8 Myths about Starting your Own Business

 

In the age of Social Media, it seems like everyone is starting their own Business. And from the outside, it looks like a dream life! Working whenever and wherever you want, earning incredible amounts of money and being able to take a holiday every month! That is a beautiful dream, one of which I have aspired to myself on many occasions. But in 9 out of 10 cases, it’s just not realistic. There are so many Myths about starting your own business, most of which have come from social media.

Social Media has glamourised running your own business. To the point where being your own ”Girl Boss” is a dream for many, before they even know what business they want to create!

I think dreaming of that life and aspiring to a goal is great. But I am here to tell you the biggest myths about starting your own business, so you can get a clear picture of what you are getting in to.

Here is everything I wish I knew before starting my own Business.

 

Anyone can Launch a Successful Business

 

Now, don’t get me wrong, anyone can start a business. But making a business successful is hard. Really hard.

The truth is it just won’t be for everyone.

There is no security when starting a business, no set hours, no plan and no one to motivate you but yourself. To be honest, it is quite a lonely endeavour.

Personally, the pros far outweigh the cons of running my own business, but I have many friends who have said that I am crazy, and that they could never do it. I think the lack of job security is one of the main things that deters people.

Making a successful business also takes a lot of self-discipline. In the beginning you will find yourself having to cancel plans, possibly cut down on spending, and of course, pull a few late nights.

So, if all of that spurs you on more, then go for it! But if you find all of that incredibly stressful, maybe have a small rethink before launching yourself into the world of being your own boss.

 

You will have so much More Free Time

 

One of the biggest perks of running your own business is being able to choose your own hours. But this is also one of the hardest parts of the job too.

If you want your business to succeed, you will have to put in A LOT of hours. Some business owners believe that when starting up, you have to work more than the average fulltime job!

Whilst I don’t work 40+ hours on my business, I have definitely found a direct correlation between the time I put in and the success I get out. So, if you want to build a successful business quickly, you will need to work as much as possible.

Maybe 4 years down the line when you have built a wildly successful business, you can have more free time and take all the holidays you see on Instagram. But until then I am afraid you won’t have as much free time as you think.

 

You will get Rich Quick

As with most of these myths, there will always be an exception to the rule. There will always be those people online who somehow created a 6 figure business in 6 months. But trust me when I say, that is so much rarer than it seems online! In fact, I stopped looking at all of those businesses on social media, because I found I was constantly looking for the secret to making such a successful business, when, in the end, they didn’t have one!

Of course, they have some amazing tips, and they must be doing something right. But after being in this world for years now, I truly believe that the business owners that find incredible success within a few months are just lucky!

I would highly recommend not listening to social media when it comes to a timeline of a business. Building a new business is a slow process. Yes, it could give you financial freedom and the life you have always dreamed of, but to do that, it will take years of hard work.

Be prepared to put in the hours, and not get rich quick!

 

You have to Quit your Job

 

As I have mentioned, I am a firm believer that the hours you put into your business are directly connected to the success you will eventually see. But that doesn’t necessarily mean that you have to quit your job before you start a business.

Putting in a couple of hours every evening and a few on the weekends will still give you lots of time to start a great small business. It may take a little longer to reach some milestones, but as long as you stay motivated as a new business owner then you will still be able to achieve amazing things.

This way you can start creating your dream business, without the fear of no job security, or unpredictable income.

Keeping a conventional job will also help with a lot of life admin. Working for yourself is great, but I have found that when it comes to applying for a credit card or looking into mortgages, there is definitely a significant disadvantage for the new business owner. This is because you would need to provide years of proof that your business provides reliable income… which is a big ask from a new small business.

 

You Need Business Experience

 

Out of all of the Myths about starting your own business, this is the one I dislike the most. There is no reason why you shouldn’t be able to start your own business. Especially when it comes to your education. There are so many free resources online now that will teach you the basics of business. And after that, one of the best parts of starting your own business is learning along the way!

Once again, maybe having some business knowledge will fast-track your business, but there should be no timeline on your own business journey. So, don’t be deterred, business experience is certainly not a requirement.

“I never lose. I either win or learn.”  –Nelson Mandela

 

You Need a Completely Original Idea

 

If you have tried thinking of a completely new business idea, you will know how difficult it is. The truth is most new businesses do not come with a brand new idea.

There are enough customers in the marketplace to go round! You simply need to take an idea and improve upon it. Improve a product, solve the customer’s problem in a different way or use your own unique perspective to help your client.

When starting this blog I was nervous that there would not be space for me and that finance blogging was completely saturated. The best advice I received was “no one can share what you know, in the way that you would”. So, although there are similar bloggers out there, no one can provide exactly what I can, because no one has had the same experience as I have.

If you do choose a business in a very popular niche, you will face a lot of competition, but as long as you bring a unique aspect to the table, your business will be able to flourish.

 

You Need Money to Start

 

Depending on what business you want to start, money may give you a significant head start. But as someone who started their own businesses with no money at all, I am here to tell you that there is always a way of starting a business with little to no money.

Personally, I started on a ready-made print on demand business model that cost nothing to start. I then used the money I earned from that to reinvest into my next business. I used this method multiple times, which then allowed me to invest more and more into bigger business ideas.

This is a slower way of doing things, but now I can say that I really did start with nothing.

There are so many online opportunities that can help you start your own business for free. From print on demand platforms like Redbubble, to free design software to create your own logo like Photopea or Canva, you only have to look and you will find everything you need to get started.

There is no reason why a small budget should hold you back from starting your dream business.

 

You Don’t Need Social Media

If you are anything like me, you may hate the idea of promoting yourself and your business on social media. It just seems so unnatural to me to boast about anything I have done!

But I’m afraid that if you want a successful business in 2023, you will need to use social media. Social media has become a cornerstone of modern life, meaning that customers will always consult and sometimes even start their purchasing journey on social media.

Even physical bricks and mortar businesses need a social media presence to be able to attract new customers to their store.

Ultimately, we as consumers will trust a business more if they have a solid social media presence.

And when you are first starting out, your beautiful new website will not be found. It takes a long time to establish yourself as a reputable site to search engines, so driving your own traffic from social media is really your best option.

 

There you have it!

8 Myths about Starting your Own Business.

I Love running my own businesses and I don’t see myself ever doing anything else. I hope by busting these myths you have now got a clear idea of whether it is something you would love to do too.

And if this list has made you realise that running your own business might not be for you then I am really happy about that too!

Above everything else, I believe we should all be able to do something that we truly love. My only hope is that we all have the chance to find our own thing.

Do you have any other assumptions about running your own business? Leave them in the comments and I will tell you if I think they are myths or truths based on my own experience.

 

• 10 Healthy Habits for New Business Owners
• The Ultimate Beginner’s Guide to Making Money on Etsy
• How to Stay Motivated when Starting a New Business

 

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