Challenges of Small Business
Abstract
According the US Small Business Administration, over half of the American workforce is employed by small business. These businesses are often ill equipped to deal with the complex problems associated with managing and maintaining workers needed to meet the demands of the markets they serve. From finding and retaining qualified employees, training workers, providing health insurance, keeping up with state and federal regulations, and dealing with competitive strains, small businesses owners must be able to overcome these challenges to both survive and thrive.
Challenges of Small Business
I have always had the desire of having my own small business doing graphic design. So I began a research project designed to study what obstacles I would need to get through and what areas I would need to educate myself on in order to achieve this goal. Having all the design education and the talent behind me it was time to learn the business side of it. Also, dealing with the health insurance situation in this country at this time in history weighs heavy as it is a big deterrent to being a small business at all.
According the US Small Business Administration, over half of the American workforce is employed by small business. These businesses are often ill equipped to deal with the complex problems associated with managing and maintaining workers needed to meet the demands of the markets they serve. From finding and retaining qualified employees, training workers, providing health insurance, keeping up with state and federal regulations, and dealing with competitive strains, small businesses owners must be able to overcome these challenges to both survive and thrive.
When a small business such as a freelance businessman finds the need to expand, that’s where they can find themselves faced with some of these bigger issues. Perhaps new employees are needed and the issue of employee health insurance benefits becomes a huge problem facing employers. Problems such as paying the cost of employee health insurance and other costs can hurt or even destroy a growing business. Getting prepared financially is very important to achieving this expanded level
Challenges of Small Business
of doing business. “The most common cause of bankruptcy is insufficient capital to supply the cash needed for operation” (Wolitzer, 2008 pg 65).
In California one of the biggest dilemmas these days is whether a small business can afford the costs to give its employees health benefits. The biggest crisis’s facing small businesses has been dealing with health insurance costs. I know of small business owners who are personal friends of mine that tell they can’t afford to give health insurance to their employees because of the sky rocketing costs. Neither can they afford to use their