If you’re considering starting your own business, the chances are that you’ve heard from friends, family, and acquaintances, all spurring you on and offering their own words of wisdom. Though it’s always wise to seek professional advice before you incorporate a new business, the truth is that people don’t always impart the truth – with many myths and misconceptions floating around. Below, we thought we’d clarify some of those for you…
It’s expensive to start a business
Although the above statement may certainly be true in some sectors such as hospitality and aviation, it’s possible to bootstrap the launch of a business and do it without spending much money at all. Sure, you’ll have to make compromises and indeed work harder when you’re in the infancy of your business, but over time, it’ll pay off and you’ll be able to grow your brand without having to risk an initial upfront investment. Look for free alternatives to expensive software, learn as you go, and be prepared to put in the hours – startups can be hard work!
You have to do everything
Although in the early days of running a business you’ll need to juggle many different hats, the truth is that it’s possible to outsource large parts of your workload to save yourself time and ensure the job is done properly. For example, facilities management services such as cleaning and maintenance can be offloaded as soon as you’ve got the budget to allow, as this will free up your time to focus on more important tasks such as sales and accounting.
You’ll never compete with bigger companies
It’s true that you’re probably not going to be able to launch the next Amazon or Google overnight without billions of dollars ready to invest, but it’s certainly possible to compete with larger companies and offer a better quality service. Indeed, the vast majority of the economy is powered by micro businesses that help consumers or businesses solve problems, and it’s important to stay true to who you are and what you want to become. Keep an eye on your competitors – even the multinationals – but remember that your offering will be very different.
Now is a bad time to start a business
COVID-19 and the political and economic uncertainty it brought about has undoubtedly made it tough for entrepreneurs, but that’s not to say that now is a bad time to start your own business. Make sure that there’s a genuine demand for your products and services and give it a go – there’s no time like the present, and if you’re able to thrive during tough times, you’ll no doubt be very successful in years to come when the economy is looking more buoyant.
You need experience
Though it would undoubtedly help if you had experience running your own business or you have worked in the same industry for decades, the truth is that starting a business is all about learning. You’ll make mistakes, you’ll find it stressful from time to time, but you’ll get there. Don’t be put off if you don’t have experience – we all have got to start somewhere!
Do you have any other tips? Let us know and check back soon for some more advice.
