I have lately been thinking of setting up a business in Fairfax County of Virginia, to supplement the money I earn from my day job. It has occurred to me that there are five challenges I will have to overcome, before I realize this goal.
It has occurred to me that I will firstly have to come up with a truly viable business idea. This is not as easy as it looks. Our minds are full of business ideas, but not all of them are truly viable.
It is clear that having come up with a viable business idea, I will have to look for capital, in order to actualize the idea. I have contacts in the banking industry. I therefore hope that it will be easy enough for me to access credit: especially given the fact that I also have a good credit score and collateral to secure the loan I intend to borrow.
After laying my hands on the requisite capital, it is clear that I will have to find suitable premises for the business. To this end, I intend to engage an agent to scout for premises on my behalf, even as I also do my part in looking for suitable premises.
It is clear to me that after getting suitable premises for my business, I will have to get the necessary licenses. It is a pity that in Virginia, we don’t seem to have a website like www.sunbiz.org. If we had a site like that (the Sunbiz.org website is meant for use by Florida residents), then it would be possible to deal with most of the aspects of company registration online. For Florida residents, the Sunbiz website even brings about the possibility of registering fictitious names online. Here in Virginia, the whole thing is a bit tricky — though I believe that I will be able to get my corporation registered within a week, once I get down to that particular task.
Finally, after getting the go-ahead from the government, it is clear to me that I will have to recruit people to work in the business. Based on my experiences as a jobseeker in Fairfax county, I know that I won’t have major difficulties getting workers for the business. The challenge I anticipate is that of training the workers properly, and getting them to be properly motivated. This is bound to be a challenge, seeing that mine will be a new startup. As such, there is only so much that I can offer, in terms of salaries and other benefits.