Many Americans prefer to start businesses rather than work under other business owners. By one being their own boss, they have more freedom to explore and express their creativity. As motivating as self-determination sounds, there are also drawbacks to being an entrepreneur. Anyone can overcome many challenges by being responsible, organized and prepared. As a matter of fact, when creating your business plan, it must be extremely organized. Business planning is a guide for your business and it outlines goals, details on how you plan to achieve them, your products & services, your marketing summary, your personnel plan and lastly, your financial plan.
Chris Joseph, the writer of “Challenges of starting a new business” on the Small Business website states, “When planning a new business, you should decide which tasks you should
…show more content…
For example, if you were to open a restaurant, you would have certain requirements for storing food to confirm that it’s healthy and safe to serve. Additionally, businesses also generally have a Tax Identification Number. The same source also states, “Another Federal requirement for starting a business is to apply for & obtain a tax identification number. It is used for a sole proprietorship if not employing individuals.” A Tax Identification Number is a nine-digit number that the IRS assigns to a conglomerate business. It is an immense responsibility to obtain one of these if the employers’ business is a sole proprietorship, corporation, partnership, nonprofit association, and etc. If federal requirements aren’t met, then there’s assurance that your business will be shut