Some Silly Business Owner Myths
If you are about to jump into your new business and get started, you will have no doubt heard these comments:
“So many businesses fail. Why are you doing this?”
“I hear that you need a large amount of money to get a business off the ground these days.”
“Why are you throwing away the security of your job?”
Comments like these, and more, are typical of the barriers that so called friends and advisors put up in your way if you are thinking of starting a business.
These silly barriers are built on the back of myths about the pitfalls and challenges which surround running your own business.
But you shouldn’t let them stop you.
Don’t get me wrong, being a business owner can be tough and there are hurdles you will have to cross, but don’t stop because
You won’t have a personal life anymore.
Yes you will! It’s hard juggling work and life, and running your own business and spending time with the family is always a struggle, but at the end of the day, you are going to have far more flexibility with your personal life than any employee will ever give you. The real issue is, do you have the time management and planning skills to get things done, thereby allowing you time to spend with your family.
You Have To Be Cunning and Ruthless To Succeed.
Ok, it may help you in the short term but this is not a sound, long term strategy. To be a successful business person you need to build relationships with both customers and suppliers who will stick by you during the rough times. Being ruthless over pricing may get you one or two good deals but you are unlikely to build a lasting and profitable relationship.
Your aim should be to strike a balance between what you want and what your customer or supplier wants.
You Won’t Have To Work As Hard
Well your current job may be stressful and subject you to long hours, but your own business won’t be any easier.
If the idea of running your own business is appealing because you think you can slow down and take life at your own pace, then you may be in for a shock. To a degree this is true but there’s no getting away from the fact that it will be hard work. Most small businesses don’t achieve profitability until the third year and it’s a long slog to get there.
Remember, if was easy, everyone would be doing it!
What does make the difference though, is that you are finally doing something you love and so the hours and the struggles don’t seem like hard work at all. So perhaps this myth may be true after all!
You Have To Have an Original Idea
Nope, you definitely don’t. Most businesses are built around a central idea. The difference is usually how it’s delivered. The core products of all fast food places are the same, as are clothes shops, newsagents etc. You can make a decent living effectively copying someone else’s idea but done in a slightly different way. Don’t be put off by people who will gleefully point out that “it’s been done before”.
Your response should be, ‘Great! That shows the idea works!’
You Will Finally Be Your Own Boss
There’s only one boss in your new business … that’s your customer. They are essential to your success.
When you were working for that large, faceless company, the loss of the odd client wasn’t that big a deal – plenty more where they came from.
In your new world you have to do whatever it takes to keep your customers and keep them happy.
The customer is the one who calls the tunes. You have to listen and take note, before someone else does. However, at the end of the day, when all their demands are met, then perhaps you can have some time to yourself and enjoy the pleasures of being your own boss after all!
You Need A lot Of Money To Get a Business Off The Ground
Sometimes, yes. But many businesses do need a bit of cash, but not a lot, to get moving and there are many areas you can go into without the need to invest in a large amount of stock, machinery or equipment. The low-capital businesses involve the use of three very cheap commodities – your brain power, your knowledge and your time.
A business where you sell your expertise, not actual goods, to other people can be cheaply set up and carry high profit margins. All you may need is a PC, a desk and a telephone line. What’s stopping you?