We’ve all had dreams of starting our own business. I mean, what’s not to look forward to? You get to be your own boss, decide the hours you work and more. No matter what industry you are looking to go in to, starting a small business can seem like a great idea. But unfortunately it isn’t always going to be so great. There will be struggles along the way, and you need to be prepared for them. Here are the small business myths that you should know about:
1. Risk Equals Reward
A lot of people will think that taking big risks will set them up for big rewards. This is very rarely the case. The best way to get rewards is to put in the hard work to get there. Reducing risk and ensuring that all aspects of your small business are running smoothly will be the best way to ensure you are successful.
2. Your Determination Will Overcome Everything
While determination is absolutely key for having your own business, sometimes it may just not be enough. No matter how much willpower that you give, there will always be outside influences that determine the success of your business. You need to learn to accept that outside factors happen.
3. Good Ideas Means Investment
Unfortunately, sometimes a great idea isn’t enough. Investors need to be absolutely sure of your idea before they put their money on the line for it. You need to be able to prove to them beyond reasonable doubt that your idea is worth the risk.
4. A Great Product Will Do All the Work for You
You may think that you have thought of a great product. Something that provides a solution for a lot of people. So it would be safe to assume that this product will basically sell itself, right? Wrong. No matter how innovative or great your product is, you still need to put in the work to sell it. Marketing is huge for small businesses.
5. Small Business Myths: More Time Off
One of the biggest reasons that people want to start their own business is so that they control the hours that they work. But ultimately, you will probably find that you work even more when you are in control. You may not plan to, but you are now in charge of all aspects of your business. Unless you have a large dedicated team right away, more time off is a small business myth.
6. You Don’t Work For Anyone
A common misconception about starting a small business is that you will have no boss. That you will be the one in charge and won’t have anyone telling you what to do. But ultimately you are trading a traditional boss for working for investors, customers etc. and it will be twice as much work as you are used to.