If you own an established business that is beginning to grow, you will no doubt face challenges as well as opportunities. One of the challenges associated with growing a business is managing labor needs. In some cases, this will mean hiring employees. In other cases, it will mean working with independent contractors and other third parties.
Most partners go into business together with the best of intentions. With so much excitement and hope for the future, partners may overlook issues that could compromise their business relationship in the future.
For many people, one of the most difficult aspects of starting a new business is raising capital. You may have a great idea and a solid work ethic. But without funding, you might never have the chance to implement your business plan.
Just like kids and teenagers do, small businesses often experience growing pains. Turning a one-person operation into a company with a significant number of employees is not simply a matter of scaling up the status quo. The human element of running a business can be more complex than you realize.