3 Unusual Challenges New Business Owners Might Not Expect

Needless to say, starting a new business is an exhilarating journey filled with dreams of success and independence. You want to garner customers, keep them interested in you, build up a community, and maybe even make some friends along the way with other businesses. It all sounds amazing, right? Well, it’s not always this incredible. Actually, sometimes, it can be full-on frustrating.

But how? Well along the way, new business owners often encounter challenges they didn't anticipate. It’s hard to find these challenges or learn about them because they often seem so unspoken. These hurdles can range from financial surprises to operational quirks, and while they might initially seem too much, they’re part and parcel of the entrepreneurial adventure. 

So, like it or not, you can’t avoid these all too much. So, with that all said, here are some of the more unusual challenges new business owners might not expect but will certainly learn to navigate with time and perseverance.

Struggle With Getting a Payment System

One of the most surprising challenges for new business owners is the struggle to set up a payment system, especially if their business falls into a more controversial category, such as gambling, alcohol, or cannabis. So, it’s a mix between two things: your location (as some areas find this really controversial and some areas don’t), but it’s also about the sheer number of available options out there. 

While sure, despite the increasing legalization and regulation of these industries, many financial institutions still view them as high-risk. This perception can make it difficult to secure a merchant account, which is essential for processing credit card payments.

For example, if you’re looking to start an online gaming service or even something in person (like a casino), well, you’ll need to look into credit card processing for gaming businesses, and it can be incredibly challenging depending on what region you’re living in. Of course, you can always look into alternative payment options (granted, they usually have higher fees), but it could be something to consider. In general, just be aware that the actual payment system could get in the way of you starting this business. 

Regulations Can Be Pretty Complex

They can be complex, and confusing, sometimes they sound contradictory, and even getting a lawyer to dumb things down might not always help either. As you already know, every industry has its own set of rules and regulations, but some businesses are subject to particularly complex and ever-changing legal landscapes. 

Yes, as in, they’re constantly changing, and regardless, you have no choice but to keep up! For instance, opening a restaurant involves understanding health codes, food safety standards, and local ordinances. Meanwhile, tech startups must navigate data protection laws and intellectual property issues. You’ll need an industry-specific lawyer to help with this. 

Building the Right Team is Hard

Another unexpected challenge is building the right team. Hiring employees who are not only skilled but also fit well with your company culture can be more difficult than anticipated. The early stages of a business often require employees to wear many hats and adapt quickly to changing circumstances. Can you get people on board who can do that?