4 Myths About Starting Your Own Business

Jumping into entrepreneurship can leave you feeling very uncertain about yourself, your abilities, and how the whole thing will play out. Part of this is caused by several myths surrounding the process of starting and growing your own business. Today, we’re tackling a few of the more common misconceptions, and what you should really expect.

Myth #1: Starting a Business is Really Expensive

There are types of businesses – like those that require product development – where startup costs can be pretty steep. However, many businesses can be started on quite the lean budget. Coupled with the opportunities provided by today’s digital landscape, you can hypothetically start many businesses without any outside backing – including bank loans.

Myth #2: You Have to Wait for the “Right Time”

There is no truly convenient time to start a business. New ventures require a big commitment, and you need to be prepared. However, the long hours and other struggles associated with running a business will be inconvenient no matter when you start. The good news is, these struggles are often short-lived as you move through the life cycle of your business. Instead of waiting, talk to other entrepreneurs who have been where you are so that you can properly prepare yourself for the first stage of running a business.

Myth #3: You Must Have a Lengthy Business Plan with Everything Figured Out

You do need a business plan. However, you don’t need a 50-page business plan with every possible scenario played out in order to be successful. Your business plan is a living document, and will grow as your business grows, shifts, and as you learn more about your industry. Start with the basics, and revisit your business plan often – there’s no need to spend months waiting to start simply because you have a basic plan.

Myth #4: You Can Work Fewer Hours

There is a mystique surrounding entrepreneurship – this concept of being your own boss can make some people believe that you’ll have total control over every aspect of your schedule and stress. It takes a great deal of effort to start and operate a business. As you grow, you’ll be able to hire competent team members and delegate many tasks – which will allow for more time off and flexibility. When you are first starting out, your business needs a lot of attention. If you are prepared for this, you can make it work for you and your family.

Starting your own business comes with a degree of flexibility – short of legal requirements, there are few strict rules when it comes to the “right way” to go about the process. You can approach your new venture in a way that works for you, and your unique customer base.  Don’t let common myths keep you from pursuing your business.