When it comes to becoming your own boss, there are often some misconceptions floating around. Let’s banish a few of the ones that you might be told so that you’ve got the right picture of what to expect as you launch your own business.
Lie #1: You Don’t Need to Be an Expert in Your Field
Yes, you do. Don't start a restaurant because you like to eat, make sure you know how to run a food establishment. Being well-versed in your industry is important, otherwise you will learn many expensive newbie lessons. You must be eager to learn, no one can know everything, so invest time in learning the business before diving in.
Lie #2: You Don’t Need Tons of Money to Start a Business
The money to start your business will come from your personal resources. You need a solid financial base to start a business. The average start-up requires roughly $25,000. Start by creating a budget for both your business and personal expenses for the first year. Make sure you have an emergency savings account too. It takes on average 12-18 months to breakeven in a small business, so err on the safe side, set aside enough money to cover both for a year or two.
Lie #3: There is a Perfect Time to Start a Business
The fact is: there’s no perfect time. You will always have an excuse about why now isn’t the right time. Ignore the naysayer in your head and just do it! You can work out the kinks (and there will be some) later.
Lie #4: Your Need to Quit Your Job to Start a Business
You don't need to quit your job and dive into entrepreneurship, there is another way.
Become a side hustler. You can start your business on the side while you continue to earn a paycheck. Then, once your company is financially viable, you can cut the cord from Corporate America and devote yourself to your company full time.
Lie #5: All You Need is Passion
If all you need is a dream or the passion to start a business, then everyone would do it. Passion is overrated. Yes, it’s important that you do something you enjoy, but you need to make your passion has a profit center. Your success will depend on your business plan and ability to identify a niche customer, and repeat business.
Lie #6: Marketing is Expensive
So many entrepreneurs make the mistake of not marketing their businesses because they think that it’s too complicated or costly. The truth is, there are a lot of marketing tactics you can do yourself, like blogging, using social media, or sending email marketing campaigns. A little effort goes a long way, and many of these tools are even free.
Lie #7: There’s Nothing Left to Learn
Once you launch your business, you’ve likely read every book, blog, and magazine on starting a business known to man. So you’re done, right? Wrong. You will need to continue to learn, as there’s always new information coming in, especially as technology changes your industry. Staying sharp means staying competitive.
There are a lot of opinions out there about what you need to start a business. Others will tell you what starting a business is like, but the truth is: you have to find out for yourself. Everyone’s journey is different, just remember you must grow yourself to grow your business.
Melinda is a founder and president of Quintessence Group, an award-winning marketing consulting firm based in Philadelphia, PA, serving Fortune 500 brands who target small businesses.