Surfing around the internet or hanging out the local library you come across a lot of information and advice about starting up your own business. Much of it is well worth the read as you can learn an awful lot basically for nothing and any startup business owner knows that they need all the help they can get.
There is a certain amount of bad information as well. Much of it comes from people trying to sell you something while some of it is just reputationof misguided beliefs that have been around for decades. Here are the top three myths about starting your own business and an explanation of the reality behind them:
#1: “Starting my own business will let me control my own schedule and work whenever I like” – Anybody who is already running a startup or fledgling small business knows what a huge myth this is (actually, let’s be frank, it’s a big fat lie) Those infomercials and internet landing pages you have seen that promise you can make millions while you sleep or jet off to exotic destinations while your business runs itself are the biggest works of fiction in the world.
Starting your own business is tough. Prepare for the inevitable fourteen hours days that most startup business owners have to work. There will actually be a complete lack of relaxing vacations, you’ll be lucky if you can manage a day at the local park (and if you do make it there you will be checking your cellphone every five minutes to make sure that the reception is still good,lest you miss a vital business call.) Hopefully it will all be worth it in the end.
#2 “I don’t need to worry about loans, I can get grants to start my business” – If you can, we’d love to know where, we’ll be applying too. Grants for certain people (usually minorities)do exist but they are ridiculously hard to get and usually do not go to unproven one man (or woman) bands. You will need to seek out sources of loan funding to start up your new business and yes, you will have to eventually pay that money back.
#3” My products/servicesare so great that they will sell themselves” – Don’t kid yourself. Every new product or service has to be marketed and marketed correctly. One of the top reasons why small businesses fail is lack of having a niche target market. Do not make the mistake of trying to sell to anyone that you think has money. Take the time to develop a customer profile. Who is likely to be interested in your company and what it has to offer? Where do they live, work and shop and how best to reach them? Marketing is a huge part of the success or failure of any startup concern and you have to be prepared to put in the time to do it right.
