Many people think of starting a small business at various stages of their lives. We have had the pleasure of speaking with many budding entrepreneurs and heard many different reasons why they decided to go off on their own. Some thought of starting a small business after their educational career was completed, while others moved forward as an alternative to the traditional educational path. Then you have folks that began their small business due to an unpleasant or unhappy situation they encountered in their workplace. There are also others who thought of starting a small business because that was the only way they would be able to work again after a break from work for reasons such as health or family. Whatever the reason, they all saw themselves finding happiness and/or success in starting a small business.
However, playing around with the idea is one thing, actually understanding the reality of owning a small business and implementing a good strategy from the beginning is very different. There are definite pros and cons to small business ownership, but be sure you are prepared for the myths associated with starting and running a small business before you decide if this is what you want to sign up for:
Myth #1 Starting a Small Business is Easy
Starting a small business might appear to be an easy option but it isn’t for everyone and it's definitely not for the faint of heart. Some go into it because they are feeling unsatisfied, unhappy, or desperate to get out of a situation and may consider running a business as an “easy way out”. Try not to make any decisions out of desperation but rather take a deep breath, do some research, save up some money and then plan your exit. Or, if you’re able to keep your current job until your new business becomes more established go that route and test the waters before fully committing.
Myth #2 You Will Make Tons of Money!
The general impression created in the minds of many people is that you can make a lot of money by running a small business. Granted some will make a lot of money right from the start but we encourage you to take a more realistic approach. Don’t expect to see the fruits of your labor right away, instead understand that you must recognize the flow of your business first. As you're learning how to adjust your strategy, what is working and what areas could use some help, you should see things begin to fall into place. It should also be said that there is always the possibility of losing money, so know what your limits are and always have backup plans in place. It happens to the best of us. Just do your best to get to your level of financial comfort and until then, push through and persevere!
Myth #3 You Are the Boss, You Can Do Whatever You Want
Another myth is that you are the Boss, so you can work when you want, relax when you want and go on holidays when you want. Well, part of that is true. You ARE the Boss but your business takes center stage. The rest simply depends on other factors that come into play which will need your presence and attention most of the time. Keep in mind that it won’t always have to be this way unless that’s what you prefer. You can hire staff, outsource, manage a schedule that works for you but also still provides financial stability...but at the end of the day, you still need to have a hand in running your business in order for it to succeed.
Being true and honest with yourself about what your expectations are in starting a new business is really the first and most important step in even thinking about starting one. It is often overlooked and glossed over but we know from experience what goes into it and the myths that are attached to small business ownership. It may not be for everyone but if after reading this you find yourself thinking, “this is still for me!” then that’s great! We want to encourage you on your small business adventure and help you in any way we can. Reach out to us ANYTIME and let us know how we can help you get started. In the meantime...Learn. Love. Grow.