Today, many aspiring entrepreneurs struggle with entry barriers. This is a problem many experience and it boils down to how difficult or easy it is to set up a business. When considering such barriers, there are different factors that have to be looked. They vary depending on the particular business or industry you are in.
Money is the most obvious and most common problem every new entrepreneur faces. Of course, the amount of money you have influences a lot of things. It determines what type of business you are going to build and the equipment and materials you are going to acquire.
Another essential factor is location. Some businesses are not suitable for certain cities and towns. Usually, a town’s population may not be large enough to support certain businesses. Sometimes there are not enough potential customers and other times there might be a lack of qualified people for your workforce. Either way, not every business is suitable for every town, city, or even sometimes a state.
Another barrier that hinders setting up a business is the workforce. If you can’t hire the people you need, it is almost impossible for you to be able to achieve long term growth. You need to see what kind of skills would be required to operate your business as well as how many people might be required over any sort of long term growth plan.
To learn more about the factors to consider when opening a business, check this out: http://www.abc.net.au/news/2016-10-18/how-hard-is-it-to-open-a-small-business/7942408