Luck! 🙂

Source(s): youtube.com

One of the scariest parts of being an Entrepreneur… Posted in Business / Entrepreneur / Starting a Business.

Source(s): http://www.55plusequityrelease.com/

For me, it’s knowing that I don’t have a nice, organized, comforting payroll department taking all the proper taxes and deductions out of my paycheck, darling…well, that and not having health insurance for myself or the offspring.

I once went out with a guy who gave lessons through a particular club – he worked for them exclusively, but they informed him (at tax time!) that they considered him an independent contractor, and paid him on a 1099, not a W-2. It took us three days to figure out his Social Security and tax liability

I was laid off at the end of February, and I’ve been doing contract work, on a temporary basis, for a company that pays me a flat rate without taking anything out. While the money is impressive to look at, remembering the pain of doing my ex-boyfriend’s taxes always makes me feel that there’s a nightmare lurking in the shadows.

(((india)))

Inconsistent income. you’re starting to be to be set backs, so having contingencies is a sturdy ingredient, and being versatile, as in, figuring out you need to could desire to circulate right into a clean course all at the same time.

When I started mine I wasn’t really scared. Maybe I was too dumb to be scared. My wife was terrified,but my parents had always worked for themselves so they may have been the difference.

I borrowed money to start my business, so the idea of never being able to pay it back is what scared me the most!!!