Challenges to Starting a Business
I just talked to the van den Akkers tonight (who also made me a delicious meal). We discussed real estate opportunities and challenges. Some challenges they commented on: 1. Never get employees. 2. Don't do business with family. 3. Watch out for nonpayment by customers. --> Have a stipulation in the lease of breaking the lease within 10 days if they cannot procure the amount. 4. Being "nice" vs. abiding by contract doesn't turn out great in the end. 5. Seizing growth opportunities quickly especially when you see a good deal (as you've been watching the market). 6. Newness of the business. Inexperience. 7. Unexpected expenses, time, and resources (maintenance). Some plans to combat these challenges: 1. Never get employees. Well, this may be unavoidable at a certain point. But do your due diligence in background checks and reference checks. 2. Don't do business with family. If you do, set up formal contracts. Hold them to it. 3. Watch out fo...