The 5 Common Myths Associated With Starting a Business
Starting your own business can be an enjoyable and thrilling process. At the same time, it does not come without its own set of challenges. If you’re looking to start a business in the US, the favorable economic climate is something you will likely find helpful. Though the census bureau did report an increase in the country’s trade deficit, this also indicates a gap in the local service and product industries waiting to be filled.
In other words, starting a business now may actually be a great idea!
Myths About Starting a Business You Should not Believe
When you’re starting your own business, there are a number of things you need to consider. These include your basic business idea, revenue model, customer base and core values. Apart from this, it is important to be sure that your motivation for doing so is not misplaced.
It is also important to make certain that you know exactly what you’re getting into and what the process may entail. If you want to do this, you need to be aware of some of the myths associated with starting a business. This in turn will allow you to make better decisions, more effective business plans and eventually have your business up and running.
Here are some common myths associated with starting a business.
You Answer to No One
Even the CEO of a massive company answers to someone. The idea that starting your own business frees you of any and all accountability is incorrect. Quite the contrary. Running your own business can sometimes mean you’re a lot more accountable that you would be as a simple cog in the system.
You will need to answer to customers and clients directly, make good on payments with suppliers and ensure that your staff is compensated as promised. We could go on but you probably get the picture.
Starting your own business, in reality means a lot of accountability. Sometimes even more than what may have been due back when you were working for someone else.
Personal Funds are Irrelevant
Another misguided belief or myth associated with starting a business is that personal funds are irrelevant. Though it may be desirable and idealistic to believe that a financial leg up isn’t helpful, the opposite is true. If you look at statistics, personal funds make up for 77% of the starting capital used by small businesses.
Where bank loans, investors and other means of financing are often necessary, having starting capital of your own is extremely helpful in two ways. The first is that you get to enjoy more ownership of your business. The second is that you may be able to avoid the first year or two of struggling to break even while keeping any debt you may have taken at bay.
Though personal funds are not a prerequisite when you’re looking to start something of your own, they certainly help!
It’s Easier That Working for Someone Else
This one is a myth and a half! Though starting your own business can at times be a lot more rewarding and personally fulfilling than working for someone else, it’s not necessarily easier. Many people who start and end up running successful businesses will tell you that you need to put in the overtime when your business is taking off. More often than not, you may actually need to work longer and harder than you would if you were employed by a larger organization.
Another misconception that falls under this point is the idea that you can delegate to your employees. Again, delegation is something that comes once you have established yourself to a certain degree and have ironed out the edges with regard to daily operation.
Prior to this, delegation would mean risking the development of your business in its formative months. In short, starting your own business means that you put in the time and you take up a more hands on approach – at least if you want your business to succeed.
If It Doesn’t Pick up Immediately it Wont
Many people try starting their own businesses only to be quickly disheartened because they don’t pick up fast enough. The myth here is that something good becomes popular very quickly; that you can begin earning big only months after you start up.
Though there are numerous success stories about businesses that picked up exponentially soon after they were given form, that isn’t always the case.
If you run your own business, you might need to feed it for a while before it really picks up. At times, this feeding process or dead period may last more than a year. You might simply be struggling to break even for a while before your business gains publicity and traction. It is important not to lose faith if this happens or is happening.
Many of the most well established businesses today took a while to get to the point they were before. Some of them even nearly failed and went bankrupt before finally picking up! Don’t take big risks for nothing or try to make that quick big score. Slow and steady always wins the race.
Digital Marketing is Non-Essential
There may have been a time when digital marketing was something you could look into at a later stage of the process of setting up your business. That time is long gone. With the increasing number of people using social media in the US today, having a digital marketing strategy in place as early as possible is what you want to do.
Depending on the strategy you implement, your digital marketing efforts could be largely inexpensive. This is especially if you make use of social media platforms and other free mediums of digital outreach. You could actually establish important aspects of your business, such as a tentative client base by early digital marketing and even access information relevant to the feasibility of your business.
In other words, digital marketing is not just relevant, if you’re starting a business in 2019, it’s the first thing you should do!
Remember, starting your own business can be rewarding if you work hard and smart. Don’t fall for the myths above, take some of the advice given and you should be okay!
If you require support with your digital marketing it helps to connect with digital marketing specialists and consultants such as Makarand Utpat. Utpat offers guidance to those who require support with digital marketing.
Applying years of successful industry experience, he helps with formulation and execution of effective digital marketing strategies. Feel free to connect with him for more information on the subject, to attend one of his talks or for consultancy services!
Remember, put in the work, be hands on, stay consistent and the business you’re looking to get off the ground will eventually thrive!