Start Your Business Week by Week, 2nd Edition

Challenges

What could cause a challenge to your business? The potential challenges could come from the following directions:

• Political. Laws could change, public funding can be changed or removed, and regulations can be changed.
• Economic. Interest rates can make debt more expensive. Currency exchange rates can fluctuate and affect the cost of your raw materials or your competitiveness in a foreign market. A recession could put your customers or suppliers out of business, or mean that your products or services are further down the list of priorities for your customers.
• Social. Your kind of services could go out of fashion, someone else’s brand could become more fashionable, people might be retiring earlier, or working until later in life, more ...